Entergy Texas taps $25-par market; Wells Fargo active, unchanged; Allstate weaker

By James McCandless

San Antonio, Sept. 3 – The preferred primary space came alive on Tuesday as the secondary saw broad gains.

In primary activity, Entergy Texas, Inc. priced a $35 million offering of $25-par series A cumulative preferred stock with a dividend of 5.375%.

The deal, announced Tuesday morning, came in at the expected size and below talk for a yield of 5.5%.

The secondary saw Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were active but closed the day level at $26.40 on volume of about 399,000 shares.

Elsewhere in finance Bank of America Corp.’s 6% series GG non-cumulative preferred stock added 5 cents to close at $26.89 with about 286,000 shares trading.

Meanwhile, in insurance, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock ended weaker.

Sector peer Aspen Insurance Holdings Ltd.’s 5.625% non-cumulative perpetual preference shares fell.

REIT New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds followed the preferred market upward.

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