Morning Commentary: Allstate preferreds slide as broader market down; Bank of America mixed

By James McCandless

San Antonio, April 4 – Halfway through the week, the preferred market continued to trend downward.

Allstate Corp.’s new $500 million $25-par series G fixed-rate noncumulative perpetual preferred stock started the morning leading the market downward.

The 5.625% preferreds, which priced last week, were spotted by traders down 5 cents at $25.10.

Allstate is a Northbrook, Ill.-based insurance provider.

Bank of America Corp.’s preferreds were active and mixed to start the session. Activity has been high since the company announced last Wednesday that it would redeem all of its fixed-to-floating rate non-cumulative series M preferred stock and a portion of its fixed-to-floating rate non-cumulative series K preferred stock.

The series K preferreds were down 9 cents at $25.57. The series D preferreds were up 1 cent at $25.49.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.13% in early trading, continuing the 0.16% decline at market close on Tuesday.

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