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Brunswick sells $25-par notes; Bank of America preferreds mixed; Hartford declines
By James McCandless
San Antonio, Nov. 26 – The preferred market opened up a new week continuing the negative trend exhibited last week.
In the primary space, Brunswick Corp. priced $115 million of $25-par senior notes due Jan. 15, 2049 at par with a coupon of 6.625%. There is a $17.25 million greenshoe.
In the secondary, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds and its 6% series GG non-cumulative preferreds were mixed.
The series HH preferreds (NYSE: BACPrK) lost 3 cents to close at $24.50 on volume of about 292,000 shares.
The series GG preferreds (NYSE: BACPrB) ended level at $25.06 on volume of about 275,000 shares.
Elsewhere in finance, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative preferreds ended lower.
The preferreds (NYSE: WFCPrQ) were down 4 cents to close at $25.30 with about 241,000 shares trading.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock ended the day level.
The preferreds (NYSE: JPMPrD) were level to close at $24.64 on volume of about 231,000 shares.
Insurance provider the Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds also saw a drop.
The preferreds (NYSE: HIGPrG) were down 28 cents to close at $25.00 with about 145,000 shares trading.
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