Wells Fargo to redeem series J preferreds; KeyCorp falls below par; Bank of America up

By James McCandless

San Antonio, July 24 – Trading in the preferred market continued to be dominated by new issues on Tuesday.

KeyCorp’s new $425 million of 5.65% series F fixed-rate perpetual non-cumulative preferred stock ended its first day on the market below par.

The preferreds, trading under the temporary symbol “KYYCP,” were seen closing the day at $24.83 with about 4.4 million shares trading.

Bank of America Corp.’s new series HH non-cumulative perpetual preferred stock improved.

The 5.875% preferreds, trading under the temporary symbol “BKAML,” were up 3 cents to close at $25.10 with about 1.5 million shares trading.

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

The preferreds, trading under the temporary ticker “ETPZF,” were up 10 cents to close at $25.10 with about 1.2 million shares in volume.

Meanwhile, Wells Fargo & Co. said it will redeem all of its 8% series J noncumulative perpetual class A preferred stock.

The redemption date is Sept. 17.

The preferreds (NYSE: WFCPrJ) lost 2 cents to close at $25.68 on volume of about 91,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.07% at market close.

The iShares US Preferred Stock ETF was up 1 cent to $37.70.

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