Morning Commentary: Voya above par; Goldman Sachs sinks; Qwest $25-par notes level

By James McCandless

San Antonio, June 12 – The preferred space got off to a slow start on Wednesday as the Wells Fargo Hybrid & Preferred Securities Financial index was flat.

Far outpacing the market in activity, Voya Financial, Inc.’s new $300 million 5.35% series B fixed-rate reset non-cumulative preferred stock was seen moving above par.

The preferreds, trading under the temporary symbol “VOYXL,” were spotted at $25.19 on volume of about 1.2 million shares.

Meanwhile, in finance, Goldman Sachs Group, Inc.’s 6.2% series B non-cumulative preferreds and its 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds were both sinking early.

The series B preferreds (NYSE: GSPrB) fell $1.73 to $25.39 with about 80,000 shares trading.

The series J preferreds (NYSE: GSPrJ) dropped 13 cents to $26.03 with about 30,000 shares trading.

Communications name Qwest Corp.’s 6.5% notes due 2056 were relatively active but flat at the session’s open.

The notes (NYSE: CTBB) remained unchanged at $22.75 on volume of about 22,000 notes.

Real estate investment trust Chimera Investment Corp.’s 8% series D fixed-to-floating rate cumulative redeemable preferred stock was also rigid early Wednesday.

The preferreds (NYSE: CIMPrD) were level at $25.58 with about 20,000 shares trading.

Elsewhere, asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were positive, going against the morning’s trend.

The notes (NYSE: LMHB) were up 3 cents to $24.91 on volume of about 18,000 notes.

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