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Morning Commentary: Bank of America preferreds on tap; MetLife higher; Wells Fargo flat
By James McCandless
San Antonio, Jan. 21 – The preferred market started a shortened week largely positive with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.05% as top traders diverged.
In the primary space, Bank of America Corp. plans to price an offering of $1,000-par series MM fixed-to-floating rate non-cumulative preferred stock.
BofA Securities, Inc. is the bookrunner.
The dividend is fixed for five years, then converts to a floating rate of Libor plus a spread.
The preferreds are redeemable after five years at par. Prior to that, the preferreds are redeemable within 90 days after a capital treatment event.
At the top of Tuesday morning’s secondary activity, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was moving higher.
The preferreds (NYSE: METPrF) were up 9 cents to $25.45 on volume of about 265,000 shares.
Sector peer AXIS Capital Holdings Ltd.’s 5.5% series E non-cumulative preferred shares were declining as the session started.
The preferreds (NYSE: AXSPrE) were losing 14 cents to $25.96 with about 45,000 shares trading.
Meanwhile, in the finance space, Wells Fargo & Co.’s new 4.75% series Z non-cumulative perpetual class A preferred stock was active but unchanged so far.
The preferreds trading under the temporary symbol “WFCZL,” were holding level at $25.04 on volume of about 200,000 shares.
JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were under pressure.
The preferreds (NYSE: JPMPrC) were dropping 4 cents to $28.29 with about 46,000 shares trading.
Elsewhere, in utilities, Southern Co.’s 5.25% series 2016A junior subordinated notes due 2076 were losing ground.
The notes (NYSE: SOJB) were shedding 9 cents to $26.44 on volume of about 49,000 notes.
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