Morning Commentary: AIG preferreds dip; Qwest $25-par notes up; Public Storage mixed

By James McCandless

San Antonio, March 12 – The preferred market started another day mixed as the Wells Fargo Hybrid & Preferred Securities Financial index started higher by 0.05%.

Leading early trading volume, American International Group, Inc.’s new 5.85% series A non-cumulative perpetual preferred stock was declining slightly at the session’s open.

The preferreds, trading under the temporary symbol “AIGGZ,” were down 1 cent to $25.09 on volume of about 327,000 shares.

Elsewhere in the insurance space, National General Holdings Corp.’s 7.5% series C non-cumulative preferreds were also falling.

The preferreds (Nasdaq: NGHCN) were down 15 cents to $21.84 with about 32,000 shares trading.

Meanwhile, telecom name Qwest Corp.’s 6.5% notes due 2056 were headed upward.

The notes (NYSE: CTBB) gained 8 cents to $21.70 on volume of about 41,000 notes.

Sector peer AT&T Inc.’s 5.35% global notes due 2066 were on a positive track.

The notes (NYSE: TBB) were up 3 cents to $24.90 with about 31,000 notes trading.

Real estate investment trust Public Storage’s 5.2% series W and more recent 5.6% series H cumulative preferred shares saw mixed activity.

The series W preferreds (NYSE: PSAPrW) shot up 22 cents to $24.61 on volume of about 35,000 shares.

The series H preferreds, trading under the temporary symbol “PSALL,” were lower by 1 cent to $25.15 on volume of about 10,000 shares.

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