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Morning Commentary: Bank of America improves; Maiden lower; AT&T’s $25-par notes gain
By James McCandless
San Antonio, Dec. 3 – The new week in preferred activity kicked off with broad improvement as the Wells Fargo Hybrid & Preferred Securities Financial index rose 0.21%.
A volume leader in early trading, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock improved.
The preferreds (NYSE: BACPrK) were up 9 cents to $24.34 on volume of about 63,000 shares.
Elsewhere in the finance space, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and Deutsche Bank Contingent Capital Trust II 6.55% trust preferred securities were rising.
The 8.05% preferreds (NYSE: DKT) gained 27 cents to $24.92 with about 59,000 shares trading.
The 6.55% preferreds (NYSE: DXB) rose 8 cents to $22.97 with about 51,000 shares trading.
The preferreds have been under pressure of late after German law enforcement officials conducted a two-day raid on the company’s Frankfurt offices last week in connection with a money laundering probe.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also seeing early gains.
The preferreds (NYSE: JPMPrD) added 8 cents to $24.81 on volume of about 42,000 shares.
Meanwhile, in the insurance space, Maiden Holdings, Ltd.’s 7.125% series C and 8.25% series A non-cumulative preference shares were falling.
The series C preferreds (NYSE: MHPrC) were lower by $1.17 to $8.83 with about 61,000 shares trading.
The series A preferreds (NYSE: MHPrA) were off by $1.23 to $12.00 with about 41,000 shares trading.
Telecom name AT&T Inc.’s 5.35% global notes due 2066 were trending higher to start the session.
The notes (NYSE: TBB) were up 13 cents to $22.65 on volume of about 26,000 notes.
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