Brighthouse taps $25-par market; Public Storage under par; Bank of America down

By James McCandless

San Antonio, Nov. 10 – During the Tuesday session, the preferred space reversed some of the gains made during the previous day.

In the primary pipeline, Brighthouse Financial, Inc. priced an upsized $500 million of $25-par series C non-cumulative preferred stock on Tuesday with a dividend of 5.375%.

Far and away the volume leader, REIT Public Storage’s new $150 million 3.9% series O cumulative preferred shares ended their first day under par. The preferreds, trading under the temporary symbol “PSAOL,” were seen closing at $24.69 on volume of about 3.8 million shares.

Elsewhere, in the finance space, Bank of America Corp.’s 4.375% series NN non-cumulative preferreds shaved off 5 cents to close at $25.18 with about 693,000 shares trading.

Sector peer Ally Financial Corp.’s 8.125% series 2 fixed-to-floating rate trust preferred securities declined by 15 cents to close at $26.22 on volume of about 239,000 shares.

Capital One Financial Corp.’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferreds both trailed.

Meanwhile, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock lost ground at the end of the day.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.