Gladstone preps $25-par notes; Truist ends below par; AT&T active, unchanged

By James McCandless

San Antonio, July 31 – Closing out the week, the preferred space finished with more positive results.

In primary movements, Gladstone Investment Corp. plans to price a $350 million offering of notes due 2040 with a coupon of 6%.

Far and away Friday’s volume leader, Truist Financial Corp.’s new $925 million 4.75% series R non-cumulative perpetual preferred stock closed below par. The preferreds were seen closing at $24.95 on volume of about 10.4 million shares.

Elsewhere in the finance space, Heartland Financial USA, Inc.’s 7% fixed-rate reset non-cumulative perpetual preferreds gained 28 cents to close at $26.88 with about 510,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities picked up 12 cents to close at $24.07 on volume of about 412,000 shares.

Meanwhile, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock held level to close at $25.08 with about 225,000 shares trading.

Insurance carrier Argo Group International Holdings, Ltd.’s 7% resettable fixed-rate preference shares shaved off 5 cents to close at $24.86 on volume of about 214,000 shares.

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