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Bank of America’s recent 6% preferreds strengthen; HSBC’s series 2 shares edge upward
By James McCandless
San Antonio, May 18 – Traders reported a subdued end of the week in preferred trading in an otherwise busy week.
Bank of America Corp.’s 6% series GG non-cumulative preferred stock closed the week higher.
HSBC Holdings plc’s 8% series 2 perpetual subordinated capital securities exchangeable non-cumulative dollar preference shares saw a spike in activity in Friday trading.
Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities added to the day’s volume.
Bank of America leads again
Bank of America’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock finished the week with the heaviest volume in the preferred market, a familiar place, with about 1,515,000 shares changing hands.
The deal has routinely ranked among the most active in secondary trading since pricing on May 7.
On Friday, the preferreds rose 11 cents to close at $25.24.
HSBC up
HSBC’s 8% series 2 perpetual subordinated capital securities exchangeable non-cumulative dollar preference shares saw about 253,000 shares trade on Friday.
The company recently announced that the preference shares would be one of the securities that would be redeemed on June 4.
The securities were up 1 cent to close at $25.41.
Ally Financial climbs
Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities saw gains with about 202,000 shares trading.
Recent preferred stock redemptions announced by Bank of America and General Electric Co. have investors trying to position themselves in financial names, traders report.
The securities rose 14 cents to close at $26.00.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index ended the week up 0.07%, adding to the 0.03% gain in early trading Friday.
The iShares US Preferred Stock ETF gained 3 cents to close at $36.96.
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