Hartford’s new preferreds flat; Bank of America declines; AT&T’s $25-par notes weaken

By James McCandless

San Antonio, Nov. 2 – The preferred market saw a broad decline to close out a week of negative movements.

Leading trading by volume in the secondary, Hartford Financial Services Group, Inc.’s new $300 million 6% series G non-cumulative perpetual preferred stock was active but level.

The preferreds, trading under the temporary symbol “HIGJL,” were level at $25.15 on volume of about 1.3 million shares.

In the financial sector, Bank of America’s 5.875% series HH non-cumulative preferred stock and its 6.625% series W non-cumulative preferreds declined.

The series HH preferreds (NYSE: BACPrK) were down 9 cents to close at $24.80 with about 536,000 shares trading.

The series W preferreds (NYSE: BACPrW) were off 2 cents to close at $25.83 with about 364,000 shares trading.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock (NYSE: JPMPrD) fell 13 cents to $24.76 on volume of about 408,000 shares.

Telecom giant AT&T, Inc.’s 5.35% global notes (NYSE: TBB) due 2066 were down 18 cents to close at $23.46 with about 220,000 notes trading.

Real estate investment trust Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative preferreds improved after reporting third-quarter earnings.

The preferreds (NYSE: CIMPrB) were up 3 cents to close at $25.90 on volume of about 147,000 shares.

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