Morning Commentary: New AIG preferreds above par; Qwest $25-par notes up; JPMorgan down

By James McCandless

San Antonio, March 8 – The preferred market started the last day of the week mixed as the Wells Fargo Hybrid & Preferred Securities Financial index opened lower by 0.21%.

American International Group, Inc.’s new $500 million 5.85% series A non-cumulative perpetual preferred stock started its first trading day above par.

The preferreds, trading under the temporary symbol “AIGGZ,” were spotted at $25.02 on volume of about 1.6 million shares.

The deal priced on Thursday.

Elsewhere, communications name Qwest Corp.’s 6.875% notes due 2054 started the session higher.

The notes (NYSE: CTV) rose 6 cents to $24.51 with about 50,000 notes trading.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were moving lower.

The preferreds (NYSE: JPMPrD) were down 7 cents to $26.25 on volume of about 40,000 shares.

Sector peer Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock were on a positive path.

The preferreds (NYSE: GSPrD) gained 3 cents to $19.34 with about 37,000 shares trading.

Real estate investment trust AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferred stock was also rising.

The preferreds (Nasdaq: AGNCM) were up 3 cents to $24.83 on volume of about 37,000 shares trading.

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