Morning Commentary: JPMorgan preferreds mixed; Allianz GI better; Qwest $25-par notes decline

By James McCandless

San Antonio, April 1 – The preferred market opened a new week higher with the Wells Fargo Hybrid & Preferred Securities Financial index gaining by 0.38%.

Leading early activity, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferreds were mixed.

The series DD preferreds (NYSE: JPMPrD) were up 9 cents to $25.82 on volume of about 61,000 shares.

The series EE preferreds (NYSE: JPMPrE) were down 2 cents to $26.45 on volume of about 41,000 shares.

Elsewhere in finance, Iberiabank Corp.’s new 6.1% series D fixed-to-floating rate non-cumulative perpetual preferred stock was pushing higher.

The preferreds, trading under the temporary symbol “IBBRL,” started higher by 11 cents to $25.20 with about 61,000 shares trading.

Bank of America Corp.’s 5.875% series HH non-cumulative preferreds were also positive at the open.

The preferreds (NYSE: BACPrK) started up 3 cents to $25.95 on volume of about 50,000 shares.

Elsewhere, closed-end fixed income mutual fund AllianzGI Convertible & Income Fund II’s 5.5% series A cumulative preferred shares were also climbing.

The preferreds (NYSE: NCZPrA) were better by 21 cents to $23.96 with about 53,000 shares trading.

In communications, Qwest Corp.’s 6.5% notes due 2056 were trailing early in the session.

The notes (NYSE: CTBB) were off by 5 cents to $22.84 on volume of about 30,000 notes.

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