Bank of America preferreds improve in secondary; NiSource gains; Maiden Holdings falls

By James McCandless

San Antonio, Dec. 7 – Preferreds closed trading on a positive note on Friday with some of the most active names moving to the upside.

Leading secondary volume, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock improved.

Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were also higher.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds and its 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds were mixed.

In utilities, NiSource Inc.’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock gained.

Insurance name Maiden Holdings Ltd.’s 7.125% series C non-cumulative preferreds saw a steep drop.

Bank of America improves

Spending a second day at the top of the secondary, Bank of America’s 5.875% series HH non-cumulative preferred stock led a positive trend.

The preferreds (NYSE: BACPrK) were up 9 cents to close at $24.07 on volume of about 703,000 shares.

On Thursday, the preferreds lost 8 cents.

Elsewhere in the finance space, JPMorgan’s 5.75% series DD non-cumulative preferreds were also gaining in the Friday session.

The preferreds (NYSE: JPMPrD) picked up 10 cents to close at $24.65 with about 475,000 shares trading.

Goldman Sachs’ series D floating-rate non-cumulative preferreds and its 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds were mixed.

The series D preferreds (NYSE: GSPrD) lost 18 cents to close at $18.37 on volume of about 410,000 shares.

On Thursday, the preferreds rose by 6 cents.

The series J preferreds (NYSE: GSPrJ) added 16 cents to close at $24.28 on volume of about 410,000 shares.

NiSource rises

Meanwhile, in the utilities space, NiSource’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock gained.

The preferreds, trading under the temporary symbol “NISOP,” jumped up 18 cents to close at $24.90 with about 269,000 shares trading.

On Thursday, the preferreds lost 12 cents.

Maiden Holdings down

Insurance name Maiden Holdings’ 7.125% series C non-cumulative preferreds saw a sharp decline.

The preferreds (NYSE: MHPrC) dropped 95 cents to close at $6.90 on volume of about 236,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.12% by the end of the session after rising as high as 0.27% in early activity on Friday.

The iShares US Preferred Stock ETF was up 4 cents to $34.75.

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