U.S. Bancorp taps $25-par market; Sachem on tap; UMH preferreds better

By James McCandless

San Antonio, Oct. 20 – The preferred space ended the Tuesday session on mixed ground as volume leaders trended higher.

In primary movements, U.S. Bancorp priced a $500 million offering of $25-par series L non-cumulative perpetual preferred stock with a dividend of 3.75% at par.

Also, Sachem Capital Corp. plans to price an offering of $25-par notes due Sept. 30, 2025 with a coupon of 7.75%.

Leading secondary market activity, REIT UMH Properties, Inc.’s 6.375% series D cumulative redeemable preferred stock ended better.

Sector peer New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock was lifted.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds lost ground.

Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock improved.

Also, AT&T, Inc.’s 4.75% series C perpetual preferred stock capped the afternoon on the positive side.

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