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Published on 7/3/2018 in the Prospect News Investment Grade Daily.

Wells Fargo slips; Bank of America preferreds continue rise; Deutsche Bank declines

By James McCandless

San Antonio, July 3 – Trading in the preferred market was steady in the abbreviated session on Tuesday ahead of the full market close for the Fourth of July holiday.

Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred stock led a short day in secondary trading to edge lower.

Bank of America Corp.’s $1.2 billion issue of 6% series GG non-cumulative preferred stock rose again.

Deutsche Bank AG’s 8.05% trust preferred securities saw more attention, declining slightly.

Wells Fargo’s 8% series J non-cumulative perpetual class A preferreds edged lower.

The preferreds (NYSE: WFCPrJ) were down 1 cent to close at $25.64 with about 230,000 shares trading.

On Monday, the preferreds were down 5 cents.

Meanwhile, Bank of America’s 6% series GG non-cumulative preferreds saw more activity.

The preferreds (NYSE: BACPrB) were up 16 cents to close at $26.30 on volume of 228,000 shares.

On Friday, the company announced that it will redeem its $494,382,000 of series K fixed-to-floating rate non-cumulative preferred stock on July 30.

Separately, Deutsche Bank’s 8.05% trust preferred securities were down against an overall rising market.

The preferreds (NYSE: DKT) were down 4 cents to close at $25.30 with about 220,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.30% at market close.


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