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U.S. Bancorp preferreds lead market higher; Qwest $25-par notes gain; Duke Energy up
By James McCandless
San Antonio, July 24 – The Wednesday session in the preferred space experienced a positive boost.
Leading trading, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock was lifted higher.
Elsewhere in finance, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities also closed better.
Sector peer Bank of America Corp.’s 6% series GG non-cumulative preferreds followed the upward trend.
Communications name Qwest Corp.’s 6.5% notes due 2056 also gained.
Meanwhile, in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was positive.
U.S. Bancorp higher
Leading Wednesday trading, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock was lifted higher throughout the day.
The preferreds (NYSE: USBPrP) were up 20 cents to close at $26.43 on volume of about 284,000 shares.
Elsewhere in the finance space, Deutsche Bank’s 8.05% trust preferred securities also closed the session better.
The preferreds (NYSE: DKT) picked up 18 cents to close at $25.26 with about 233,000 shares trading.
On Tuesday, the preferreds added 6 cents.
Sector peer Bank of America’s 6% series GG non-cumulative preferreds saw a boost from the upward trend.
The preferreds (NYSE: BACPrB) rose 15 cents to close at $27.05 on volume of about 204,000 shares.
Qwest gains
Qwest’s 6.5% notes due 2056 were gaining.
The notes (NYSE: CTBB) improved by 26 cents to close at $24.37 with about 212,000 notes trading.
On Tuesday, the notes lost 3 cents.
Duke Energy rises
Meanwhile, in the utilities space, Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock was another name experiencing positive movement.
The preferreds (NYSE: DUKPrA) jumped up 31 cents to close at $27.30 on volume of about 184,000 shares.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.41% at the close, shooting past the 0.14% gain from early Wednesday trading.
The iShares US Preferred Stock ETF was up 13 cents to $37.38.
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