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XOMA taps $25-par market; Monmouth leads decline; Ally Financial preferreds lose
By James McCandless
San Antonio, Dec. 10 – By the end of the Thursday session, the preferred market experienced blanket negativity.
In primary activity, XOMA Corp. priced a $22 million offering of $25-par series A cumulative perpetual preferred stock with a dividend of 8.625%.
Leading the secondary’s decline, REIT Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferred stock trended downward.
Meanwhile, in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities lost ground.
Sector peer U.S. Bancorp’s series B floating rate non-cumulative perpetual preferreds were under water as the afternoon ended.
Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock followed the day’s prevailing trend.
Elsewhere, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock also turned negative.
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