Morning Commentary: JPMorgan positive; Qwest $25-par notes lose; Energy Transfer lifted

By James McCandless

San Antonio, Oct. 14 – In the middle of the week, the preferred space started the day with some pressure as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.04%.

Moving atop the morning’s secondary market, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was moving on a positive trend.

The preferreds (NYSE: JPMPrC) were up 1 cent to $28.05 on volume of about 288,000 shares.

Elsewhere in the finance space, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferreds were also on the rise.

The preferreds (NYSE: TFCPrR) were tacking on 3 cents to $26.68 with about 102,000 shares trading.

Sector peer Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were dipping.

The preferreds (NYSE: CPrN) were shedding 6 cents to $28.02 on volume of about 63,000 shares.

Communications name Qwest Corp.’s 6.5% notes due 2056 were trailing at the open of the Wednesday session.

The notes (NYSE: CTBB) were losing 3 cents to $25.45 with about 36,000 shares trading.

Meanwhile, in oil and gas, Energy Transfer Operating, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units were being lifted.

The preferreds (NYSE: ETPPrC) were moving up 15 cents to $19.81 on volume of about 14,000 shares.

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