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Chimera’s new preferreds climb; Seaspan continues rise; Bank of America declines
By James McCandless
San Antonio, Sept. 18 – Trading in the preferred market saw more focus on newer issues.
Chimera Investment Corp.’s new $250 million of 7.75% series C fixed-to-floating rate cumulative redeemable preferred stock rose.
Seaspan Corp.’s new $150 million of 8% series I fixed-to-floating rate cumulative redeemable perpetual preferred shares improved again.
Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock declined.
Chimera rises
Chimera’s new $250 million of 7.75% series C fixed-to-floating rate cumulative redeemable preferred stock, which trades under the temporary symbol “CIMPP,” was up 10 cents to close at $24.91 on volume of about 1.2 million shares.
On Monday, the preferreds lost 4 cents.
The deal priced on Sept. 13.
Seaspan gains
Seaspan’s new $150 million of series I fixed-to-floating rate cumulative redeemable perpetual preferreds continued to climb in Tuesday trading.
The preferreds, trading under the temporary symbol “SSWPP,” were up 5 cents to $24.93 with about 641,000 shares trading.
On Monday, the preferreds rose 5 cents.
The deal priced on Sept. 12.
Bank of America off
Bank of America’s 5.875% series HH non-cumulative preferred stock declined.
On Tuesday, the company declared dividends for several series of preferred stock, including the series HH preferreds.
The preferreds (NYSE: BACPrK) were down 15 cents to close at $25.27 on volume of about 453,000 shares.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.01% at market close after declining 0.01% in early trading on Tuesday.
The iShares US Preferred Stock ETF was down 4 cents to $37.21.
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