Morning Commentary: Qwest notes open higher; JPMorgan declines; Southern Co. gains

By James McCandless

San Antonio, March 28 – Top-volume movers in the preferred market opened the session mixed as the Wells Fargo Hybrid & Preferred Securities Financial index was gaining 0.08%.

Leading early volume, Qwest Corp.’s 6.875% notes due 2054 and its 6.5% notes due 2056 were both on the rise at the open.

The 6.875% notes (NYSE: CTV) jumped up 39 cents to $25.46 on volume of about 123,000 notes.

The 6.5% notes (NYSE: CTBB) rose 10 cents to $22.63 on volume of about 69,000 notes.

Meanwhile, in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were declining.

The preferreds (NYSE: JPMPrD) were down 12 cents to $26.03 with about 102,000 shares trading.

Elsewhere in the finance space, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were trailing at the open.

The preferreds (NYSE: DXB) were off 15 cents to $25.00 on volume of about 59,000 shares.

In utilities, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 were on the positive side.

The notes (NYSE: SOJA) started better by 3 cents to $26.42 with about 64,000 notes trading.

Oil and gas name NGL Energy Partners LP’s new $40 million 9.625% class C fixed-to-floating rate cumulative redeemable perpetual preferred units were seen below par on their first trading day.

The preferreds, trading under the temporary symbol “NGLPP,” were spotted at $24.80 on volume of about 25,000 shares.

The deal priced on Wednesday.

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