Morning Commentary: PS Business Parks improves; Tsakos better; Allstate active, flat

By James McCandless

San Antonio, Feb. 20 – The preferred space started on mixed footing and modest volume as the Wells Fargo Hybrid & Preferred Securities Financial index opened down 0.02%.

Leading the pack, real estate investment trust PS Business Parks Inc.’s 5.2% series W cumulative preferred stock improved to start the day.

The preferreds (NYSE: PSBPrW) started up by 13 cents to $22.75 on volume of about 66,000 shares.

The company is expected to release its fourth-quarter earnings results after the close on Wednesday.

Elsewhere, in the shipping space, Tsakos Energy Navigation Ltd.’s 9.25% series E fixed-to-floating rate cumulative redeemable perpetual preferreds were better at the open.

The preferreds (NYSE: TNPPrE) rose 18 cents to $21.05 with about 45,000 shares trading.

Meanwhile, insurer Allstate Corp.’s 5.625% series G fixed-rate non-cumulative perpetual preferred stock was active but level.

The preferreds (NYSE: ALLPrG) began flat at $25.00 on volume of about 43,000 shares.

Telecom giant AT&T, Inc.’s 5.35% global notes due 2066 were on the rise.

The notes (NYSE: TBB) were up 6 cents to $24.67 with about 32,000 notes trading.

Elsewhere in the communications space, Qwest Corp.’s 6.75% notes due 2057 were on a negative track to begin Wednesday activity.

The notes (NYSE: CTDD) declined 3 cents to $22.99 on volume of about 31,000 notes.

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