Bank of America preferreds improve; MetLife lower; RenaissanceRe shows strength

By James McCandless

San Antonio, June 29 – The preferred market closed out the week with increased levels of trading in the secondary market.

Bank of America Corp.’s $1.2 billion issue of 6% series GG non-cumulative preferred stock gained as the company announced the redemption of other preferreds.

MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares softened.

RenaissanceRe Holdings Ltd.’s recent $250 million series F preference shares saw increased attention, gaining to close the week above par.

Bank of America up

Bank of America’s $1.2 billion issue of 6% series GG non-cumulative preferred stock shot up to the top of trading as the company announced that it will redeem its $494,382,000 of series K fixed-to-floating rate non-cumulative preferred stock on July 30.

The 6% preferreds (NYSE: BACPrB) were up 14 cents to close at $26.12 with about 704,000 shares trading.

MetLife off

MetLife’s $805 million of 5.625% series E non-cumulative preferred shares edged lower to end the week.

The preferreds (NYSE: METPrE) were down 1 cent to $25.45 with about 558,000 shares exchanged.

RenaisssanceRe gains

RenaissanceRe’s recent $250 million 5.75% series F preference shares ended the week with increased attention.

The preference shares (NYSE: RNRPrF) were up 25 cents to close at $25.19 with about 546,000 shares trading.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.08% at the market close.

The iShares US Preferred Stock ETF was up 9 cents to $37.71.

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