Morning Commentary: Qwest $25-par notes rise; Athene higher; Bank of America improves

By James McCandless

San Antonio, June 28 – The preferred space saw net positive movement on Friday morning with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.06%.

At the top of early trading, Qwest Corp.’s 6.5% notes due 2056 were slightly higher as the session kicked off.

The notes (NYSE: CTBB) were up 1 cent to $23.50 on volume of about 70,000 notes.

Sector peer AT&T, Inc.’s 5.35% global notes due 2066 were negative at the open.

The notes (NYSE: TBB) dipped 2 cents to $26.35 with about 53,000 notes trading.

Elsewhere, in retirement services, Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were pushing higher.

The preferreds (NYSE: ATHPrA) gained 14 cents to $26.34 on volume of about 53,000 shares.

Meanwhile, in the banking and finance space, Bank of America Corp.’s 6.5% series Y non-cumulative preferred shares were trending upward.

The preferreds (NYSE: BACPrY) added 6 cents to $25.45 with about 43,000 shares trading.

Charles Schwab Corp.’s 5.95% series D non-cumulative perpetual preferreds were under water early.

The preferreds (NYSE: SCHWPrD) were down 7 cents to $26.45 on volume of about 43,000 shares.

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