U.S. Cellular taps $25-par market; Truist preferreds improve; AT&T under pressure

By James McCandless

San Antonio, Aug. 10 – As a new week opened in the preferred space, the market was carried higher.

In primary activity, United States Cellular Corp. priced a $500 million offering of $25-par senior notes due Sept. 1, 2069 with a coupon of 6.25%.

At the top of the secondary, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock improved.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were active but unchanged.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities pushed upward.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock was under pressure.

Meanwhile, asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 ended the afternoon rising.

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