First Western taps market; SoCal Edison lifted; Bank of America preferreds better

By James McCandless

San Antonio, Nov. 25 – On the last day of trading before the Thanksgiving holiday, the preferred market was mixed Wednesday.

In the primary pipeline, First Western Financial, Inc. priced a $10 million offering of fixed-to-floating rate subordinated notes due Dec. 1, 2030 at par with an initial coupon of 4.25%.

Leading the day’s activity in the secondary, utilities name Southern California Edison’s 5% cumulative trust preferreds tacked on 6 cents.

Elsewhere, in the finance space, Bank of America Corp.’s 4.375% series NN non-cumulative preferreds improved by 4 cents to close at $26.07 with about 435,000 shares trading.

Sector peer Oaktree Capital Group, LLC’s 6.55% series B non-cumulative preferred units were docked 1 cent to close at $27.61 on volume of about 424,000 shares.

U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferreds gained 10 cents to close at $24.80 with about 264,000 shares trading.

Meanwhile, insurance provider Brighthouse Financial, Inc.’s 5.375% series C non-cumulative perpetual preferreds shifted up 14 cents to close at $25.75 on volume of about 335,000 shares.

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