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Morning Commentary: Argo Group preference shares below par; National General higher
By James McCandless
San Antonio, July 8 – The preferred market started the middle of the week somewhat positive with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.04%.
Leading the secondary’s early trading, Argo Group International Holdings, Ltd.’s new $150 million 7% series A resettable fixed-rate preference shares began their first day under par.
The preferreds, trading under the temporary symbol “ARGHF,” were seen at $24.72 on volume of about 737,000 shares.
Elsewhere in the insurance space, National General Holdings Corp.’s 7.5% series C non-cumulative preferreds were seeing a spike as the day kicked off.
The preferreds (Nasdaq: NGHCN) were jumping up $1.59 to $25.55 with about 181,000 shares trading.
Late Tuesday, news broke that Allstate would buy the company for $4 billion in cash with the expectation that the deal will close in early 2021.
Telecom services giant AT&T Inc.’s 4.75% series C perpetual preferred stock was also moving along the positive trend.
The preferreds (NYSE: TPrC) were improving by 8 cents to $24.41 on volume of about 45,000 shares.
Meanwhile, real estate investment trust Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock was rising.
The preferreds (NYSE: NLYPrF) were picking up 3 cents to $21.07 with about 29,000 shares trading.
Sector peer New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock was making gains.
The preferreds (NYSE: NRZPrB) were adding 32 cents to $19.47 on volume of about 25,000 shares.
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