Investcorp taps market; Bank of America declines; Energy Transfer better

By James McCandless

San Antonio, Oct. 15 – The preferred space took a negative slant in the Tuesday session, with top traders diverging.

In the primary market, Investcorp Credit Management BDC, Inc. plans to offer more of its 6.125% notes due 2023.

Leading in the secondary, Bank of America Corp.’s 5% series LL non-cumulative preferred stock saw a decline.

The preferreds were down 6 cents to close at $25.68 on volume of about 1.7 million shares.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock moved positively.

The preferreds picked up 3 cents to close at $25.07 with about 332,000 shares trading.

In oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units ended the day upward.

The preferreds added 2 cents to close at $25.58 on volume of about 460,000 shares.

Insurance provider Allstate Corp.’s 5.2% series H fixed-rate non-cumulative perpetual preferred stock was pushed lower.

Retirement name Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares dived.

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