Morning Commentary: Preferreds modestly weaker at market open; Qwest preferreds improve

By Cristal Cody

Tupelo, Miss., Nov. 3 – Preferreds opened Friday modesty softer.

The Wells Fargo Hybrid and Preferred Securities index dropped 7 basis points.

The U.S. iShares Preferred Stock ETF was down less than 1 bp.

In early trading, Qwest Corp.’s 6.75% $25-par notes due June 15, 2057 (NYSE: CTDD) saw strong trading over the morning and gained 44 cents, or 1.79%, to $25.04.

Qwest’s other preferreds also were active early Friday and traded modestly better, though no immediate news was seen driving the trades.

The Denver-based communications company is owned by CenturyLink, Inc.

Parent company CenturyLink on Wednesday completed its $34 billion acquisition of Level 3 Communications Inc.

In other trading early Friday, PS Business Parks Inc.’s 5.25% series X cumulative preferred shares (NYSE: PSBPrX) were up 2 cents, or 0.08%, to $25.05 over the morning.

The Glendale, Calif.-based real estate investment trust sold $200 million of depositary shares, which represent 1/100th of a share of the 5.25% preferreds, on Sept. 12.

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