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New Residential prices; Orchid Island on tap; Wells Fargo active, unchanged
By James McCandless
San Antonio, Feb. 11 – The preferred space saw more positive movement Tuesday as new issuance saw much of the focus.
Coming to market, New Residential Investment Corp. priced a $350 million offering of $25-par series C fixed-to-floating rate cumulative redeemable preferred stock with an initial dividend of 6.375% at par.
Also, Orchid Island Capital, Inc. announced plans to price an offering of $25-par series A cumulative redeemable preferred stock at par.
At the top of secondary trading, financial company Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was active but unchanged.
Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock improved.
Meanwhile, real estate name Brookfield Property Partners LP’s new $250 million 5.75% series 3 class A cumulative redeemable perpetual preferred units ended above par.
REIT AGNC Investment Corp.’s recent 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock followed the positive trend.
Elsewhere, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock tracked higher.
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