Ameris taps $1,000-par market; Wells Fargo preferreds decline; Rexford Industrial weaker

By James McCandless

San Antonio, Sept. 23 – The preferred market was sharply lower by the end of the Wednesday session.

The primary space saw Ameris Bancorp price a $110 million offering of $1,000-par fixed-to-floating rate subordinated notes due Oct. 1, 2030 at par with an initial coupon of 3.875%.

Leading the secondary trading, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock declined.

Also in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were pushed down.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds were following the day’s trend.

Elsewhere, REIT Rexford Industrial Realty, Inc.’s 5.625% series C cumulative redeemable preferred stock weakened.

AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock slipped lower.

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