AT&T improves; Dynex Capital preferreds below par; Capital One gains

By James McCandless

San Antonio, Feb. 14 – The end of the week in the preferred market saw top traders trending higher by the close.

Leading in the secondary, telecom name AT&T, Inc.’s new 4.75% series C perpetual preferred stock improved at the end of the day.

The preferreds, trading under the temporary symbol “ATTXL,” were up 2 cents to close at $25.20 on volume of about 6 million shares.

Meanwhile, REIT Dynex Capital, Inc.’s new $100 million 6.9% series C fixed-to-floating rate cumulative redeemable preferred stock closed below par.

The preferreds, trading under the temporary symbol “DXPBN,” ended at $24.97 with about 1.1 million shares trading.

Sector peer AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds inched higher.

Elsewhere, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock followed the market upward.

Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock also saw a small gain.

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