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Ellington sells preferreds; Bank of America better; Energy Transfer lifted
By James McCandless
San Antonio, Oct. 16 – The preferred market saw mostly positive movement during Wednesday’s session.
In primary activity, Investcorp Credit Management BDC, Inc. priced an additional $15 million of its 6.125% notes due July 1, 2023.
Ellington Financial Inc. priced a $100 million offering of $25-par series A fixed-to-floating rate cumulative redeemable preferred stock with an initial dividend of 6.75%.
At the top of trading again, Bank of America Corp.’s 5% series LL non-cumulative preferred stock closed better. The preferreds were up 7 cents to close at $25.75 on volume of about 617,000 shares.
Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also seen climbing. The preferreds gained 11 cents to close at $26.32 with about 544,000 shares trading.
Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were active but unmoved.
Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units followed the day’s trend.
Insurance provider Allstate Corp.’s 5.2% series H fixed-rate non-cumulative perpetual preferred stock jumped up.
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