Ready Capital in pipeline; preferred stocks improve; Bank of America, Ready Capital up

By Cristal Cody

Tupelo, Miss., July 17 – Ready Capital Corp. marketed $25-par seven-year senior notes in the preferred market on Wednesday.

Sandler O’Neill + Partners, LP and B. Riley FBR, Inc. are the bookrunners.

Preferred stocks opened the day mostly better and ended stronger after heading out mixed in the previous session.

The Wells Fargo Hybrid and Preferred Securities index closed up 0.34% after improving 0.11% early in the session. The index was mostly unchanged on Tuesday.

The U.S. iShares Preferred Stock ETF finished up 13 cents, or 0.35%, to $37.15 after improving 6 cents over the morning. The ETF headed out on Tuesday about 1 cent off.

In trading over the day, Ready Capital’s existing 6.5% senior notes due April 30, 2021 (NYSE: RCP) rose 19 cents, or 0.74%, to close at $25.73. Trading volume averaged about 4,000 notes.

Elsewhere, bank and financial companies are in focus this week amid the release of second-quarter earnings reports.

Bank of America Corp.’s preferred stocks traded up 5 cents to 8 cents by the end of the session after the company reported earnings beat analysts’ forecasts.

Bank of America’s 5.875% series HH non-cumulative preferred shares (NYSE: BACPrK) rose 8 cents, or 0.3%, to $26.41 on about 69,000 shares traded.

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