Barclays sells securities; Remark, Great Ajax on tap; WesBanco preferreds above par

By James McCandless

San Antonio, Aug. 5 – In the middle of the week, the preferred market saw varying results by the end of trading.

In primary activity, Barclays plc priced $1.5 billion of fixed-rate resetting perpetual subordinated contingent convertible securities at par to yield 6.125%.

Also, Remark Holdings, Inc. plans to price a $15 million offering of $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 9.5%.

Great Ajax Corp. plans to price $130 million of 7.25% series A and 5% series B preferred stock.

Leading the secondary space, WesBanco, Inc.’s new $150 million 6.75% series A fixed-rate reset non-cumulative perpetual preferred stock ended above par.

Elsewhere in the finance space, Truist Financial Corp.’s new 4.75% series R non-cumulative perpetual preferred stock turned negative.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities improved by the end of the session.

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were under pressure as the afternoon came to a close.

Meanwhile, REIT National Retail Properties, Inc.’s 5.2% series F cumulative redeemable preferreds dropped.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.