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.

The 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.

Seaspan Corp.’s new $150 million of 8% series I fixed-to-floating rate cumulative redeemable perpetual preferred shares improved again.

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.

Meanwhile, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock declined.

The preferreds (NYSE: BACPrK) were down 15 cents to close at $25.27 on volume of about 453,000 shares.

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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