W.R. Berkley taps $25-par market; Bank of America lower; Just Energy preferreds dip

By James McCandless

San Antonio, Sept. 16 – In the middle of the week, the preferred space saw another day of declines across several sectors.

The primary market saw W.R. Berkley Corp. sell a $250 million offering of $25-par 4.25% subordinated debentures due Sept. 30, 2060 at par.

Moving along the top of the secondary, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was pushed lower.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was similarly weakened.

Sector peer Capital One Financial Corp.’s new 4.625% series K fixed-rate non-cumulative perpetual preferred stock fell under pressure.

Utilities provider Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferreds dipped.

Meanwhile, insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferred stock followed the negative trend.

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