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Univest sells $1,000-par preferreds; Wells Fargo diverges; AT&T rises
By James McCandless
San Antonio, July 29 – Reaching into the second half of the week, the Wednesday preferred session continued to show positivity.
In primary activity, Univest Financial Corp. priced a $100 million offering of $1,000-par fixed-to-floating rate subordinated notes due Aug. 15, 2030 with an initial coupon of 5%.
At the top of the secondary, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock rose while its 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferreds weakened.
Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock saw better levels.
Sector peer U.S. Bancorp’s 6.5% series F fixed-to-floating rate non-cumulative perpetual preferred stock moved along the prevailing trend.
Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock rose by the afternoon’s end.
Meanwhile, insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was positive for much of the day.
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