Morning Commentary: Stifel’s new preferreds top par; Qwest notes improve; Tsakos higher

By James McCandless

San Antonio, Feb. 22 – On the last day of a short week, the preferred market saw higher volume traders move mixed again as the Wells Fargo Hybrid & Preferred Securities Financial index started up 0.05%.

Stifel Financial Corp.’s new $150 million series B non-cumulative preferred stock was spotted trading above par on its first day on the market.

The preferreds, trading under the temporary symbol “SFEIP,” were seen trading at $25.09 on volume of about 175,000 shares.

Elsewhere, in the communications space, Qwest Corp.’s 6.5% notes due 2056 were improving early in the session.

The notes (NYSE: CTBB) were picking up 6 cents to $22.56 with about 71,000 notes trading.

In the shipping space, Tsakos Energy Navigation Ltd.’s 9.25% series E fixed-to-floating rate cumulative redeemable perpetual preferreds were also moving higher.

The preferreds (NYSE: TNPPrE) started up 12 cents to $21.80 on volume of about 54,000 shares.

Meanwhile, real estate investment trust Public Storage’s 5.375% series V cumulative preferred shares were down Friday morning.

The preferreds (NYSE: PSAPrV) were off 2 cents to $24.52 with about 52,000 shares trading.

Insurer MetLife Inc.’s 5.625% series E non-cumulative preferreds opened lower.

The preferreds (NYSE: METPrE) were down 3 cents to $25.04 on volume of about 37,000 shares.

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