Intact Financial taps $25-par market; AT&T preferreds mixed; Capital One improves

By James McCandless

San Antonio, Feb. 18 – Top traders in the preferred space drifted upward while the broader market was under pressure at the beginning of the holiday-shortened week.

In the primary market, Intact Financial Corp. sold an upsized $150 million offering of $25-par series 9 non-cumulative class A preferred shares with a dividend of 5.4%.

Secondary trading was led by mixed results for AT&T, Inc.’s recent 4.75% series C perpetual preferred stock and its 5% series A cumulative perpetual preferred stock.

The series C preferreds, trading under the temporary symbol “ATTXL,” were down 1 cent to close at $24.19 on volume of about 2.1 million shares.

The series A preferreds (NYSE: TPrA) were up 12 cents to close at $26.18 on volume of about 404,000 shares.

Elsewhere, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock saw better levels.

The preferreds (NYSE: COFPrJ) garnered 2 cents to close at $25.00 with about 528,000 shares trading.

On Friday, the preferreds picked up 2 cents.

Sector peer Ladenburg Thalmann Financial Services, Inc.’s 8% series A cumulative redeemable preferreds were trimmed.

The preferreds (NYSE: LTSPrA) dipped 1 cent to close at $24.99 with about 358,000 shares trading.

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