Triton International prices; Wells Fargo preferreds top par; MetLife active, unchanged

By James McCandless

San Antonio, Jan. 16 – Activity in the preferred market was largely driven by new issuance Thursday.

In the primary space, Triton International Ltd. priced a $150 million offering of $25-par series D cumulative redeemable perpetual preference shares at par with a dividend of 6.875%.

Leading in the secondary, Wells Fargo & Co.’s new $1.75 billion 4.75% series Z non-cumulative perpetual class A preferred stock finished above par, landing at $25.04 on volume of about 18.8 million shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds moved upward, picking up 13 cents to close at $25.41 with about 334,000 shares trading.

Insurance name MetLife, Inc.’s recent 4.75% series F non-cumulative preferred stock was active but held level to close at $25.30 on volume of about 827,000 shares.

Meanwhile, in telecom, AT&T Inc.’s 5% series A perpetual preferred stock improved by the end of the session.

Real estate developer Brookfield Property Partners LP’s 6.375% series 2 class A cumulative redeemable perpetual preferred units rose.

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