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Morning Commentary: Voya to tap market; Wells Fargo improves; Bank of America dips
By James McCandless
San Antonio, Sept. 4 – Voya Financial, Inc. plans to price an offering of $1,000-par series A fixed-rate reset non-cumulative preferred stock.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and RBC Capital Markets LLC are the joint bookrunners.
The preferreds are redeemable after five years.
Elsewhere, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock rose, leading early secondary activity.
The preferreds (NYSE: WFCPrQ) were up 4 cents to $25.78 on volume of about 317,000 shares.
Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock started the week trading lower.
The preferreds (NYSE: BACPrK) were down 9 cents to $25.65 with about 63,000 shares trading.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.04% in early trading after a 0.03% drop on Friday.
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