Morning Commentary: Bank of America preferreds edge lower at open; HSBC’s series 2 shares gain

By James McCandless

San Antonio, May 18 – Bank of America Corp.’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock neared the end of the week as the most actively traded security, with 269,000 shares changing hands in early trading on Friday.

The preferreds edged 1 cent lower to $25.12 to start the day.

HSBC Holdings plc’s 8% series 2 perpetual subordinated capital securities exchangeable non-cumulative dollar preference shares saw about 233,000 shares trade early in the session.

The company recently announced that the preference shares would be one of the securities that would be redeemed on June 4.

The securities were up 2 cents to $25.42.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.03% in early trading after closing down 0.14% at the market close on Thursday.

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