Qwest notes rally on redemption notice; U.S. Bancorp rises; Bank of America better

By James McCandless

San Antonio, Aug. 20 – The preferred market started the week’s trading broadly improving.

Qwest Corp., a wholly owned subsidiary of CenturyLink, Inc., saw its $25-par notes jump on a redemption notice.

The 7% notes due 2052 (NYSE: CTU) were up $1.91 to close at $25.27 on volume of about 386,000 shares.

The 6.75% notes due 2057 (NYSE: CTDD) were up 97 cents to close at $23.45 on volume of about 321,000 shares.

The 6.875% notes due 2054 (NYSE: CTV) were up $1.35 to close at $24.00 on volume of about 284,000 shares.

U.S. Bancorp’s recent $575 million of 5.5% series K non-cumulative perpetual preferred stock continued to rise.

The preferreds (NYSE: USBPrP) were up 7 cents to close at $25.27 on volume of about 955,000 shares.

On Thursday, the preferreds picked up 5 cents.

Bank of America Corp.’s 5.875% series HH non-cumulative perpetual preferred stock traded up.

The preferreds (NYSE: BACPrK) were up 10 cents to close at $25.48 with about 617,000 shares trading.

KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock gained.

The preferreds (NYSE: KEYPrJ) were up 7 cents to close at $24.92 on volume of about 397,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.17%.

The iShares US Preferred Stock ETF finished up 8 cents at $37.64.

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