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Morning Commentary: Preferreds improve in early trading activity; Annaly and AGNC down
By Abigail W. Adams
Portland, Me., Feb. 22 – Preferreds were poised to see their third straight day of gains on Thursday with both the Wells Fargo Hybrid & Preferred Securities Financial index and the U.S. iShares Preferred Stock ETF up in early trading.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.21% and the U.S. iShares Preferred Stock ETF was up 0.38% early in Thursday’s session.
While the broader market was up, Annaly Capital Management Inc.’s recently priced 6.95% series F cumulative redeemable preferred stock was down in heavy volume trading early Thursday.
The 6.95% preferred stock, which priced in early January, was down 9 cents, or 0.34%, to $25.11. Proceeds from the series F preferred stock offering were used to redeem the New York-based real estate investment trust’s 7.625% series E preferred stock.
AGNC Investment Corp.’s depositary shares representing the company’s 7% series C fixed-to-floating rate redeemable preferred stock was also down in heavy volume trading early in Thursday’s session.
The depositary shares were down 15 cents, or 0.59%, to $25.23.
With a 7% yield and several years until a call date, AGNC’s depositary shares were seen as an attractive alternative for portfolios that held Annaly’s series E preferred stock, according to a market source.
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