Capital One prices, leads secondary; Independent Bank sells $1,000-pars; DCP Midstream drops

By James McCandless

San Antonio, Sept. 10 – The preferred market skewed toward positivity entering the second half of the week.

Coming down the primary pipeline, Capital One Financial Corp. priced a $125 million offering of $25-par series K fixed-rate non-cumulative perpetual preferred stock with a dividend of 4.625%.

Also, Independent Bank Group, Inc. sold a $130 million offering of $1,000-par 10-year fixed-to-floating rate subordinated notes with an initial coupon of 4% at par.

First Republic Bank priced a $500 million offering of $25-par series K non-cumulative perpetual preferred stock with a dividend of 4.125% on Wednesday.

Meanwhile, Capital One’s established 5% series I and 4.8% series J fixed-rate non-cumulative perpetual preferred stocks both received boosts.

Also in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds rose.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferred stock was under pressure.

In oil and gas, DCP Midstream, LP’s 7.875% series B fixed-to-floating rate cumulative redeemable perpetual preferred units dropped.

Elsewhere, rural lender Federal Agricultural Mortgage Corp.’s 5.25% series F non-cumulative preferred stock moved to better levels.

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