New Residential prices; Orchid Island on tap; Wells Fargo active, unchanged

By James McCandless

San Antonio, Feb. 11 – The preferred space saw more positive movement Tuesday as new issuance saw much of the focus.

Coming to market, New Residential Investment Corp. priced a $350 million offering of $25-par series C fixed-to-floating rate cumulative redeemable preferred stock with an initial dividend of 6.375% at par.

Also, Orchid Island Capital, Inc. announced plans to price an offering of $25-par series A cumulative redeemable preferred stock at par.

At the top of secondary trading, financial company Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was active but unchanged.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock improved.

Meanwhile, real estate name Brookfield Property Partners LP’s new $250 million 5.75% series 3 class A cumulative redeemable perpetual preferred units ended above par.

REIT AGNC Investment Corp.’s recent 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock followed the positive trend.

Elsewhere, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock tracked higher.

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