Qwest $25-par notes jump; JPMorgan preferreds gain; NuStar better

By James McCandless

San Antonio, July 1 – The preferred market made broad gains on Wednesday with a focus on telecom and finance names.

In secondary market activity, communications name Qwest Corp.’s 6.875% notes due 2054 jumped after being called for redemption. The preferreds were up 51 cents to close at $25.12 on volume of about 897,000 shares.

Sector peer AT&T Inc.’s 4.75% series C perpetual preferred shares ticked up 9 cents to close at $24.00 with about 306,000 shares trading.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 4.75% series GG non-cumulative preferreds both saw gains.

The series DD preferreds added 21 cents to close at $26.63 on volume of about 290,000 shares.

The series GG preferreds picked up 8 cents to close at $25.16 on volume of about 199,000 shares.

Oil and gas name NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units shot up 77 cents to close at $16.99 with about 246,000 shares trading.

Meanwhile, retirement company Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares gained 1 cent to close at $25.26 on volume of about 192,000 shares trading.

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