Morning Commentary: Qwest’s $25-par notes edge higher; Bank of America preferreds gain

By James McCandless

San Antonio, Aug. 24 – Qwest Corp.’s $25-par notes were up slightly as the market neared the end of the week.

Qwest, a wholly owned subsidiary of CenturyLink, Inc., on Monday issued a redemption notice for $1.34 billion in total of its 7.5% notes due 2051, two series of 7% notes due 2052 and 7.25% debentures due 2035.

Qwest’s existing 6.5% notes due 2056 (NYSE: CTBB) were up 1 cent to $23.44 with about 44,000 notes trading.

Meanwhile, Bank of America Corp.’s 6% series EE non-cumulative preferred stock rose in early trading.

The preferreds (BACPrA) were up 1 cent to $26.01 on volume of about 42,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.08% in early trading, continuing a 0.02% decline seen at the market close on Thursday.

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