OFS Capital sells $25-par notes; Capital One preferreds higher; ANGC negative

By James McCandless

San Antonio, Oct. 9 – The preferred market saw an overall positive shift on Wednesday as top traders carried that trend.

The primary space saw OFS Capital Corp. sell a $50 million offering of $25-par seven-year notes at par with a coupon of 5.95%.

Leading the secondary, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock pushed higher.

Elsewhere in finance, Bank of America Corp.’s 5% series LL non-cumulative preferred stock spent the day rising.

Sector peer Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferred stock followed the trend.

Meanwhile, REIT AGNC Investment Corp.’s 7% series C fixed-to-floating rate cumulative redeemable preferreds ended on the negative side.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units also saw a modest loss.

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