It hasn't been a great time for preferred securities. Yet Bank of America sees opportunity in some areas of the market. The ICE BofA Core Plus Fixed Rate Preferred Securities index, which has an effective yield of 6.71%, has seen a total return of -7% in the last six months. "Having said that, we think that certain names and pockets of the market may offer relative value," Youngworth said. Here are some of the $25 par fixed-rate preferreds Bank of America recommends, which have at least two years of call protection.

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Persons: Michael Youngworth, He's, Youngworth, — CNBC'S Michael Bloom Organizations: Bank of America, ICE, Securities, preferreds Bank of America