eWellness preps offering; AGNC finishes under par; Capital One preferreds negative

By James McCandless

San Antonio, Feb. 5 – The preferred space spent Wednesday focused on newer issues, with most of top traders moving down against the market.

The primary market rumbled as eWellness Healthcare Corp. said that it plans to price a $50 million offering of $25-par series B cumulative redeemable perpetual preferred stock with a dividend of 13%.

Leading trading on its first day, REIT AGNC Investment Corp.’s new $500 million 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock ended just shy of par.

Meanwhile, in the finance space, Capital One Financial Corp.’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stock both saw negativity.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were active but finished unchanged.

State Street Corp.’s 5.25% series C non-cumulative perpetual preferred stock fell by the end of the afternoon.

Elsewhere, insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was under water.

eWellness on tap

The primary market rumbled as eWellness said that it plans to price a $50 million offering of $25-par series B cumulative redeemable perpetual preferred stock with a dividend of 13%.

International Financial Enterprise Bank is the escrow agent.

Dividends are payable on the 15th day of each month.

The preferreds are redeemable after three years. Prior to that, the preferreds are redeemable within 120 days after a change of control.

AGNC below par

Leading secondary trading on its first day, real estate investment trust AGNC’s new $500 million 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock ended just shy of par.

The preferreds, trading under the temporary symbol “AINGZ,” closed at $24.99 on volume of about 7.4 million shares.

The deal priced on Tuesday.

Capital One down

Meanwhile, in the finance space, Capital One’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stock both saw negativity as the session ended.

The series J preferreds (NYSE: COFPrJ) were down 3 cents to close at $24.82 with about 1.4 million shares trading.

On Tuesday, the preferreds rose 2 cents.

The series I preferreds (NYSE: COFPrI) dropped 5 cents to close at $25.65 with about 649,000 shares trading.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferreds were active but finished unchanged.

The preferreds (NYSE: WFCPrZ) held level to close at $25.22 on volume of about 948,000 shares.

On Tuesday, the preferreds improved by 6 cents.

State Street’s 5.25% series C non-cumulative perpetual preferred stock fell by the end of the afternoon.

The preferreds (NYSE: STTPrC) shaved off 9 cents to close at $25.65 with about 522,000 shares trading.

MetLife lower

Elsewhere, insurance name MetLife’s 4.75% series F non-cumulative preferred stock was under water.

The preferreds (NYSE: METPrF) moved down 9 cents to close at $25.64 on volume of about 369,000 shares.

On Tuesday, the preferreds gained 7 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day higher by 0.03%, leveling off from a 0.09% rise from early Wednesday trading.

The iShares US Preferred Stock ETF was up 10 cents to $38.16.

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