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MetLife’s new preferred stock ends the week higher; Bank of America adds to gains
By James McCandless
San Antonio, June 8 – The preferred market closed the week as active as the week began, with newer issues driving volume.
MetLife, Inc.’s recent $805 million pricing of 5.625% series E non-cumulative preferred stock closed the week as the volume-leader in preferred trading.
Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock remained active in secondary trading, edging higher.
Ally Financial Inc.’s series 2 trust preferred securities doubled their average trading volume.
MetLife up
MetLife’s new and upsized $805 million issue of 5.625% series E non-cumulative preferred stock reclaimed the top position in preferred trading with about 1,171,000 shares trading.
The preferreds (NYSE: METPrE), which priced on May 30, were up 10 cents at $25.38.
Bank of America gains
Bank of America’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock kept up a high level of activity with about 445,000 shares exchanged.
The preferreds (NYSE: BACPrB) were up 1 cent to $25.79.
Ally Financial slides
Ally Financial’s series 2 fixed-to-floating rate trust preferred securities (NYSE: ALLYPrA), with about 350,000 shares trading, were down 7 cents to $26.04.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index ended up 0.06% at the market close, adding to the 0.04% gain seen in early trading on Friday.
The iShares US Preferred Stock ETF was up 2 cents to close at $37.51.
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