Aytu to tap market; AT&T leads positive shift; Wells Fargo preferreds improve

By James McCandless

San Antonio, March 2 – In a reversal of last week, the preferred space ended Monday with gains across the board.

Starting the week’s primary market, Aytu BioScience, Inc. plans to price an offering of $17.50-par series I cumulative redeemable preferred stock with a dividend of 11%.

Driving the secondary recovery, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock shifted upward.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock improved.

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

REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds trailed, going against the trend.

Elsewhere, insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock received a boost.

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