Armour cancels at-the-market deal; First Citizens tops par; AT&T preferreds decline

By James McCandless

San Antonio, March 6 – Capping off a volatile week, the preferred space saw blanket negativity as coronavirus worries persisted.

Late Friday, Armour Residential REIT, Inc. said that it terminated an agreement for a $225 million at-the-market offering of its 7.875% series B cumulative redeemable preferred stock.

Leading secondary activity, First Citizens BancShares, Inc.’s new $300 million 5.375% series A non-cumulative perpetual preferred stock closed above par at $25.22 on volume of about 1.6 million shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferred stock and its 4.75% series Z non-cumulative perpetual class A preferred stock both dipped.

Sector peer Capital One Financial Corp.’s 5% series I and 4.8% series J fixed-rate non-cumulative perpetual preferred stocks followed the market lower.

Meanwhile, telecom provider AT&T, Inc.’s 4.75% series C perpetual preferreds declined by the end of the session.

Oil and gas name NuStar Energy, LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units finished negative.

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