AT&T improves; Dynex Capital preferreds below par; Capital One gains

By James McCandless

San Antonio, Feb. 14 – The end of the week in the preferred market saw top traders trending higher by the close.

Leading in the secondary, telecom name AT&T, Inc.’s new 4.75% series C perpetual preferred stock improved at the end of the day.

Meanwhile, REIT Dynex Capital, Inc.’s new $100 million 6.9% series C fixed-to-floating rate cumulative redeemable preferred stock closed below par.

Sector peer AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds inched higher.

Elsewhere, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock followed the market upward.

Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock also saw a small gain.

AT&T adds

Leading trading in the secondary market, telecom name AT&T’s new 4.75% series C perpetual preferred stock improved at the end of the day.

The preferreds, trading under the temporary symbol “ATTXL,” were up 2 cents to close at $25.20 on volume of about 6 million shares.

On Thursday, their first trading day, the preferreds ended under par.

Dynex below par

Meanwhile, real estate investment trust Dynex Capital’s new $100 million 6.9% series C fixed-to-floating rate cumulative redeemable preferred stock closed below par on its first day.

The preferreds, trading under the temporary symbol “DXPBN,” ended at $24.97 with about 1.1 million shares trading.

The deal priced on Thursday.

Sector peer AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds inched higher.

The preferreds (Nasdaq: AGNCP) garnered 1 cent to close at $24.90 on volume of about 682,000 shares.

On Thursday, the preferreds were active but unchanged.

Capital One rises

Elsewhere, in the finance space, Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock followed the market upward.

The preferreds (NYSE: COFPrJ) picked up 2 cents to close at $24.98 with about 638,000 shares trading.

On Thursday, the preferreds tacked on 1 cent.

Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock also saw a small gain.

The preferreds (NYSE: WFCPrZ) rose 1 cent to close at $25.48 on volume of about 383,000 shares trading.

On Thursday, the preferreds held level.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week up by 0.16%, improving on a 0.04% rise from early Friday trading.

The iShares US Preferred Stock ETF was up 6 cents to $38.26.

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