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Morning Commentary: MFA on tap; Wells Fargo preferreds decline; AT&T under water
By James McCandless
San Antonio, Feb. 25 – The preferred market saw a modest early recovery from Monday’s drop as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.22%.
In the primary market, MFA Financial, Inc. plans to price an offering of $25-par series C fixed-to-floating rate cumulative redeemable preferred stock
Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC and Keefe, Bruyette & Woods, Inc. are the joint bookrunners.
The dividend is fixed until March 31, 2025, then converts to a floating rate of the Libor plus a spread.
Kicking off secondary trading, Wells Fargo & Co.’s 4.75% series Z and 5.5% series X non-cumulative perpetual class A preferred stock were both slightly lower.
The series Z preferreds (NYSE: WFCPrZ) were down 2 cents to $25.35 on volume of about 696,000 shares.
The series X preferreds (NYSE: WFCPrX) were off 1 cent to $26.10 on volume of about 116,000 shares.
Elsewhere in the finance space, Morgan Stanley’s 4.875% series L non-cumulative preferred stock was improving as the morning started.
The preferreds (NYSE: MSPrL) were adding 11 cents to $25.76 with about 99,000 shares trading.
Telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock began the session under pressure.
The preferreds (NYSE: TPrC) were shaving off 2 cents to $24.98 on volume of about 219,000 shares.
Meanwhile, real estate investment trust Armour Residential REIT, Inc.’s 7% series C cumulative redeemable preferreds saw a drop.
The preferreds (NYSE: ARRPrC) were dipping 6 cents to $25.06 with about 79,000 shares trading.
Sector peer AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was rising.
The preferreds (Nasdaq: AGNCP) were gaining 4 cents to $24.82 on volume of about 72,000 shares.
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