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KeyCorp preferreds lower; Energy Transfer Partners improves; Bank of America better
By James McCandless
San Antonio, July 27 – The preferred market ended the week of trading largely mixed with newer issues remaining in focus.
KeyCorp’s new $425 million of 5.65% series F fixed-rate perpetual non-cumulative preferred stock closed the week lower.
Energy Transfer Partners, LP’s new upsized $445 million 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units gained.
Bank of America Corp.’s $854 million of 5.875% series HH non-cumulative perpetual preferred stock rose.
KeyCorp up
KeyCorp’s 5.65% series F preferreds fell to close the week.
The deal was priced on Monday.
The preferreds, trading under the temporary symbol “KYYCP,” were down 4 cents to close at $24.72 with volume of about 870,000 shares.
On Thursday, the preferreds gained 2 cents.
Energy Transfer better
Energy Transfer’s new 7.625% series D preferred units improved.
The preferreds (NYSE: ETPPrD) were up 6 cents to close at $25.16 with about 673,000 shares trading.
Bank of America rises
Bank of America’s new series HH non-cumulative perpetual preferreds closed the week trending upward.
The preferreds (NYSE: BACPrK) were up 6 cents to close at $25.17 on volume of about 549,000 shares.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.13% at the market close, reversing the 0.03% gain seen in early trading on Friday.
The iShares US Preferred Stock ETF was down 15 cents to $37.60.
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