Farmer Mac to tap $25-par market; Regions Financial preferreds up; SoCal Edison lower

By James McCandless

San Antonio, May 8 – The preferred space was volatile on Wednesday with top-volume movers yielding mixed results.

In primary activity, Federal Agricultural Mortgage Corp. said it plans to sell an offering of $25-par series D non-cumulative perpetual preferred stock.

BofA Merrill Lynch is the bookrunner.

Meanwhile, in the secondary market, Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds (NYSE: RFPrC) edged up 1 cent to close at $25.31 on volume of about 399,000 shares.

Elsewhere in finance, U.S. Bancorp’s 6.5% series F fixed-to-floating rate non-cumulative perpetual preferred stock was trending higher but closed flat.

The preferreds (NYSE: USBPrM) finished level at $26.80 with about 288,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also finished level.

The preferreds (NYSE: ALLYPrA) were level at $26.37 on volume of about 158,000 shares.

Elsewhere, in utilities, Southern California Edison, a subsidiary of Edison International, saw its 5.45% fixed-to-floating rate cumulative trust preference securities move lower.

The preferreds (NYSE: SCEPrK) declined by 4 cents to close at $23.38 with about 307,000 shares trading.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: ETPPrE) fell 2 cents to close at $24.74.

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