Monroe Capital prices more $25-par preferreds; Brighthouse, AIG improve; JPMorgan mixed

By James McCandless

San Antonio, March 20 – The preferred market saw a mixed day on Wednesday as top-trading issues rose and the primary space bubbled.

Monroe Capital Corp. priced another $40 million of its $25-par 5.75% notes due Oct. 31, 2023.

In the secondary, Brighthouse Financial, Inc.’s new 6.6% series A non-cumulative preferred stock closed better.

Sector peer American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferreds saw a slight gain.

Real estate investment trust AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds were also positive.

In the finance space, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferred stock ended mixed.

Goldman Sachs Group, Inc.’s 6.375% series K fixed-to-floating rate perpetual non-cumulative preferreds rose.

Monroe prices

Monroe said it priced another $40 million of its $25-par 5.75% notes due Oct. 31, 2023.

Ladenburg Thalmann & Co. Inc. is the bookrunner.

The company originally issued $69 million of the notes on Sept. 6, 2018.

The existing notes (Nasdaq: MRCCL) were down 8 cents to close at $24.77 on Friday with about 5,000 notes trading.

The notes are redeemable on or after Oct. 31, 2020 at par.

Brighthouse higher

Meanwhile, leading trading volume, Brighthouse’s new 6.6% series A non-cumulative preferred stock closed Wednesday better.

The preferreds, trading under the temporary symbol “BHFLL,” picked up 11 cents to close at $25.17 on volume of about 1.1 million shares.

On its first trading day on Tuesday, the preferreds closed at $25.06.

Elsewhere in the insurance space, AIG’s 5.85% series A non-cumulative perpetual preferreds gained.

The preferreds (NYSE: AIGPrA) were up 3 cents to close at $25.22 with about 326,000 shares trading.

On Tuesday, the preferreds lost 6 cents.

AGNC up

Real estate investment trust AGNC’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds were also positive.

The preferreds (Nasdaq: AGNCN) gained 10 cents to close at $26.08 on volume of about 296,000 shares.

JPMorgan mixed

Elsewhere, in finance, JPMorgan’s 6% series EE and 5.75% series DD non-cumulative preferred stock closed the session mixed.

The series EE preferreds (NYSE: JPMPrC) added 8 cents to close at $26.47 with about 293,000 shares trading.

On Tuesday, the preferreds dropped 21 cents.

The series DD preferreds (NYSE: JPMPrD) shaved off 5 cents to close at $25.75 with about 249,000 shares trading.

On Tuesday, the preferreds fell 12 cents.

Sector peer Goldman Sachs’6.375% series K fixed-to-floating rate perpetual non-cumulative preferreds rose.

The preferreds (NYSE: GSPrK) added 6 cents to close at $27.76 on volume of about 241,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% at the close, softening from a 0.17% drop in early Wednesday trading.

The iShares US Preferred Stock ETF was off 3 cents to $36.42.

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