Morning Commentary: MetLife’s new preferreds active in slow market; Bank of America improves

By James McCandless

San Antonio, June 6 – MetLife, Inc.’s new $805 million of 5.625% series E non-cumulative preferred stock saw active trading in an otherwise slow open for the market.

The deal was priced May 30 for $700 million and was lifted to $805 million in a greenshoe exercise on Friday.

The preferreds, which trade under the temporary ticker MTLLP, were up 5 cents at $25.30.

Bank of America Corp.’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock boosted activity with about 115,000 shares trading.

The deal came to market a few weeks ago and has driven recent secondary trading.

The preferreds (NYSE: BACPrB) were up 6 cents to $25.78.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.02% in early trading, adding to the 0.31% gain at the market close on Tuesday.

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