Bank of America offers $25-par preferreds; Banc of California prices; new preferreds mixed

By Cristal Cody

Tupelo, Miss., Oct. 27 – Bank of America Corp. offered $25-par series NN perpetual non-cumulative preferred stock (Baa3/BBB-/BBB) in the primary market on Tuesday.

Initial price talk is in the 4.625% area, a source said.

In addition, Banc of California, Inc. sold $85 million of 10-year fixed-to-floating-rate subordinated notes (Kroll: BBB-) during the session.

Deal volume week to date also includes Monday’s issuance from Bank of New York Mellon Corp., which priced $582.5 million of 3.7% series H $1,000-par noncumulative perpetual preferred shares (Baa1/BBB/BBB+).

Wells Fargo & Co. (A2/BBB+/A+)’s 4.7% $25-par series AA non-cumulative perpetual class A preferred stock priced on Wednesday headed out up 6 cents, or 0.24%, at $24.98 on about 1.43 million shares traded.

Fulton Financial Corp.’s 5.125% series A fixed-rate non-cumulative perpetual preferred stock also continued to over Tuesday’s session.

In other over-the-counter trading, U.S. Bancorp’s new 3.75% series L non-cumulative perpetual preferred stock (A3/BBB/BBB+) continued to soften.

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