New Residential Investment preferreds below par; Allstate improves; BB&T trades higher

By James McCandless

San Antonio, Aug. 9 –The preferred space closed out the week on a positive trend with newer issues taking up much of the attention.

Leading trading, New Residential Investment Corp.’s new $250 million 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock closed just below par.

Sector peer AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds were trending higher.

Meanwhile, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock ended better.

Elsewhere in insurance, Aspen Insurance Holdings Ltd.’s new 5.625% non-cumulative preferred shares saw a slight dip.

And in finance, BB&T Corp.’s 5.2% series F non-cumulative perpetual preferred stock followed the market trend upward.

New Residential under par

Leading secondary trading, real estate investment trust New Residential’s new $250 million 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock was seen closing just below par.

The preferreds, trading under the temporary symbol “NRZEP,” were seen ending its first day at $24.99 on volume of about 2.8 million shares.

The deal priced on Thursday.

Sector peer AGNC’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds were trending positively.

The preferreds (Nasdaq: AGNCM) picked up 10 cents to close at $25.66 with about 291,000 shares trading.

Allstate better

Meanwhile, insurance provider Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock ended the session better.

The preferreds (NYSE: ALLPrH) rose 8 cents to close at $25.38 on volume of about 675,000 shares.

On Thursday, the preferreds were level.

Aspen, another insurance name, saw its new 5.625% non-cumulative preferred take a slight dip.

The preferreds, trading under the temporary symbol “AHLNF,” were down 1 cent to close at 357,000 shares.

On Thursday, the preferreds added 6 cents.

BB&T gains

In the finance space, BB&T’s 5.2% series F non-cumulative perpetual preferred stock followed Friday’s positive trend.

The preferreds (NYSE: BBTPrF) improved by 13 cents to close at $25.38 on volume of about 253,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index closed out the week up by 0.31%, shooting past the 0.13% gain in early Friday trading.

The iShares US Preferred Stock ETF was up 3 cents to $37.06.

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