AT&T notes crater as company offers new notes; KeyCorp improves; Bank of America rises

By James McCandless

San Antonio, July 25 – The preferred market saw an upward trend Wednesday as newer issues continued to hold the attention of traders.

AT&T Inc.’s 5.35% global notes due 2066 plummeted as the company brought an offering of fixed-rate notes due 2067.

KeyCorp’s new $425 million of 5.65% series F fixed-rate perpetual non-cumulative preferred stock continued to steadily rise towards par.

Bank of America Corp.’s new series HH non-cumulative perpetual preferred stock gained further.

AT&T loses

AT&T’s 5.35% global notes due 2066 lost almost 3% of their value in Wednesday trading after the company announced that it would be offering dollar-denominated fixed-rate global notes due 2067.

The $25 notes (NYSE: TBB) were down 72 cents to close at $24.29 on volume of about 1.6 million.

KeyCorp up

KeyCorp’s new $425 million of 5.65% series F fixed-rate perpetual non-cumulative preferred stock traded up again, continuing to creep back towards par.

The deal was priced on Monday.

The preferreds, trading under the temporary symbol “KYYCP,” were up 2 cents to close at $24.85 with about 1.5 million shares trading.

On Tuesday, the preferreds were spotted settling at $24.83.

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