Goldman Sachs prices tighter than talk; Armour REIT sells preferreds; Wells Fargo, MetLife up

By Cristal Cody

Tupelo, Miss., Jan. 23 – Goldman Sachs Group Inc. priced $350 million of registered perpetual preferred stock with a 4.4% dividend on Thursday, more than 20 basis points tighter than guidance.

Demand was strong with a final order book of $2.25 billion.

Also on Thursday, Armour Residential REIT, Inc. sold $75 million of perpetual cumulative redeemable preferred stock.

In secondary trading, Wells Fargo & Co.’s new 4.75% series Z non-cumulative perpetual class A preferred stock (Baa2/BBB-/BBB-) gained 8 cents, or 0.32%, on the day.

Wells Fargo’s preferreds, traded under the temporary symbol “WFCZL,” were quoted ending the session at $25.23 on volume of about 3.6 million shares.

Wells Fargo sold $1.75 billion of the $25-par preferreds on Jan. 15.

In other new issue trading, MetLife Inc.’s 4.75% series F preferreds (Baa2/BBB/BBB) edged up 5 cents, or 0.2%, to $25.61 on volume of about 1.3 billion shares on Thursday.

MetLife sold $1 billion of the $25-par perpetual preferreds (NYSE: METPrF) at par on Jan. 7.

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