Morning Commentary: Citigroup improves; MetLife declines; Qwest $25-par notes gain

By James McCandless

San Antonio, Jan. 28 – Activity in the preferred market was moderate at the open as the Wells Fargo Hybrid & Preferred Securities Financial index opened lower by 0.18%.

Leading the secondary, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities started the Monday session better.

The preferreds (NYSE: CPrN) were up 9 cents to $26.17 on volume of about 88,000 shares.

Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also on the rise.

The preferreds (NYSE: JPMPrD) started upward by 5 cents to $25.38 with about 62,000 shares trading.

BB&T Corp.’s 5.2% series G non-cumulative perpetual preferred stock was moving lower in early trading.

The preferreds (NYSE: BBTPrG) were down 16 cents to $23.66 on volume of about 47,000 shares.

Elsewhere, in the insurance space, MetLife, Inc.’s 5.625% series E non-cumulative preferreds were also on a negative track.

The preferreds (NYSE: METPrE) were off 14 cents to $24.68 with about 40,000 shares trading.

Communication name Qwest Corp.’s 6.5% $25-par notes due 2056 were rising at the start of a new week.

The notes (NYSE: CTBB) were up 17 cents to $19.92 on volume of about 33,000 notes.

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