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Morning Commentary: Fidus, New York Mortgage prep offerings; Capital One, AGNC active
By James McCandless
San Antonio, Oct. 10 – The preferred market saw a positive start on Thursday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.11%.
The primary space saw Fidus Investment Corp. announce plans to price an offering of $25-par notes due 2024.
Keefe, Bruyette & Woods Inc. is the bookrunner.
New York Mortgage Trust, Inc. plans to price an offering of $25-par series E fixed-to-floating rate cumulative redeemable preferred stock
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and UBS Securities LLC are the joint bookrunners.
The preferreds are redeemable on or after Jan. 15, 2025 at par. Prior to that, the preferreds are redeemable within 120 days after a change of control at par.
In secondary trading, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was gaining ground.
The preferreds (NYSE: COFPrI) were up 2 cents to $25.00 on volume of about 123,000 shares.
Elsewhere in the banking and finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was under water.
The preferreds (NYSE: BACPrN) were losing 4 cents to $25.66 with about 31,000 shares trading.
Meanwhile, real estate investment trust AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds were declining.
The preferreds (Nasdaq: AGNCO) were off 4 cents to $25.21 on volume of about 33,000 shares.
Sector peer Urstadt Biddle Properties, Inc.’s 5.875% series K cumulative redeemable preferred stock opened with a positive push.
The preferreds (NYSE: UBPPrK) were adding 3 cents to $25.45 with about 21,000 shares trading.
In utilities, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 were following the morning’s trend.
The notes (NYSE: SOJA) were improving by 3 cents to $26.00 on volume of about 27,000 notes.
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