Morning Commentary: Qwest $25-par notes lower; JPMorgan positive; Tsakos improves

By James McCandless

San Antonio, Feb. 15 – The last day of the week in the preferred space saw more mixed results with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.06%.

Leading early in the session, Qwest Corp.’s 6.5% notes due 2056 and its 6.125% notes due 2053 were both moving lower.

The 6.5% notes (NYSE: CTBB) were off 19 cents to $22.45 on volume of about 140,000 notes.

The 6.125% notes (NYSE: CTY) were down 6 cents to $22.94 on volume of about 119,000 notes.

Elsewhere in the telecom space, AT&T, Inc.’s 5.35% global notes due 2066 were also staking out a negative track.

The notes (NYSE: TBB) started the day declining by 4 cents to $24.75 with about 36,000 notes trading.

Meanwhile, in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was moving upward.

The preferreds (NYSE: JPMPrC) picked up 4 cents to $25.97 on volume of about 136,000 shares.

Sector peer Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were slightly higher.

The preferreds (NYSE: CPrN) were up 1 cent to $26.45 with about 38,000 shares trading.

Shipping name Tsakos Energy Navigation Ltd.’s 9.5% series F fixed-to-floating rate cumulative redeemable perpetual preferreds were improving at the open.

The preferreds (NYSE: TNPPrF) added 11 cents to $19.65 on volume of about 32,000 shares.

Early Friday, the company announced new contracts to build two crude tankers that could generate revenues of up to $300 million.

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