Vornado sells $25-pars; Bank of America preferreds rise; Brighthouse better

By James McCandless

San Antonio, Nov. 19 – Heading into the second half of the week the preferred market made a positive push on Thursday.

In the primary pipeline, Vornado Realty Trust priced a $300 million offering of $25-par series N cumulative redeemable preferred shares with a dividend of 5.25% at par.

Leading the secondary space, Bank of America Corp.’s 4.375% series NN non-cumulative preferreds were up 15 cents to close at $25.96 on volume of about 690,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds moved up 5 cents to close at $25.07 with about 177,000 shares trading.

Sector peer Morgan Stanley’s 4.875% series L non-cumulative preferred shares dropped 28 cents to close at $27.01 on volume of about 170,000 shares. Insurance provider Brighthouse Financial, Inc.’s recent 5.375% series C non-cumulative preferred stock closed in a better position.

Meanwhlie, REIT Public Storage’s 3.9% series O cumulative preferred shares gained some ground as the afternoon ended.

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