Charles Schwab sells $1,000-par preferreds; Bank of America higher; AT&T diverges

By James McCandless

San Antonio, April 27 – A new week began with an extension of the positive trend that marked the previous week.

In the primary market, Charles Schwab Corp. priced a $2.5 billion offering of $1,000-par series G fixed-rate reset non-cumulative perpetual preferred stock with a dividend of 5.375%.

At the top of the secondary, Bank of America Corp.’s 5% series LL and 6% series GG non-cumulative preferred stocks both pushed higher.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was lifted.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also strengthened.

Telecom services provider AT&T Inc.’s 5.35% global notes due 2066 rose while its 4.75% series C perpetual preferred stock slipped.

Meanwhile, REIT Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferreds received a boost.

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