General Finance prices; U.S. Bancorp preferreds below par; AT&T declines

By James McCandless

San Antonio, Oct. 21 – In the middle of the week, the preferred market saw blanket negativity through Wednesday’s activity.

In primary activity, General Finance Corp. priced a $40 million offering of $25-par senior notes due Oct. 31, 2025 with a coupon of 7.875% at par.

At the top of the day’s secondary volume, U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferred stock ended below par.

Also in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock followed the trend.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds fell.

Meanwhile, telecom services giant AT&T, Inc.’s 4.75% series C perpetual preferred stock declined by the end of the afternoon.

Retirement name Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were under water.

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