MFA Financial taps $25-par market; AT&T declines; Wells Fargo weaker

By James McCandless

San Antonio, Feb. 25 – On fresh coronavirus concerns, the preferred market saw Monday’s losses compounded on Tuesday.

The primary space saw MFA Financial, Inc. price a $275 million offering of $25-par series C fixed-to-floating rate cumulative redeemable preferred stock with an initial dividend of 6.5% at par.

Secondary trading was led by declines for telecom services company AT&T, Inc.’s 4.75% series C perpetual preferred stock.

Elsewhere, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock weakened.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds followed the market trend.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock finished the afternoon in a worse position.

Meanwhile, REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock dropped.

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