W.R. Berkley prices debentures; AT&T improves; Capital One preferreds lifted

By James McCandless

San Antonio, Dec. 9 – The preferred space spent the first day of the new week pushing higher across the board.

In the primary market, W.R. Berkley Corp. priced a $300 million offering of $25-par subordinated debentures due Dec. 30, 2059 at par with a coupon of 5.1%.

At the top of trading, telecom name AT&T Inc.’s new 5% series A perpetual preferred stock improved. The preferreds, trading under the temporary symbol “ATATL,” were up 3 cents to close at $24.95 on volume of about 2.9 million shares.

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

The preferreds (NYSE: COFPrI) gained 8 cents to close at $24.78 with about 395,000 shares trading.

Sector peer AXA Equitable Holdings, Inc.’s 5.25% series A fixed-rate non-cumulative perpetual preferreds were active but unmoved.

REIT Ashford Hospitality Trust, Inc.’s 8.45% series D cumulative preferred stock took a dive, going against the grain.

Elsewhere, utilities name Spire Inc.’s 5.9% series A cumulative redeemable perpetual preferred stock closed the session higher.

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