eWellness preps offering; AGNC finishes under par; Capital One preferreds negative

By James McCandless

San Antonio, Feb. 5 – The preferred space spent Wednesday focused on newer issues, with most of top traders moving down against the market.

The primary market rumbled as eWellness Healthcare Corp. said that it plans to price a $50 million offering of $25-par series B cumulative redeemable perpetual preferred stock with a dividend of 13%.

Leading trading on its first day, REIT AGNC Investment Corp.’s new $500 million 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock ended just shy of par.

Meanwhile, in the finance space, Capital One Financial Corp.’s 4.8% series J and 5% series I fixed-rate non-cumulative perpetual preferred stock both saw negativity.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were active but finished unchanged.

State Street Corp.’s 5.25% series C non-cumulative perpetual preferred stock fell by the end of the afternoon.

Elsewhere, insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was under water.

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