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Bank of America declines in mixed market; Deutsche Bank up; Energy Transfer loses
By James McCandless
San Antonio, Aug. 1 – Trading in the preferred market was mixed on Wednesday with investors focusing on newer issues.
Bank of America Corp.’s recent 5.875% series HH non-cumulative perpetual preferred stock dropped.
Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities trended slightly upward.
Energy Transfer Partners, LP’s recent $445 million 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units also fell.
Bank of America lower
Bank of America’s series HH non-cumulative perpetual preferreds fell, going against a recent positive trend.
The preferreds (NYSE: BACPrK) were down 7 cents to close at $25.19 on volume of about 881,000 shares.
On Tuesday, the preferreds picked up 3 cents.
Deutsche Bank edges higher
Deutsche Bank’s 8.05% trust preferred securities improved in Wednesday trading.
The preferreds (NYSE: DKT) were up 1 cent to $25.48 with about 487,000 shares trading.
Energy Transfer down
Energy Transfer’s new 7.625% series D preferred units fell again.
The preferreds (NYSE: ETPPrD) were down 7 cents to $25.38 on volume of about 454,000 shares.
On Tuesday, the preferreds lost 1 cent.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.35% at market close, stretching a 0.22% decline seen in early trading on Wednesday.
The iShares US Preferred Stock ETF was up 11 cents to $37.35.
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