Fifth Third taps $1,000-par market; AT&T preferreds improve; Invesco jumps higher

By James McCandless

San Antonio, July 27 – Continuing last week’s trend, the preferred market ended Monday with more gains.

In primary activity, Fifth Third Bancorp priced a $350 million offering of $1,000-par series L fixed-rate reset non-cumulative perpetual preferred stock at par with a dividend of 4.5%.

Making a mark at the top of the secondary again, AT&T, Inc.’s 4.75% series C perpetual preferred stock, and its 5% series A cumulative perpetual preferreds improved.

Elsewhere, REIT Invesco Mortgage Capital Inc.’s 7.5% series C fixed-to-floating rate cumulative redeemable preferred stock jumped higher.

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

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferred stock followed the trend.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also finished on the positive side.

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