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B. Riley taps $25-par market; Digital Realty preferreds top par; AGNC negative
By James McCandless
San Antonio, Oct. 2 – Wednesday’s preferred market session was marked by negativity sustained throughout the day.
B. Riley Financial, Inc. priced an upsized $50 million offering of $25-par series A cumulative perpetual preferred stock at par with a dividend of 6.875%.
Leading trading in the secondary, REIT Digital Realty Trust, Inc.’s new $300 million 5.2% series L cumulative redeemable preferred stock topped par.
Sector peer AGNC Investment Corp.’s recent 6.5% series E fixed-to-floating rate cumulative redeemable preferreds were under pressure.
In the finance space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferred stock ended weaker.
Meanwhile, Bank of America Corp.’s 5% series LL non-cumulative preferred stock gained, going against the trend.
Goldman Sachs Group, Inc.’s series D floating rate non-cumulative preferreds dove.
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