Bank of America preferreds decline; Qwest’s $25-par notes improve; U.S. Bancorp gains

By James McCandless

San Antonio, Aug. 27 – The preferred market kicked off the week in trading centered on newer issues.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock fell.

The preferreds (NYSE: BACPrK) were down 4 cents to close at $25.48 on volume of about 263,000 shares.

On Friday, the preferreds gained 5 cents.

Qwest Corp., a wholly owned subsidiary of CenturyLink, Inc., saw its $25-par notes gaining again.

Qwest’s existing 6.5% notes due 2056 (NYSE: CTBB) were up 7 cents to close at $23.63 with about 245,000 shares trading.

On Friday, the preferreds picked up 13 cents.

U.S. Bancorp’s $575 million of 5.5% series K non-cumulative perpetual preferred stock improved.

The preferreds (NYSE: USBPrP) were up 2 cents to close at $25.30 on volume of about 235,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.02% at market close, climbing back up after a 0.06% drop in early trading on Monday.

The iShares US Preferred Stock ETF was level at $37.76.

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