Morning Commentary: DCP Midstream’s new preferreds open below par; Bank of America down

By James McCandless

San Antonio, Oct. 3 – The preferred market opened with robust volume, focusing on a new issue as the Wells Fargo Hybrid & Preferred Securities Financial index fell 0.03%.

DCP Midstream, LP’s new $100 million 7.95% series C fixed-to-floating rate cumulative redeemable perpetual preferred units were trading below par on their first day on the market.

The preferreds, trading under the temporary symbol “DCPUU,” were spotted moving upwards at $24.95 on volume of about 940,000 shares.

The deal priced Oct. 2.

Meanwhile, Bank of America Corp.’s 6.625% series W non-cumulative preferred stock was moving lower in early Wednesday activity.

The preferreds (NYSE: BACPrW) were down 6 cents to $25.85 with about 162,000 shares trading.

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