Morning Commentary: Barclays preference shares edge higher; Bank of America slides

By James McCandless

San Antonio, July 11 – Preferred shares from bank and financial issuers were active in early Wednesday trading.

Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares saw increased activity to start off Wednesday trading.

The preferreds (NYSE: BCSPrD) were up 1 cent to $26.72 on volume of about 59,000 shares.

Bank of America Corp.’s 6% series GG non-cumulative preferred stock continued to be a volume-leader in the secondary market.

The preferreds (NYSE: BACPrB) were down 7 cents to $26.45 with about 46,000 shares exchanged.

Meanwhile, Chicken Soup for the Soul Entertainment, Inc. said underwriters exercised $1,162,425 of the over-allotment option for its $25-par series A cumulative redeemable perpetual preferred stock with a 9.75% dividend at par.

This brings the total deal size to $16,162,425.

As reported June 27, the issuer sold $15 million of the perpetual preferred stock with a $2.25 million greenshoe.

The preferreds (Nasdaq: CSSEP) were down 27 cents to $24.58 on volume of 2,500 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% in early trading, adding to the 0.01% decline at the market close on Tuesday.

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