Morning Commentary: Bank of America preferreds climb in slow market; DCP Midstream units decline

By James McCandless

San Antonio, May 23 – Bank of America Corp.’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock continued to improve on Wednesday in active trading for the issuer.

The preferreds were up 4 cents to $25.23 with about 212,000 shares changing hands early in the session.

DCP Midstream, LP’s recent 7.875% series B fixed-to-floating rate cumulative redeemable perpetual preferred units saw about 35,000 shares changing hands.

The $150 million deal came to market a few weeks ago.

The company was named a Fortune 500 company on Monday.

The units were down 5 cents to $24.83.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.01% in early trading, taking away some of the 0.04% gain at market close on Tuesday.

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