AT&T sinks; Capital One preferreds decline; MFA Financial slides

By James McCandless

San Antonio, Feb. 27 – The preferred space was pushed lower along with the common market on increasing coronavirus fears.

On top of secondary trading, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock sank.

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

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock followed the market trend.

Elsewhere, REIT MFA Financial, Inc.’s new 6.5% series C fixed-to-floating rate cumulative redeemable preferreds slid.

AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock also ended the session on weaker ground.

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