| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Review > Headlines for 2018 > News item |
Bank of America preferreds slip, redemptions eyed; KeyCorp declines; Citigroup rises
By James McCandless
San Antonio, July 26 – The preferred market saw a broad decline as new issues continued to see the most volume.
Bank of America Corp.’s new series HH non-cumulative perpetual preferred stock declined as the company issues redemption calls for two series of preferreds.
KeyCorp’s new $425 million of 5.65% series F fixed-rate perpetual non-cumulative preferred stock fell.
Citigroup Inc.’s 7.875% fixed-to-floating rate trust preferred securities improved.
Bank of America lower
Bank of America’s new $854 million 5.875% series HH non-cumulative perpetual preferred stock declined, leading trading volume in the preferred market.
The preferreds (NYSE: BACPrK) were down 5 cents to close at $25.11 on volume of about 1.2 million shares.
On Wednesday, the preferreds picked up 8 cents.
On Thursday, the company called for redemption all of its the outstanding shares of its 6.204% non-cumulative preferred stock, series D, and its 6.375% non-cumulative preferred stock, series 3 (see related story elsewhere in this issue).
KeyCorp down
KeyCorp’s new $425 million of 5.65% series F fixed-rate perpetual non-cumulative preferred stock fell with the rest of the market.
The deal was priced on Monday.
The preferreds, trading under the temporary symbol “KYYCP,” were down 9 cents to close at $24.76 with about 1.1 million shares trading.
On Wednesday, the preferreds rose 2 cents.
Citigroup up
Citigroup’s 7.875% fixed-to-floating rate trust preferred securities improved against the day’s negative trend.
The preferreds (NYSE: CPrN) were up 14 cents to close at $26.71 with volume of about 844,000 shares.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% at market close.
The iShares US Preferred Stock ETF was down 1 cent to $35.75. The ETF added 6 cents on Wednesday.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.