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Morning Commentary: Fidus sells $25-par notes; New York Mortgage under par; AGNC lower
By James McCandless
San Antonio, Oct. 11 – The preferred space was tepid to start Friday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.01%.
In primary activity, Fidus Investment Corp. priced a $55 million offering of $25-par notes due Nov. 1, 2024 at par with a coupon of 5.375%.
There is an $8.25 million greenshoe.
The deal was announced Thursday morning.
Keefe, Bruyette & Woods, Inc. is the bookrunner.
The notes are redeemable on or after Nov. 1, 2021 at par.
Leading activity in the secondary market, New York Mortgage Trust, Inc.’s new $150 million 7.875% series E fixed-to-floating rate cumulative redeemable preferred stock was seen trading under par at the beginning of its first day.
The preferreds, trading under the temporary symbol “NYMGP,” were spotted at $24.92 on volume of about 578,000 shares.
Elsewhere in the REIT space, AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds opened slightly lower.
The preferreds (Nasdaq: AGNCO) were off 1 cent to $25.10 with about 55,000 shares trading.
Sector peer New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds saw a positive push.
The preferreds (NYSE: NRZPrB) were improving by 7 cents to $25.05 on volume of about 38,000 shares.
Meanwhile, in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was active but unchanged.
The preferreds (NYSE: COFPrI) were level so far at $25.00 with about 148,000 shares trading.
Real estate developer Brookfield Property Partners LP’s 6.375% series 2 class A cumulative redeemable perpetual preferred units were moving higher.
The preferreds (Nasdaq: BPYPO) were gaining 3 cents to $26.28 on volume of about 28,000 shares.
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