Morning Commentary: Bank of America’s new preferred stock gains; Barclays declines

By James McCandless

San Antonio, July 20 – Bank of America Corp.’s new $854 million 5.875% series HH non-cumulative preferred stock improved, leading early trading.

The deal, which priced late on Tuesday, was upsized from $250 million and came at the low end of yield talk of 5.875% to 6%.

The preferreds, trading under the temporary symbol “BKAML,” were up 2 cents to $25.12 with about 224,000 shares trading.

Meanwhile, Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares were seen edging lower in early trading.

The preferreds (NYSE: BCSPrD) were down 1 cent to $26.35 on volume of about 137,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.19% in early trading, adding to the 0.18% gain at market close on Thursday.

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