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Morning Commentary: Capital One preferreds on tap; Wells Fargo active; MetLife gains
By James McCandless
San Antonio, Jan. 28 – The preferred market opened with an upward trend as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.08%.
The primary market saw more activity as Capital One Financial Corp. announces that it plans to price an offering of $25-par series J fixed-rate non-cumulative perpetual preferred stock.
BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets Corp., UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The preferreds are redeemable on or after June 1, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event at par.
Meanwhile, its established 5% series I and 6% series B fixed-rate non-cumulative perpetual preferred shares were both falling early.
The series I preferreds (NYSE: COFPrI) were down 13 cents to $25.34 on volume of about 176,000 shares.
The series B preferreds (NYSE: COFPrP) were declining by 17 cents to $25.37 on volume of about 93,000 shares.
Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was active but unchanged so far.
The preferreds (NYSE: WFCPrZ) were level at $25.21 with about 721,000 shares trading.
Meanwhile, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock followed the morning trend.
The preferreds (NYSE: METPrF) were adding 9 cents to $25.47 on volume of about 130,000 shares.
Real estate investment trust Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferreds were improving.
The preferreds (NYSE: MNRPrC) were gaining 7 cents to $25.08 with about 126,000 shares trading.
Sector peer American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferred stock was also tracking higher.
The preferreds (Nasdaq: AFINP) were rising 12 cents to $25.35 on volume of about 73,000 shares.
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