Bank of America preferreds lead market upward; AT&T heads lower after CEO comments

By James McCandless

San Antonio, May 30 – The preferred market saw average volume on the second day of a short week in trading.

Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock continued the short week on top of preferred trading.

AT&T, Inc.’s 5.35% global notes due 2066 tumbled after its CEO made comments on the difficulty that Sprint Corp. and T-Mobile US, Inc. may have in attempting to merge.

Validus Holdings, Ltd.’s 5.8% series B non-cumulative preference shares gained amid reports that the European Commission has approved its takeover by American International Group, Inc.

The preference shares (NYSE: VRPrB) were up 6 cents to close at $25.23.

Bank of America’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock was the most-active preferred issue on Wednesday with about 718,000 shares exchanged.

The preferreds (NYSE: BACPrB) were up 5 cents to close at $25.43.

Meanwhile, AT&T’s 5.35% global notes due 2066 were back in the spotlight on Wednesday with about 629,000 shares traded.

AT&T is awaiting judgment on whether or not it will be allowed to merge with Time Warner, having been embroiled in a lawsuit with the Department of Justice over whether or not the merger would harm consumers.

The $25-par notes (NYSE: TBB) lost 25 cents to close at $25.03.

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