Morning Commentary: AGNC tops par; Capital One rises; Southern Co. $25-par notes gain

By James McCandless

San Antonio, Feb. 5 – The preferred space started Wednesday’s session with more gains as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.09%.

Leading early secondary market activity, real estate investment trust AGNC Investment Corp.’s new $500 million 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was trading just above par on its first day.

The preferreds, trading under the temporary symbol “AINGZ,” were seen at $25.01 on volume of about 4.3 million shares.

Meanwhile, in the finance space, Capital One Financial Corp.’s new 4.8% series J fixed-rate non-cumulative perpetual preferred stock started the morning with a slight rise.

The preferreds (NYSE: COFPrJ) were up 1 cent to $24.86 with about 341,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were pushed downward.

The preferreds (NYSE: WFCPrZ) were off 1 cent to $25.21 on volume of about 254,000 shares.

Morgan Stanley’s 4.875% series L non-cumulative preferred stock was being lifted with the market.

The preferreds (NYSE: MSPrL) were improving by 6 cents to $25.70 with about 101,000 shares.

Elsewhere, utilities name Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 followed the positive trend.

The notes (NYSE: SOJA) were picking up 4 cents to $26.13 on volume of about 245,000 notes.

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