Morning Commentary: Qwest’s $25-par notes trade mixed; Southern Co. notes improve

By James McCandless

San Antonio, Aug. 23 – Qwest Corp., a wholly owned subsidiary of CenturyLink, Inc., saw two notes trade with mixed results early Thursday.

On Monday, the company issued a redemption notice for $1.34 billion in total of its 7.5% notes due 2051, two series of 7% notes due 2052 and 7.25% debentures due 2035.

Qwest’s existing 6.5% notes due 2056 (NYSE: CTBB) were active but level at $23.44 on volume of about 75,000 notes.

The 6.125% notes due 2053 (NYSE: CTY) were up 16 cents to $22.56 on volume of about 62,000 notes.

Meanwhile, the Southern Co.’s 5.25% series 2016A junior subordinated notes due 2076 rose in early trading. In a recent second-quarter earnings report, the company showed a profit of 80 cents per share against analyst estimates of 69 cents per share.

The $25-par notes (NYSE: SOJB) were up 3 cents to $24.47 with about 43,000 notes trading.

The Southern Co. is an Atlanta-based electric company.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.06% in early trading, reversing a 0.05% gain on Wednesday.

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