Brookfield Renewable sells preferred units; Priority Income on tap; AT&T trades lower

By James McCandless

San Antonio, Feb. 19 – The preferred market was dragged down on Wednesday with broad losses among the most-active securities.

The primary market saw Brookfield Renewable Partners LP price a $200 million offering of $25-par series 17 class A preferred limited partnership units at par with a dividend of 5.25%.

Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC are the joint bookrunners.

Also, Priority Income Fund, Inc. plans to price an offering of series F term preferred stock due 2027.

Ladenburg Thalmann & Co. Inc. and Incapital LLC are the joint bookrunners.

Leading secondary activity, AT&T, Inc.’s recent 4.75% series C perpetual preferred stock and 5% series A cumulative perpetual preferred stock both moved downward.

The series C preferreds, trading under the temporary symbol “ATTXL,” were down 1 cent to close at $25.19 on volume of about 1.7 million shares.

On Tuesday, the preferreds shaved off 1 cent.

The series A preferreds (NYSE: TPrA) fell 5 cents to close at $26.13 on volume of about 398,000 shares.

On Tuesday, the preferreds shot up 12 cents.

Meanwhile, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock dipped.

The preferreds (NYSE: COFPrJ) dropped 6 cents to close at $24.94.

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