Morning Commentary: AGNC preferreds improve; Bank of America weakens; PennantPark gains

By James McCandless

San Antonio, Sept. 30 – The preferred market opened a new week with a negative tone as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.10%, though some top traders strengthened.

At the top of activity, real estate investment trust AGNC Investment Corp.’s new 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock was improving.

The preferreds, trading under the temporary symbol “AGNIP,” were up 6 cents to $24.97 on volume of about 142,000 shares.

Sector peer American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferred stock was also seen gaining as the session started.

The preferreds (Nasdaq: AFINP) were adding 2 cents to $25.62 with about 62,000 shares trading.

Meanwhile, in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was losing ground.

The preferreds (NYSE: BACPrN) were declining by 7 cents to $25.57 on volume of about 79,000 shares.

Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were also trailing on Monday morning.

The preferreds (NYSE: COFPrI) were losing 4 cents to $24.92 with about 65,000 shares trading.

Middle-market investor PennantPark Investment Corp.’s recent 5.5% five-year notes were trending upward.

The notes (Nasdaq: PNNTG) were up 2 cents to $24.87 on volume of about 43,000 notes.

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