Bank of America’s preferreds mixed; MetLife rises; Energy Transfer Partners unchanged

By James McCandless

San Antonio, July 20 – The preferred market closed the week with robust volume as newer issues contributed the lion’s share of trading activity.

Bank of America Corp.’s 6% series GG non-cumulative preferred stock was ascendant at the end of the week, dominating volume.

Bank of America’s series GG non-cumulative preferreds (NYSE: BACPrB) were up 28 cents to close at $26.31 on volume of 7.89 million shares.

The company’s new $854 million of series HH non-cumulative perpetual preferred stock declined.

The preferreds, trading under the temporary symbol “BKAML,” were down 3 cents to close at $25.07 with about 1,834,000 shares trading.

Meanwhile, MetLife, Inc.’s 5.625% series E non-cumulative preferred shares gained.

The preferreds (NYSE: METPrE) were up 5 cents to close at $25.52 with about 4,219,000 shares exchanged.

Energy Transfer Partners, LP’s new $400 million 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were level.

The preferreds, trading under the temporary ticker “ETPZF,” were unchanged at $25.00 with about 1,852,000 shares in volume.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.59% at the market close, expanding from the 0.19% increase seen earlier in the session on Friday.

The iShares US Preferred Stock ETF was up 10 cents to $37.74.

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