Brighthouse ends above par; Southern California Edison lower; Bank of America adds

By James McCandless

San Antonio, Nov. 11 – In the midweek session, the preferred market continued to see a prevailing positive trend.

At the top of the day’s secondary, insurance name Brighthouse Financial, Inc.’s new $500 million 5.375% series C non-cumulative preferred stock ended above par.

Elsewhere, utilities name Southern California Edison Co.’s 5% cumulative trust securities were in a lower position by the close.

In the finance space, Bank of America Corp.’s 4.375% series NN non-cumulative preferreds were seen adding to their position.

Meanwhile, Wells Fargo & Co.’s 6% series V non-cumulative perpetual class A preferred stock closed on the positive side.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock rose.

Brighthouse past par

At the top of the day’s secondary activity, insurance carrier Brighthouse’s new $500 million 5.375% series C non-cumulative preferred stock ended above par.

The preferreds, trading under the temporary symbol “BTHFL,” were seen closing at $25.22 on volume of about 1.3 million shares.

The deal priced on Tuesday.

SoCal Edison lower

Elsewhere, utilities name Southern California Edison, a subsidiary of Edison International, had its 5% cumulative trust securities finish in a lower position by the close.

The preferreds (NYSE: SCEPrL) dipped 1 cent to close at $22.99 with about 785,000 shares trading.

Bank of America adds

In the finance space, Bank of America’s 4.375% series NN non-cumulative preferreds were seen adding to their position.

The preferreds (NYSE: BACPrO) improved by 20 cents to close at $25.38 on volume of about 295,000 shares.

On Tuesday, the preferreds shaved off 5 cents.

Meanwhile, Wells Fargo’s 6% series V non-cumulative perpetual class A preferred stock closed on the positive side.

The preferreds (NYSE: WFCPrV) grabbed 1 cent to close at $25.36 with about 278,000 shares trading.

Sector peer Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was on the rise.

The preferreds (NYSE: COFPrJ) tacked on 2 cents to close at $25.01 on volume of about 275,000 shares trading.

On Tuesday, the preferreds drifted down 4 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day up by 0.15%.

The index ended Tuesday down by 0.09%, 0.87% better on Monday and was 0.45% lower on Friday.

The iShares US Preferred Stock ETF was up 10 cents to $37.28.

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