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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.
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