Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2017 > News item |
Morning Commentary: Wells Fargo, Bank of America preferreds decline; Ashford lists on NYSE
By Stephanie N. Rotondo
Seattle, Aug. 29 – There was a bit more activity in the preferred stock market early Tuesday.
At mid-morning, Wells Fargo & Co. and Bank of America Corp. paper was trading busily and lower, though it was not clear what was driving the declines.
Wells Fargo’s 5.625% class A series Y noncumulative preferreds (NYSE: WFCPrY) were down 24 cents at $25.73, while BofA’s floating-rate series 5 noncumulative preferreds (NYSE: BMLPrL) were meantime down a dime at $23.95.
Elsewhere, Ashford Hospitality Trust Inc.’s $85 million of 7.5% series H cumulative redeemable preferreds – a deal priced Aug. 16 – listed on the New York Stock Exchange on Tuesday.
The ticker symbol is “AHTPrH.”
The preferreds were at $24.75 in early dealings, down a nickel.
Price talk on the issue was 7.5% to 7.625%. The deal was increased from $50 million
UBS Securities LLC and Morgan Stanley & Co. LLC were the joint bookrunners.
Overall, the market had a mixed tone to it at mid-morning, as the straight equity markets turned downward on renewed concerns about tensions with North Korea.
The Wells Fargo Hybrid and Preferred Securities index was up 3 basis points in early trading. The U.S. iShares Preferred Stock ETF was down a like amount.
© 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.