Bank of America, Anworth set to list on NYSE; Vanguard Natural, Breitburn up as oil rises

By Stephanie N. Rotondo

Phoenix, Jan. 27 – Preferred stocks continued to trade into higher territory in Tuesday trading, despite limited liquidity as the snowstorm in New York kept some away from their desks.

“The long bond is up quite a bit. I thought we’d see some selling off,” a trader said. “But I guess not.”

The Wells Fargo Hybrid and Preferred Securities index closed 17 basis points higher on the day. It was up 12 bps at mid-morning.

Among recently priced deals, Bank of America Corp.’s $1 billion of 6.5% series Y noncumulative preferreds were slated to begin trading on the New York Stock Exchange on Wednesday.

That deal came Jan. 20 via BofA Merrill Lynch. The ticker symbol will be “BACPY.”

The preferreds ended the day at par, up a nickel from Monday’s close.

A trader quoted that issue at $24.94 bid, $25.04 offered.

Over 1.42 million shares were exchanged, making the issue easily the most active among paying securities.

Anworth Mortgage Asset Corp.’s $7.5 million of 7.625% series C cumulative redeemable preferreds – another deal from Jan. 20 – was also expected to hit the NYSE on Wednesday.

The ticker symbol will be “ANHPC.”

The preferreds finished the day at $24.50, up 15 cents.

MLV & Co. LLC and JMP Securities Inc. were the joint bookrunning managers.

In the secondary, Vanguard Natural Resources LLC’s preferred units were all slipping early in the session but eventually finished the day mostly better.

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