Morning Commentary: Synovus preferreds edge lower; Bank of America adds to gains

By James McCandless

San Antonio, July 10 – Synovus Financial Corp.’s recent $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock led early secondary trading.

The series D preferreds (NYSE: SNVPrD) were down 1 cent to $25.99 with about 78,000 shares trading.

Recently, the company announced plans to pay about $130 million to redeem its outstanding series C fixed-to-floating rate non-cumulative perpetual preferred stock.

Bank of America Corp.’s 6% series GG non-cumulative preferred stock saw more activity in the financial space.

The preferreds (NYSE: BACPrB) were up 4 cents to $26.43 in early trading on volume of about 73,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% in early trading, adding to the 0.11% decline at the market close on Monday.

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