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.

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

The preferreds (NYSE: ETPPrD) were up 6 cents to close at $25.16 with about 673,000 shares trading.

Bank of America Corp.’s $854 million of 5.875% series HH non-cumulative perpetual preferred stock rose.

The preferreds (NYSE: BACPrK) were up 6 cents to close at $25.17 on volume of about 549,000 shares.

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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