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Morning Commentary: Ameris taps $1,000-par market; Wells Fargo trails; Farmer Mac down
By James McCandless
San Antonio, Sept. 23 – Entering the middle of the week, the preferred market was seeing losses with the Wells Fargo Hybrid & Preferred Securities Financial index starting down by 0.06%.
In primary rumblings, Ameris Bancorp plans to price an offering of $1,000-par fixed-to-floating rate subordinated notes due 2030.
Keefe, Bruyette & Woods, Inc. and Piper Sandler & Co. are the bookrunners.
The coupon is fixed for five years, then converts to a floating rate of the three-month SOFR plus a spread.
The notes are redeemable after five years at par. Prior to that, the notes are redeemable after a tax event, tier 2 capital event, or if the company is required to register as an investment company at par.
Moving along the top of the secondary, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was trailing.
The preferreds (NYSE: WFCPrZ) were down 4 cents to $24.86 on volume of about 56,000 shares.
Elsewhere in the finance space, Capital One Financial Corp.’s 4.625% series K fixed-rate non-cumulative perpetual preferreds were beginning on the positive side.
The preferreds (NYSE: COFPrK) were gaining 2 cents to $24.00 with about 38,000 shares trading.
Sector peer JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferred stock kicked off the morning declining.
The preferreds (NYSE: JPMPrG) were shedding 2 cents to $25.41 on volume of about 18,000 shares.
Rural lender Federal Agricultural Mortgage Corp.’s 5.25% series F non-cumulative preferred stock was following the negative trend.
The preferreds (NYSE: AGMPrF) were shifting down 8 cents to $25.90 with about 31,000 shares trading.
Meanwhile, real estate investment trust Two Harbors Investment Corp.’s 7.625% series B fixed-to-floating rate cumulative redeemable preferred stock was pushing upward.
The preferreds (NYSE: TWOPrB) were rising 21 cents to $21.16 on volume of about 22,000 shares.
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