Morning Commentary: Goldman Sachs preferreds lower; Qwest’s $25-par notes down; Ally up

By James McCandless

San Antonio, Dec. 18 – The preferred space started Tuesday’s session in varying directions as the Wells Fargo Hybrid & Preferred Securities Financial index was up 0.03%.

Leading the secondary, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock opened lower.

The preferreds (NYSE: GSPrD) were down 27 cents to $17.33 on volume of about 180,000 shares.

Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities started the day rising.

The preferreds (NYSE: ALLYPrA) were gaining 9 cents to $25.22 with about 104,000 shares trading.

Meanwhile, in utilities, NiSource Inc.’s recent series B fixed-rate reset cumulative redeemable perpetual preferred stock was again active, edging slightly higher.

The preferreds, trading under the temporary symbol “NISOP,” were up 3 cents at $24.98 on volume of about 112,000 shares.

Communications name Qwest Corp.’s 6.5% notes due 2056 were seen declining.

The notes (NYSE: CTBB) lost 20 cents to $19.35 with about 105,000 notes trading.

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were also headed lower.

The notes (NYSE: LMHB) were down 23 cents to $20.67 on volume of about 74,500 notes.

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