Signature preferreds below par; Gladstone Land up; DiamondRock dips

By James McCandless

San Antonio, Dec. 11 – As the week wrapped, the preferred space was overall positive, although top traders diverged.

At the top of volume on its first day, Signature Bank’s new $700 million 5% series A non-cumulative perpetual preferred stock ended below par.

The preferreds, trading under the temporary symbol “SBNYL,” closed at $24.88 on volume of about 7.7 million shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was active but unchanged.

The preferreds held level to close at $25.39 with about 220,000 shares trading.

Sector peer U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock trailed by the end of the day.

Meanwhile, middle-market investor Gladstone Capital Corp.’s 6.125% notes due 2023 finished activity on the positive side.

Property owner DiamondRock Hospitality Co.’s 8.25% series A cumulative redeemable preferreds dipped.

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