Morning Commentary: Bank of America preferreds down in slow market; AT&T $25-pars edge lower

By James McCandless

San Antonio, May 21 – Bank of America Corp.’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock started the week with light activity with about 328,000 shares changing hands.

The preferreds were down 4 cents to $25.20.

AT&T, Inc.’s 5.35% global notes due 2066 started the week down with about 50,000 shares exchanged in early trading.

The company is awaiting judgment in an antitrust lawsuit brought by the Department of Justice over whether its attempted merger with Time Warner would harm consumer choice.

The $25-par notes were down 1 cent to $25.08.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.08% in early trading.

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