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Bank of America leads mixed market; Deutsche Bank preferreds fall on negative news
By James McCandless
San Antonio, May 31 – The preferred market picked up on Thursday with secondary trading seen in several familiar issuers.
Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock took the top spot for a second day this week.
Deutsche Bank AG’s 8.05% and 6.55% trust preferred securities remained in high volume after more negative news surfaced Thursday.
Ally Financial’s preferreds traded actively in the secondary market.
Bank of America dips
Bank of America’s recent $1.2 billion issue of 6% series GG non-cumulative preferred saw about 1.5 million shares change hands in the secondary market.
The deal came to market a few weeks ago and has regularly been in high demand.
The preferreds (NYSE: BACPrB) edged 1 cent lower to close at $25.42.
Deutsche Bank plummets
Deutsche Bank’s 8.05% and 6.55% trust preferred securities cratered with about 849,000 and 554,000 shares exchanged amid negative headlines.
Reports surfaced Thursday morning that the Federal Reserve designated the bank’s American operations to be in “troubled condition” last year.
Recently, the company announced that it would be laying off 7,000 employees worldwide.
The 8.05% securities (NYSE: DKT) lost 24 cents to close at $25.42.
The 6.55% securities (NYSE: DXB) lost 55 cents to close at $24.55.
Ally Financial down
Ally Financial’s 8.125% fixed-to-floating rate trust preferred securities traded down with about 405,000 shares trading.
The securities have been in heavy rotation as financial names garner more attention amid recent redemption calls.
The securities (NYSE: ALLYPrA) lost 7 cents to close at $26.11.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index closed up 0.07% at market close, reversing a 0.10% decline in early trading on Thursday.
The iShares US Preferred Stock ETF was level at $37.25.
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