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Morning Commentary: B. Riley $25-par notes eyed; Capital One gains; AGNC improves
By James McCandless
San Antonio, Feb. 10 – Top-volume traders in the preferred market were virtually unchanged early Monday as the Wells Fargo Hybrid & Preferred Securities Financial index began down by 0.02%.
The primary market got an early start as B. Riley Financial, Inc. announced plans to price a $50 million offering of $25-par senior notes due Feb. 28, 2025.
There is a $7.5 million greenshoe.
B. Riley FBR, Inc., Ladenburg Thalmann & Co. Inc., Incapital LLC and William Blair & Co., LLC are the joint bookrunners.
The notes are redeemable on or after Feb. 28, 2021 and prior to Feb. 28, 2022 at $25.75, on or after Feb. 28, 2022 and prior to Feb. 28, 2023 at $25.50, on or after Feb. 28, 2023 and prior to Feb. 29, 2024 at $25.25 and on or after Feb. 29, 2024 at par.
Leading secondary market trading, Capital One Financial Corp.’s new 4.8% series J fixed-rate non-cumulative perpetual preferred stock started with a small gain.
The preferreds (NYSE: COFPrJ) were up 2 cents to $24.94 on volume of about 128,000 shares.
Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was active but unchanged.
The preferreds (NYSE: WFCPrZ) were level at $25.42 with about 106,000 shares trading.
Meanwhile, real estate investment trust AGNC Investment Corp.’s new 6.125% series F fixed-to-floating rate cumulative redeemable preferreds saw positivity.
The preferreds, trading under the temporary symbol “AINGZ,” were gaining 2 cents to $24.96 on volume of about 91,000 shares.
Sector peer UMH Properties, Inc.’s 6.375% series D cumulative redeemable preferred stock opened with a modest rise.
The preferreds (NYSE: UMHPrD) were tacking on 1 cent to $25.06 with about 76,000 shares trading.
Armour Residential REIT, Inc.’s 7% series C cumulative redeemable preferred stock was on an upward trend.
The preferreds (NYSE: ARRPrC) were improving by 1 cent to $25.14 on volume of about 63,000 shares.
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