KeyCorp prices; Bank of America, Energy Transfer unchanged; Regions Financial dips

By James McCandless

San Antonio, July 23 – The week in preferred trading began with two of its newest issues ending level despite high volume.

KeyCorp priced $425 million of $25-par series F fixed-rate perpetual non-cumulative preferred stock with a dividend of 5.65%.

The deal was announced Monday morning.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.

Bank of America Corp.’s new 5.875% series HH non-cumulative perpetual preferred stock was unchanged in active trading while the bank’s existing 6% series GG non-cumulative preferreds (NYSE: BACPrB) dropped again, this time sinking 31 cents to close at $26.03 with about 630,000 shares trading.

Energy Transfer Partners, LP’s new upsized $445 million 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units also ended level.

The preferreds, trading under the temporary ticker “ETPZF,” were flat at $25.00 with about 1.2 million shares exchanged.

Meanwhile, Regions Financial Corp.’s 6.375% series A non-cumulative perpetual preferred stock edged lower.

The preferreds (NYSE: RFPrA) were down 2 cents to close at $25.38 with about 564,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index dropped 0.27% by the market close.

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