Morning Commentary: HSBC’s preference shares up on redemption date; MetLife’s new preferreds gain

By James McCandless

San Antonio, June 4 – HSBC Holdings plc’s 8% perpetual subordinated capital securities exchangeable non-cumulative dollar preference shares led preferred trading to start the week with about 308,000 shares trading.

The shares are one of two securities that the company will redeem on Monday.

The preference shares (NYSE: HSEB) were up 1 cent at $25.43.

MetLife, Inc.’s new $700 million of 5.625% series E non-cumulative preferred stock was not far behind with about 305,000 shares trading.

The deal was priced Wednesday.

The preferreds, which trade under the temporary ticker MTLLP, were up 6 cents to $25.09.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.06% in early trading, shaving off some of the 0.34% gain at market close on Friday.

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