Morning Commentary: Bank of America preferreds edge lower; Synovus drops; Invesco funds price

By James McCandless

San Antonio, June 15 – Bank of America Corp.’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock was the volume leader in early secondary trading with about 135,000 shares changing hands so far on Friday.

The preferreds (NYSE: BACPrB) were down 3 cents to $25.75.

Synovus Financial Corp.’s new $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual stock was also active with about 108,000 shares trading.

The preferreds, which trade under the temporary ticker “SYNVP,” were down 18 cents to $25.71.

Invesco Advisers, Inc. saw two of its funds tap the primary market on Thursday for $250 million of variable-rate demand preferred shares in a private placement.

Invesco Senior Income Trust sold $125 million of the preferreds, and Invesco Dynamic Credit Opportunities Fund priced $125 million of the preferreds.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.09% in early trading, adding to the 0.02% increase at the market close on Thursday.

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