Morning Commentary: Bank of America leads trading in lagging market; DCP Midstream units improve

By James McCandless

San Antonio, May 22 – Bank of America Corp.’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock took the lead in early trading with about 158,000 shares changing hands.

The preferreds were up 2 cents to $25.20.

Meanwhile, DCP Midstream, LP’s recent 7.875% series B fixed-to-floating rate cumulative redeemable perpetual preferred units added to a low-volume start in trading with about 43,000 shares exchanged so far.

The $150 million deal was brought to market a few weeks ago.

On Monday, the company was newly named a Fortune 500 company.

The units were up 2 cents to $24.87.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.01% in early trading, reversing the 0.01% gain at the market close on Monday.

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