Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers B > Headlines for Bank of America Corp. > News item |
HSBC preferreds decline as redemption date nears; Bank of America improves with market
By James McCandless
San Antonio, May 24 – Traders reported a muted day in preferred trading in anticipation of the long holiday weekend.
HSBC Holdings plc’s preference shares declined as the redemption date for its 8% and 8.125% securities inches closer.
The company announced recently that both issues would be redeemed on June 4.
The 8.125% shares (NYSE: HSEA) lost 24 cents to close at $25.00.
The 8% shares (NYSE: HSEB) declined 4 cents to close at $25.36.
Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock continued its run among the most-active preferred issues this week.
Bank of America’s $1.2 billion issue of 6% series GG preferreds (NYSE: BACPrB) continued to take a leading position in preferred stock trading with about 913,000 shares trading.
The deal came to market a few weeks ago and has regularly been among the most active issues.
The preferreds were up 9 cents to close at $25.35.
Legacy Reserves LP’s series B fixed-to-floating rate cumulative redeemable perpetual preferred units dived again.
The 8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units have been in decline as traders expect the company to forego payment on its quarterly dividend.
The units (Nasdaq: LGCYO), which have a $25.00 liquidation preference, lost $1.34 to close at $8.86.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.