Wells Fargo taps $25-par market; Ally Financial pushed higher; MetLife preferreds decline

By James McCandless

San Antonio, Jan. 15 – Wednesday’s preferred stock session saw a broad reversal of the previous day’s positivity.

The primary market saw Wells Fargo & Co. price a $1.75 billion offering of $25-par series Z non-cumulative perpetual class A preferred stock with a dividend of 4.75%.

In the top spot in the secondary, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were pushed higher.

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

Insurance provider MetLife, Inc.’s recent 4.75% series F non-cumulative preferreds saw weakness by the close.

Telecom giant AT&T Inc.’s 5% series A perpetual preferred stock dived to lower levels.

REIT American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferred stock slipped.

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