AGNC, Urstadt Biddle close under par; Capital One higher; Bank of America sees boost

By James McCandless

San Antonio, Sept. 27 – New issues took over volume in the preferred space on Friday as other top traders saw positivity.

Leading trading, REIT AGNC Investment Corp.’s new $350 million 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock closed below par.

Sector peer Urstadt Biddle Properties Inc.’s new $100 million 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock also ended under par.

Elsewhere, in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock moved higher.

Bank of America Corp., another finance name, saw its 5% series LL non-cumulative preferred stock receive a boost.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds followed the positive trend.

AGNC under par

Leading Friday trading, real estate investment trust AGNC’s new $350 million 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock closed its first day below par.

The preferreds, trading under the temporary symbol “AGNIP,” were seen closing at $24.91 on volume of about 6.1 million shares.

The deal priced on Thursday.

Sector peer Urstadt Biddle’s ’s new $100 million 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock also ended the session under par.

The preferreds, trading under the temporary symbol “UTBPP,” landed at $24.81 on volume of about 970,000 shares.

The deal was another to come to market on Thursday.

Capital One higher

Elsewhere, in the finance space, Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock moved higher by the end of the day.

The preferreds (NYSE: COFPrI) added 6 cents to close at $24.96 on volume of about 2.1 million shares.

On Thursday, the preferreds lost 3 cents.

Bank of America, another finance name, saw its 5% series LL non-cumulative preferred stock received a boost.

The preferreds (NYSE: BACPrN) jumped up 28 cents to close at $25.64 with about 927,000 shares trading.

On Thursday, the preferreds rose 6 cents.

Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds followed the sector’s positive trend.

The preferreds (NYSE: WFCPrQ) picked up 6 cents to close at $26.74 on volume of about 609,000 shares.

Indexes vary

The Wells Fargo Hybrid & Preferred Securities Financial index capped the week with a 0.16% rise, improving on a 0.01% loss from early Friday trading.

The iShares US Preferred Stock ETF was down 5 cents to $37.41.

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