Morning Commentary: Allstate preferreds down; JPMorgan sinks; Qwest $25-par notes drop

By James McCandless

San Antonio, Aug. 5 – The preferred market opened a new week sinking as worries of a tightening trade climate sent the Wells Fargo Hybrid & Preferred Securities Financial index down 0.42%.

Leading the way Monday morning, Allstate Corp.’s new 5.1% series H fixed-rate non-cumulative perpetual preferred stock was declining.

The preferreds, trading under the temporary symbol “ALLZL,” were down 7 cents to $25.18 on volume of about 430,000 shares.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also lower.

The preferreds (NYSE: JPMPrD) were down 28 cents to $27.04 with about 67,000 shares trading.

In communications, Qwest Corp.’s 6.5% notes due 2056 were following the market downward.

The notes (NYSE: CTBB) fell 31 cents to $24.38 on volume of about 36,000 notes.

Sector peer AT&T, Inc.’s 5.35% global notes due 2066 were following the day’s early trend.

The notes (NYSE: TBB) sank 23 cents to $26.32 with about 35,000 notes trading.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were also under water.

The preferreds (NYSE: ETPPrE) were down 18 cents to $24.63 on volume of about 30,000 shares.

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