Argo Group taps $25-par market; Wells Fargo declines; MetLife preferreds negative

By James McCandless

San Antonio, July 7 – As the preferred market activity came to a close on Tuesday, most of the day’s most active traders ended in worse positions.

The primary market saw Argo Group International Holdings, Ltd. price a $150 million offering of $25-par series A resettable fixed-rate preference shares with a dividend of 7%.

In secondary trading, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock finished down 15 cents to close at $23.56 on volume of about 259,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock dropped 11 cents to close at $27.46 with about 242,000 shares trading.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred shares improved by 5 cents to close at $24.33 on volume of about 216,000 shares.

Insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferreds slipped 2 cents to close at $24.90 with about 258,000 shares trading.

Meanwhile, telecom services provider AT&T Inc.’s 4.75% series C perpetual preferred stock moved higher.

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