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Wells Fargo preferreds decline; Goldman Sachs falls; Qwest’s $25-par notes improve
By James McCandless
San Antonio, Sept. 4 – The preferred market started the short week with broad declines and a focus on financial names.
Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate preferreds and 5.625% series Y non-cumulative preferreds declined.
The Goldman Sachs Group, Inc.’s 5.5% series J fixed-to-floating rate non-cumulative preferreds also weakened.
Qwest Corp., a wholly owned subsidiary of CenturyLink, Inc., saw its $25-par notes rise.
Wells Fargo drops
Wells Fargo’s 5.85% series Q fixed-to-floating rate preferred stock and 5.625% series Y non-cumulative preferred stock declined, leading secondary trading.
The 5.85% series Q preferreds (NYSE: WFCPrQ) were down 6 cents to close at $25.68 on volume of about 411,000 shares.
The 5.625% series Y preferreds (NYSE: WFCPrY) were down 5 cents to close at $25.30 on volume of about 396,000 shares.
Goldman Sachs lower
Goldman Sachs’ 5.5% series J fixed-to-floating rate non-cumulative preferred stock also fell in Tuesday trading.
The preferreds (NYSE: GSPrJ) were down 9 cents to close at $26.04 with about 385,000 shares trading.
Qwest gains
Qwest’s $25-par notes continued an upward trend on Tuesday. Recently, the company issued a redemption notice for $1.34 billion in total of its 7.5% notes due 2051, two series of 7% notes due 2052 and 7.25% debentures due 2035.
Qwest’s existing 6.125% notes due 2053 (NYSE: CTY) were up 36 cents to close at $22.93 on volume of about 302,000 notes.
The 6.5% notes due 2056 (NYSE: CTBB) were up 6 cents to close at $23.54 on volume of about 272,000 shares.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.32% at market close after a 0.04% gain in early trading on Tuesday.
The iShares US Preferred Stock ETF was down 28 cents to $37.50.
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