Morning Commentary: Ally Financial higher; American Finance up; Qwest $25-par notes rise

By James McCandless

San Antonio, June 12 – The preferred space started Friday with a boost as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.61%.

Leading early secondary activity, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were shooting higher.

The preferreds (NYSE: ALLYPrA) were up 52 cents to $23.09 on volume of about 140,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was also improving.

The preferreds (NYSE: JPMPrJ) were picking up 21 cents to $24.79 with about 31,000 shares trading.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock kicked off the session gaining ground.

The preferreds (NYSE: BACPrN) were gaining 24 cents to $24.93 on volume of about 28,000 shares.

Real estate investment trust American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferreds were pushing upward.

The preferreds (Nasdaq: AFINP) were adding $1.14 to $22.34 with about 47,000 shares trading.

Meanwhile, in communications, Qwest Corp.’s 6.125% notes due 2053 were seen moving along a similar track.

The notes (NYSE: CTY) were rising 19 cents to $22.59 on volume of about 36,000 notes.

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