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Enstar’s new preferreds below par; Edison International falls; Bank of America declines
By James McCandless
San Antonio, Nov. 15 – The preferred space saw higher volume and broad declines in Thursday’s session.
Enstar Group Ltd.’s new upsized $110 million 7% series E perpetual non-cumulative preference shares ended their first trading day under par.
The preferreds, trading under the temporary symbol “ESGRL,” ended the session at $24.65 on volume of about 1.2 million shares.
The deal priced on Wednesday.
In the secondary, Southern California Edison Co., a subsidiary of Edison International, saw its 5% cumulative trust preferreds continue to drop.
The preferreds (NYSE: SCEPrL) were down 45 cents to close at $17.79 with about 764,000 shares trading.
In the finance sector, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds joined the negative trend.
The preferreds (NYSE: BACPrK) were down 3 cents to close at $24.62 on volume of about 755,000 shares.
Elsewhere in the sector, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock (NYSE: JPMPrD) fell 16 cents to close at $24.63 with about 505,000 shares trading.
On Wednesday, the preferreds lost 10 cents.
Meanwhile, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative class A preferreds also moved lower.
The preferreds (NYSE: WFCPrQ) were off 3 cents to close at $25.36 on volume of about 340,000 shares.
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