Enstar sells $1,000-par notes; U.S. Bancorp preferreds jump; Farmer Mac better

By James McCandless

San Antonio, Aug. 19 – The preferred market concluded the Wednesday session with top traders being pulled in different directions.

In the primary market, Enstar Finance LLC price a $350 million offering of $1,000-par 20-year fixed-rate reset junior subordinated notes with an initial coupon of 5¾%.

Leading the secondary, U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock jumped.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock rose while its 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferreds declined.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock also lost ground.

Rural lender Federal Agricultural Mortgage Corp.’s new 5.25% series F non-cumulative perpetual preferred stock spent the day improving.

Meanwhile, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock ended the afternoon with a gain.

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