American Financial, MetLife tap market; Wells Fargo leads dive; AT&T preferreds lose

By James McCandless

San Antonio, Sept. 8 – At the beginning of a week shortened by the Labor Day holiday, the preferred market was getting dragged down, emulating the common market.

In primary activity, American Financial Group, Inc. sold a $200 million offering of $25-par subordinated debentures due Sept. 15, 2060 with a coupon of 4.5%.

Also, MetLife, Inc. priced a $1 billion offering of $1,000-par series G fixed-rate reset non-cumulative preferred stock with a dividend of 3.85% at par.

At the top of the secondary, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock led with a dive.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock followed the trend.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock lost ground at the end of the day.

Closed-end fund Gladstone Capital Corp.’s 6.125% notes due 2023 weakened as the afternoon came to the close.

Meanwhile, retirement name Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares fell.

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