MetLife’s new preferred stock ends the week higher; Bank of America adds to gains

By James McCandless

San Antonio, June 8 – The preferred market closed the week as active as the week began, with newer issues driving volume.

MetLife, Inc.’s recent $805 million pricing of 5.625% series E non-cumulative preferred stock closed the week as the volume-leader in preferred trading.

Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock remained active in secondary trading, edging higher.

Ally Financial Inc.’s series 2 trust preferred securities doubled their average trading volume.

In its deal, MetLife’s new and upsized $805 million issue of 5.625% series E non-cumulative preferred stock reclaimed the top position in preferred trading with about 1,171,000 shares trading.

The preferreds (NYSE: METPrE), which priced on May 30, were up 10 cents at $25.38.

Meanwhile, Bank of America’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock kept up a high level of activity with about 445,000 shares exchanged.

The preferreds (NYSE: BACPrB) were up 1 cent to $25.79.

Separately, Ally Financial’s series 2 fixed-to-floating rate trust preferred securities (NYSE: ALLYPrA), with about 350,000 shares trading, were down 7 cents to $26.04.

The Wells Fargo Hybrid & Preferred Securities Financial index ended up 0.06% at the market close.

The iShares US Preferred Stock ETF was up 2 cents to close at $37.51.

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