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Morning Commentary: Qwest $25-par notes drop; Tsakos moves higher; People’s United up
By James McCandless
San Antonio, Feb. 19 – The preferred market opened a short week on a mostly positive note with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.03%.
Leading early secondary trading volume, Qwest Corp.’s 6.5% notes due 2056 and its 6.125% notes due 2053 were declining.
The 6.5% notes (NYSE: CTBB) were off by 10 cents to $22.42 on volume of about 123,000 notes.
The 6.125% notes (NYSE: CTY) were lower by 13 cents to $23.21 on volume of about 122,000 notes.
Elsewhere, in the shipping space, Tsakos Energy Navigation Ltd.’s 9.25% series E and 9.5% series F fixed-to-floating rate cumulative redeemable perpetual preferreds were both trending higher.
The series E preferreds (NYSE: TNPPrE) started up 84 cents to $20.26 with about 82,000 shares trading.
The series F preferreds (NYSE: TNPPrF) were gaining 66 cents to $20.22 with about 59,000 shares trading.
On Friday, the company announced that new contracts to build two crude tankers could generate up to $300 million in revenues.
Sector peer Costamare Inc.’s 8.75% series D cumulative redeemable perpetual preferreds were in lock step with Tuesday’s prevailing trend.
The preferreds (NYSE: CMREPrD) saw a $1.52 boost to $23.98 on volume of about 36,000 shares.
Meanwhile, in finance, People’s United Financial, Inc.’s 5.625% series A fixed-to-floating rate non-cumulative perpetual preferred stock began the session rising.
The preferreds (Nasdaq: PBCTP) were up 18 cents to $24.37 with about 63,000 shares trading.
JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock began the day slightly lower.
The preferreds (NYSE: JPMPrC) were off 1 cent to $26.01 on volume of about 56,000 shares.
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