Morning Commentary: MetLife’s recent preferreds lead mixed market; Bank of America improves

By James McCandless

San Antonio, June 11 – MetLife, Inc.’s recent $805 million pricing of 5.625% series E non-cumulative preferred stock started the week as the volume-leader in a slow market with about 191,000 shares trading.

The deal was priced May 30 at $700 million and was lifted to $805 million in a greenshoe exercise.

The preferreds (NYSE: METPrE) were down 9 cents at $25.29.

Bank of America Corp.’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock saw more activity with about 91,000 shares trading.

The preferreds (NYSE: BACPrB) were up 2 cents to $25.81.

The Wells Fargo Hybrid & Preferred Securities Financial index was level in early trading after a 0.06% gain at the market close on Friday.

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