Morning Commentary: Qwest $25-par notes lower; Energy Transfer better; Highland dips

By James McCandless

San Antonio, July 31 – The preferred market started the Wednesday session skewing negative with the Wells Fargo Hybrid & Preferred Securities Financial index off by 0.09%.

Leading at the open, Qwest Corp.’s 6.5% notes due 2056 were on the negative side.

The notes (NYSE: CTBB) were down 2 cents to $24.57 on volume of about 72,000 notes.

Elsewhere in communications, AT&T, Inc.’s 5.35% global notes due 2066 were better as the session began.

The notes (NYSE: TBB) were rising 3 cents to $26.82 with about 59,000 notes trading.

Meanwhile, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were pushing higher.

The preferreds (NYSE: ETPPrE) were gaining 17 cents to $24.83 on volume of about 64,000 shares.

In finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were following a positive trend.

The preferreds (NYSE: JPMPrC) were better by 5 cents to $27.79 with about 46,000 shares trading.

Closed-end fund Highland Income Fund’s new 5.375% series A cumulative preferred shares were trailing.

The preferreds, trading under the temporary symbol “HFROP,” were off 2 cents to $24.80 on volume of about 46,000 shares.

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