Morning Commentary: Energy Transfer preferreds rise; Bank of America’s new issue gains

By James McCandless

San Antonio, July 19 – Energy Transfer Partners, LP’s new 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units continued to trade up, reaching closer to par.

The deal was priced on Monday.

The preferreds, trading under the temporary ticker “ETPZF,” were up 9 cents to $24.99 with about 414,000 shares trading.

Elsewhere, in the secondary market, the company’s existing 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units rose after a precipitous decline over the past week.

The series C preferreds (NYSE: ETPPrC) were up 11 cents to $25.01 on volume of about 392,000 shares.

Bank of America Corp.’s new upsized $854 million 5.875% series HH non-cumulative preferred stock rose in early trading.

The preferreds, trading under the temporary symbol “BKAML,” were up 2 cents at $25.14 with about 399,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.06% in early trading, improving after a 0.08% decline at market close on Wednesday.

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