MetLife’s new preferreds lead secondary trading; Bank of America’s preferreds improve

By James McCandless

San Antonio, June 1 – The preferred market saw increased volume, driven largely by MetLife Inc.’s new issue.

MetLife’s new $700 million pricing of 5.625% series E non-cumulative preferred stock led preferred trading to close the week.

Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock remained in high demand in the secondary market.

Energy Transfer Partners, LP’s recent series C preferreds jumped up in activity.

In its deal, MetLife’s new upsized $700 million pricing of 5.625% series E non-cumulative preferred stock earned the top spot in preferred trading with about 3,142,000 shares exchanged to close the week.

Talk for the deal was originally at $200 million with a yield of between 5.625% and 5.75%.

The deal priced Wednesday.

The preferreds, with a temporary ticker of MTLLP, were up 3 cents to close at $25.03.

Meanwhile, Bank of America’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock took a backseat to MetLife’s new deal but still remained active in secondary trading with about 480,000 shares trading hands.

The preferreds (NYSE: BACPrB) were up 11 cents to close at $25.53.

Separately, Energy Transfer’s recent 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units traded down with about 390,000 shares traded.

The units (NYSE: ETPPrC) were down 6 cents to close at $25.02.

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