Morning Commentary: Bank of America preferreds improve; Qwest’s $25-par notes gain

By James McCandless

San Antonio, Aug. 31 – Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock led early trading on Friday.

The preferreds (NYSE: BACPrK) were up 3 cents to $25.64 on volume of about 55,000 shares.

Qwest Corp.’s 6.5% notes due 2056 were gaining ground early Friday.

Qwest’s notes have routinely been among the most active in secondary trading since an Aug. 20 announcement that it planned to redeem $1.34 billion in total of its notes and debentures. Those securities include the 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 up 6 cents to $23.37 with about 39,000 notes trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was flat in early trading after a 0.10% gain at market close on Thursday.

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