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Brunswick sells $25-par notes; JPMorgan, Bank of America weaken with broader market
By James McCandless
San Antonio, Oct. 1 – The preferred market saw another day of financial names taking the spotlight on a broad decline paired with moderate trading activity.
Brunswick Corp. sold $175 million of $25-par 30-year senior notes (Baa2/BBB-/BBB) at par to yield 6.5% on Monday.
In the secondary, JPMorgan Chase & Co.’s recent issue of 5.75% $25-par series DD non-cumulative preferred stock fell.
Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock also moved lower, while Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares were also seen declining.
Brunswick prices
Brunswick sold $175 million of $25-par 30-year senior notes (Baa2/BBB-/BBB) at par to yield 6.5% on Monday.
Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC were the bookrunners.
The deal includes an over-allotment option of up to $26.25 million.
JPMorgan declines
In the secondary market, JPMorgan’s recent $1,696,250,000 issue of 5.75% series DD non-cumulative preferred stock declined.
The preferreds (NYSE: JPMPrD) were down 15 cents to close at $25.16 on volume of about 972,000 shares.
On Friday, the preferreds rose 9 cents.
Bank of America off
Bank of America’s 5.875% series HH non-cumulative preferred stock was also spotted moving lower in secondary trading.
The preferreds (NYSE: BACPrK) were down 1 cent to $25.49 with about 773,000 shares trading.
Barclays lower
Barclays’ 8.125% series 5 non-cumulative callable dollar preference shares also saw losses on Monday.
The preferreds (NYSE: BCSPrD) were down 19 cents to close at $25.84 on volume of about 383,000 shares.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.51% at market close, upending a 0.08% gain in early trading on Monday.
The iShares US Preferred Stock ETF was down 13 cents to $36.68.
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