Morning Commentary: Brunswick on tap; Stifel moves lower; Qwest $25-par notes decline

By James McCandless

San Antonio, Feb. 25 – Top traders in the preferred space were lower against a rising market as the Wells Fargo Hybrid & Preferred Securities Financial index began the week up 0.07%.

Brunswick Corp. said it plans to price $25-par senior notes due April 15, 2049.

Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities, LLC are the joint bookrunners.

The notes are redeemable on or after April 15, 2024. Prior to that, they are redeemable after a change-of-control triggering event at 101% of the principal amount plus accrued and unpaid interest.

Leading trading volume early in the secondary market, Stifel Financial Corp.’s recent 6.25% series B non-cumulative preferred stock started the session moving lower.

The preferreds, trading under the temporary symbol “SFEIP,” were down 6 cents to $25.16 on volume of about 103,000 shares.

Elsewhere in finance, Wells Fargo & Co.’s 5.5% series X non-cumulative perpetual class A preferreds were slightly off.

The preferreds (NYSE: WFCPrX) began down 1 cent to $24.83 with about 49,000 shares trading.

JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferred stock were both lower at the open.

The series DD preferreds (NYSE: JPMPrD) slipped 2 cents to $25.39 on volume of about 37,000 shares.

The series EE preferreds (NYSE: JPMPrC) started lower by 4 cents to $25.99 on volume of about 37,000 shares.

Meanwhile, communications name Qwest Corp.’s 6.5% notes due 2056 followed the negative trend.

The notes (NYSE: CTBB) were down 3 cents to $22.83 with about 47,000 notes trading.

Real estate investment trust Public Storage’s 4.95% series D cumulative preferreds were slightly higher.

The preferreds (NYSE: PSAPrD) were up 1 cent to $23.36 on volume of about 26,000 shares.

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