Bank of America preferreds decline; MetLife edges lower; Citigroup shows improvement

By James McCandless

San Antonio, July 9 – Trading in the preferred market started the week robustly on a broad market decline.

Bank of America Corp.’s 6.204% series D non-cumulative preferred stock led trading at the beginning of the week.

MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares weakened.

Citigroup Inc.’s 7.875% fixed-to-floating rate trust preferred securities saw more activity in the secondary market.

Bank of America down

Bank of America’s 6.204% series D non-cumulative preferred stock saw increased activity in the financial sector to begin the week in trading.

The preferreds (NYSE: BACPrD) were down 5 cents to close at $26.39 with about 413,000 shares trading.

MetLife off

MetLife’s $805 million of 5.625% series E non-cumulative preferred shares reversed a portion of last week’s gains on Monday.

The preferreds (NYSE: METPrE) were down 4 cents to close at $25.73 on volume of about 322,000 shares.

On Friday, the preferreds were up 4 cents.

Citigroup gains

Citigroup’s 7.875% fixed-to-floating rate trust preferred securities gained on a day of declines in preferred trading.

The preferreds (NYSE: CPrN) were up 14 cents to close at $27.04 with about 233,000 shares exchanged.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.11% at market close.

The iShares US Preferred Stock ETF was down 3 cents to $37.97.

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