New York Mortgage under par; AGNC preferreds negative; Capital One weaker

By James McCandless

San Antonio, Oct. 11 – The preferred market capped off the week with broad gains, though top traders were under pressure.

At the top of trading, REIT New York Mortgage Trust, Inc.’s new $150 million 7.875% series E fixed-to-floating rate cumulative redeemable preferred stock closed under par.

Sector peer AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds closed negatively.

Meanwhile, in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was also trailing.

Elsewhere in the space, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds both dropped.

Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities declined.

NY Mortgage under par

At the top of secondary activity, real estate investment trust New York Mortgage’s new $150 million 7.875% series E fixed-to-floating rate cumulative redeemable preferred stock closed under par on its first day.

The preferreds, trading under the temporary symbol “NYMGP,” were seen closing at $24.92 on volume of about 1.3 million shares.

The deal priced on Thursday.

Sector peer AGNC’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds closed negatively.

The preferreds (Nasdaq: AGNCO) dipped 3 cents to close at $25.08 with about 184,000 shares trading.

On Thursday, the preferreds fell 14 cents.

Capital One trails

Meanwhile, in finance, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock was also trailing on Friday.

The preferreds (NYSE: COFPrI) declined by 1 cent to close at $24.99 on volume of about 549,000 shares.

On Thursday, the preferreds added 2 cents.

Elsewhere in the finance space, JPMorgan Chase’s 6% series EE and 5.75% series DD non-cumulative preferreds both dropped by the end of the session.

The series EE preferreds (NYSE: JPMPrC) lost 10 cents to close at $28.07 with about 209,000 shares trading.

The series DD preferreds (NYSE: JPMPrD) dived 14 cents to close at $27.56 with about 194,000 shares trading.

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed other top traders downward.

The preferreds (NYSE: ALLYPrA) were down 2 cents to close at $26.20 on volume of about 169,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.16% to finish the week, shooting past the 0.01% gain from early Friday trading.

The iShares US Preferred Stock ETF was up 7 cents to $37.36.

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