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MetLife’s new preferreds lead secondary trading; Bank of America’s preferreds improve
By James McCandless
San Antonio, June 1 – The preferred market saw increased volume, driven largely by MetLife Inc.’s new issue.
MetLife’s new $700 million pricing of 5.625% series E non-cumulative preferred stock led preferred trading to close the week.
Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock remained in high demand in the secondary market.
Energy Transfer Partners, LP’s recent series C preferreds jumped up in activity.
MetLife most active
MetLife’s new upsized $700 million pricing of 5.625% series E non-cumulative preferred stock earned the top spot in preferred trading with about 3,142,000 shares exchanged to close the week.
Talk for the deal was originally at $200 million with a yield of between 5.625% and 5.75%.
The deal priced Wednesday.
The preferreds, with a temporary ticker of MTLLP, were up 3 cents to close at $25.03.
Bank of America up
Bank of America’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock took a backseat to MetLife’s new deal but still remained active in secondary trading with about 480,000 shares trading hands.
The deal came to market a few weeks ago, routinely claiming top position in trading.
The preferreds (NYSE: BACPrB) were up 11 cents to close at $25.53.
Energy Transfer down
Energy Transfer’s recent 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units traded down with about 390,000 shares traded.
The company’s recent first-quarter report produced mixed results, with earnings missing analyst estimates and revenue beating projections.
The units (NYSE: ETPPrC) were down 6 cents to close at $25.02.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index closed up 0.34% at market close, adding to the 0.13% gain in early trading on Friday.
The iShares US Preferred Stock ETF was up 33 cents to close at $37.19.
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