Intact Financial on tap; AGNC preferreds gain; Oxford Lane ends under par

By James McCandless

San Antonio, Feb. 6 – Thursday trading in the preferred market varied, with top traders shifting in different directions.

In the primary space, Intact Financial Corp. plans to price an offering of $125 million $25-par series 9 non-cumulative class A preferred shares with a dividend of 5.4%.

Ending as the volume leader in secondary trading, REIT AGNC Investment Corp.’s new 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock gained.

Meanwhile, closed-end fund Oxford Lane Capital Corp.’s new $87.5 million 6.25% series 2027 term preferred stock ended under par on its first day. The preferreds, trading under the temporary symbol “OXCPP,” closed at $24.77 with about 1.1 million shares trading.

In the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were lifted.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock also trended higher.

Elsewhere, shipping company GasLog Partners LP’s 8.5% series C and 8.625% series A fixed-to-floating rate cumulative redeemable perpetual preference units cratered.

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