Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Citigroup Inc. > News item |
Bank of America’s 6% preferreds lead market higher; Barclays, Citigroup active
By James McCandless
San Antonio, May 23 – Traders reported another slow day in preferred trading, citing the upcoming long holiday weekend.
Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock traded actively in the secondary market, continuing a recent pattern.
Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares saw increased trading volume amid merger rumors.
Citigroup Inc.’s 7.875% fixed-to-floating rate trust preferred securities were active, fueled by continued investor interest the financial sector.
Unum Group and Ladenburg Thalmann Financial Services, Inc.’s new issues were seen trading under par.
Bank of America’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock led secondary trading on Wednesday with about 869,000 shares exchanged.
The deal came to market a few weeks ago and has regularly taken the top spot in preferred volume.
In Wednesday trading, the preferreds were up 7 cents to close at $25.26.
Meanwhile, Barclays’ 8.125% series 5 non-cumulative callable dollar preference shares saw upsized volume with about 178,000 shares trading amid reports that the company is exploring a merger with Standard Chartered plc.
The shares were down 1 cent to close at $26.42.
Separately, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities were up 5 cents to close at $26.79.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.