OFS Credit sells preferreds; Invesco starts at-the-market offering; Brighthouse tops par

By James McCandless

San Antonio, March 19 – As the preferred primary market continued to chug along, volume leaders were mixed in the backdrop of an overall market decline.

OFS Credit Co., Inc. priced $20 million of $25-par series A term preferred stock due 2024 at par with a dividend of 6.875%.

Meanwhile, Invesco Mortgage Capital Inc. entered into an agreement to sell up to $175 million total of three series of preferreds.

Leading trading volume, Brighthouse Financial, Inc.’s new $425 million 6.6% series A non-cumulative preferred stock closed above par.

The preferreds, trading under the temporary symbol “BHFLL,” were seen closing at $25.06 on volume of about 1.8 million shares.

Elsewhere in insurance, American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferreds declined.

The preferreds (NYSE: AIGPrA) lost 6 cents to close at $25.19 with about 291,000 shares trading.

In finance, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferred stock was also negative.

The series EE preferreds (NYSE: JPMPrC) were down 21 cents to close at $26.39 on volume of about 456,000 shares.

The series DD preferreds (NYSE: JPMPrD) were down 12 cents to close at $25.80 on volume of about 240,000 shares.

By the close, the Wells Fargo Hybrid & Preferred Securities Financial index was down 0.40%.

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