Morning Commentary: Monmouth rises; Qwest $25-par notes stronger; Allstate improves

By James McCandless

San Antonio, Aug. 27 – The preferred secondary started Tuesday on better footing with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.09%.

At the top early, real estate investment trust Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferreds were rising.

The preferreds (NYSE: MNRPrC) were up 4 cents to $24.87 on volume of about 53,000 shares.

In the communications space, Qwest Corp.’s 6.5% notes due 2056 were also moving upward.

The notes (NYSE: CTBB) were better by 3 cents to $24.90 with about 47,000 notes trading.

Insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was following the positive trend as the session began.

The preferreds (NYSE: ALLPrH) were gaining 11 cents to $25.93 on volume of about 46,000 shares.

Elsewhere, in the finance space, State Street Corp.’s 5.9% series D fixed-to-floating rate non-cumulative preferred stock was improving.

The preferreds (NYSE: STTPrD) were adding 8 cents to $27.20 with about 46,000 shares trading.

Sector peer Ally Financial Inc.’s 8.215% series 2 fixed-to-floating rate trust preferred securities were relatively active but unchanged as trading started.

The preferreds (NYSE: ALLYPrA) were so far level at $26.31 on volume of about 35,000 shares.

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