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AGNC, Urstadt Biddle close under par; Capital One higher; Bank of America sees boost
By James McCandless
San Antonio, Sept. 27 – New issues took over volume in the preferred space on Friday as other top traders saw positivity.
Leading trading, REIT AGNC Investment Corp.’s new $350 million 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock closed below par.
Sector peer Urstadt Biddle Properties Inc.’s new $100 million 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock also ended under par.
Elsewhere, in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock moved higher.
Bank of America Corp., another finance name, saw its 5% series LL non-cumulative preferred stock receive a boost.
Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds followed the positive trend.
AGNC under par
Leading Friday trading, real estate investment trust AGNC’s new $350 million 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock closed its first day below par.
The preferreds, trading under the temporary symbol “AGNIP,” were seen closing at $24.91 on volume of about 6.1 million shares.
The deal priced on Thursday.
Sector peer Urstadt Biddle’s ’s new $100 million 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock also ended the session under par.
The preferreds, trading under the temporary symbol “UTBPP,” landed at $24.81 on volume of about 970,000 shares.
The deal was another to come to market on Thursday.
Capital One higher
Elsewhere, in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock moved higher by the end of the day.
The preferreds (NYSE: COFPrI) added 6 cents to close at $24.96 on volume of about 2.1 million shares.
On Thursday, the preferreds lost 3 cents.
Bank of America, another finance name, saw its 5% series LL non-cumulative preferred stock received a boost.
The preferreds (NYSE: BACPrN) jumped up 28 cents to close at $25.64 with about 927,000 shares trading.
On Thursday, the preferreds rose 6 cents.
Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds followed the sector’s positive trend.
The preferreds (NYSE: WFCPrQ) picked up 6 cents to close at $26.74 on volume of about 609,000 shares.
Indexes vary
The Wells Fargo Hybrid & Preferred Securities Financial index capped the week with a 0.16% rise, improving on a 0.01% loss from early Friday trading.
The iShares US Preferred Stock ETF was down 5 cents to $37.41.
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