Bank of America’s new preferreds top par; Energy Transfer gains; Digital Realty flat

By James McCandless

San Antonio, July 18 – Trading in the preferred market was dominated by two new issues in the primary space.

Bank of America Corp.’s new $854 million of series HH non-cumulative perpetual preferred stock ended above par in the primary market while its series GG preferreds improved in secondary trading.

Energy Transfer Partners, LP’s new $400 million 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units improved, approaching par.

Meanwhile, Digital Realty Trust, Inc.’s 7.375% series H cumulative redeemable preferred stock was level in active secondary trading.

The preferreds (NYSE: DLRPrH) were flat at $25.91 with about 423,000 shares trading.

In its deal, Bank of America’s new $854 million of 5.875% series HH non-cumulative perpetual preferred stock, trading under the temporary symbol “BKAML,” were spotted at $25.12 at market close with about 8,042,000 shares trading.

Elsewhere in the primary space, Energy Transfer Partners’ new 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were pushing upwards, reaching closer to par on their second day of trading.

The deal was priced on Monday.

The preferreds, trading under the temporary ticker “ETPZF,” were up 5 cents to close at $24.90 with about 1,216,000 shares exchanged.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.08% at market close.

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