Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for HSBC Holdings plc > News item |
HSBC’s preferreds close the week down; Bank of America’s new 6% preferreds add to gains
By James McCandless
San Antonio, May 11 – The preferred market finished the week with high activity, traders reported, driven primarily by financial names.
HSBC Holdings plc’s preferreds ended the week down after the company issued redemption notices for two of the issuer’s securities last week.
Bank of America Corp.’s new 6% series GG non-cumulative preferred stock remained a favorite after hitting the market earlier this week.
And the Goldman Sachs Group, Inc. saw increased volume in its series J preferred stock as financial names lead the preferred market.
HSBC’s 8.125% and 8% perpetual subordinated capital securities exchangeable non-cumulative dollar preference shares closed the week down. The company announced last Friday that both issues would be redeemed on June 4.
The 8.125% shares lost 2 cents to close at $25.21 with about 1,339,000 shares changing hands.
The 8% shares lost 2 cents to close at $25.38 with about 2,428,000 shares exchanged.
Meanwhile, Bank of America’s new $1.2 billion issue of 6% series GG non-cumulative preferred stock ended the week at the top of the market with about 1,663,000 shares trading hands.
The preferreds gained 1 cent to close at $25.04 on Friday.
Separately, Goldman Sachs’ 5.5% series J fixed-to-floating rate perpetual non-cumulative preferred stock traded actively on Friday with about 614,000 shares exchanged but still ended lower on the day.
The preferreds lost 5 cents to close at $25.71.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.