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Energy Transfer preferreds improve against down market; Bank of America, Enstar gain
By James McCandless
San Antonio, July 30 – The beginning in the week in the preferred market started with robust volume focused on newer issues.
Energy Transfer Partners, LP’s new $445 million 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units gained in strong volume.
Bank of America Corp.’s new series HH non-cumulative perpetual preferred stock rose.
Enstar Group Ltd.’s 7% series D non-cumulative fixed-to-floating rate perpetual preferred shares traded higher.
Energy Transfer rises
Energy Transfer’s new 7.625% series D preferred units jumped up, leading the market to start off the week in trading.
The preferreds (NYSE: ETPPrD) were up 30 cents to close at $25.46 on volume of 1.45 million shares.
On Friday, the preferreds of the Dallas-based natural gas and propane transportation company gained 6 cents.
Bank of America up
Bank of America’s new series HH non-cumulative perpetual preferreds continued their upward trend from last week.
The preferreds (NYSE: BACPrK) were up 6 cents to close at $25.23 with 1.43 million shares trading.
On Friday, the preferreds of the Charlotte, N.C., financial institution rose 6 cents.
Enstar gains
Enstar Group’s series D non-cumulative preferreds improved in Monday trading.
The preferreds (Nasdaq: ESGRP) were up 19 cents to close at $25.70 on volume of 430,000 shares.
The company is a Bermuda-based insurance provider.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.10% at market close after a 0.08% dip in early trading on Monday.
The iShares US Preferred Stock ETF was down 3 cents to $37.57. The ETF shed 15 cents on Friday.
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