PennantPark sells $25-par notes; Capital One preferreds negative; Northern Trust weaker

By James McCandless

San Antonio, Sept. 24 – The preferred market gained in Tuesday morning trading but gave away much of the gains later in the session, as top traders varied.

PennantPark Investment Corp. priced a $75 million offering of $25-par five-year notes at par with a coupon of 5.5%.

In the secondary, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred shares were down 5 cents to close at $24.90 on volume of about 699,000 shares.

Elsewhere in finance, Bank of America Corp.’s 5% series LL non-cumulative preferred shares closed level at $25.19 with about 637,000 shares trading.

Sector peer Wells Fargo & Co.’s 5.625% series Y non-cumulative perpetual class A preferreds saw a small gain. The preferreds gained 7 cents to close at $26.92 on volume of about 328,000 shares.

Asset manager Northern Trust Corp.’s 5.85% series C non-cumulative perpetual preferred stock ended weaker.

Meanwhile, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds spent the session improving.

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