Morning Commentary: Bank of America preferreds weaken; Brookfield Property higher

By James McCandless

San Antonio, Aug. 30 – The preferred market lacked direction early Friday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.01%.

Leading the session early, Bank of America Corp.’s 6% series GG and 5.875% series HH non-cumulative preferred stock headed lower.

The series GG preferreds (NYSE: BACPrB) were down 4 cents to $26.89 on volume of about 70,000 shares.

The series HH preferreds (NYSE: BACPrK) were off 3 cents to $27.32 on volume of about 62,000 shares.

Elsewhere in finance, JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferreds were also declining.

The preferreds (NYSE: JPMPrG) edged down 1 cent to $25.90 with about 54,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were trending upward.

The preferreds (NYSE: ALLYPrA) picked up 6 cents to $26.24 on volume of about 46,000 shares.

Meanwhile, developer Brookfield Property Partners LP’s 6.375% series 2 cumulative redeemable perpetual preferred units were on the rise.

The preferreds (Nasdaq: BPYPO) were rising 6 cents to $25.57 with about 52,000 shares trading.

Real estate investment trust New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds were improving early.

The preferreds (NYSE: NRZPrB) were up by 3 cents to $25.06 on volume of about 47,000 shares.

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