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.

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.

In the secondary, JPMorgan Chase & Co.’s recent issue of 5.75% $25-par series DD non-cumulative preferred stock fell.

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 Corp.’s 5.875% series HH non-cumulative preferred stock also edged lower. The preferreds (NYSE: BACPrK) were down 1 cent to $25.49 with about 773,000 shares trading.

Meanwhile, Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares (NYSE: BCSPrD) were down 19 cents to close at $25.84 on volume of about 383,000 shares.

In the broader market, the Wells Fargo Hybrid & Preferred Securities Financial index was down 0.51% at market close.

The iShares US Preferred Stock ETF was down 13 cents to $36.68.

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