Dynex Capital prices; CloudCommerce on tap; AT&T preferreds under par

By James McCandless

San Antonio, Feb. 13 – The Thursday preferred session was a mixed bag, focusing on newer issuance.

In the afternoon, Dynex Capital, Inc. priced a $100 million offering of $25-par series C fixed-to-floating rate cumulative redeemable preferred stock at par with an initial dividend of 6.9%.

Also, CloudCommerce, Inc. announced plans to price an offering of up to $20 million series F preferred stock with a dividend of 10%.

Secondary trading saw telecom company AT&T, Inc.’s new $1.75 billion 4.75% series C perpetual preferred stock finish under par on its first day.

The preferreds, trading under the temporary symbol “ATTXL,” closed at $24.95 on volume of about 18.3 million shares.

The company’s 5% series A cumulative perpetual preferred stock also saw attention but went unchanged.

Meanwhile, REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock also experienced rigidity.

Sector peer New Residential Investment Corp.’s new 6.375% series C fixed-to-floating rate cumulative redeemable preferreds declined.

Elsewhere, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock inched higher.

Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock ended flat, erasing any gains made during the session.

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