Morning Commentary: Energy Transfer Partners’ new units improve; Bank of America up

By James McCandless

San Antonio, July 30 – Energy Transfer Partners, LP’s new $445 million 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units gained at the start of a new week.

The preferreds (NYSE: ETPPrD) were up 19 cents at $25.35 on volume of about 488,000 shares.

The deal was priced on July 16 at $400 million and later increased with a partial greenshoe exercise.

Bank of America Corp.’s recent series HH non-cumulative perpetual preferred stock started the week moving up.

The preferreds (NYSE: BACPrK) were up 5 cents at $25.22 with about 469,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.08% in early trading, continuing a negative trend after closing down 0.13% at the market close on Friday.

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