Great Western plans $25-par notes; Truist preferreds better; AGNC rises

By James McCandless

San Antonio, June 1 – At the beginning of a new week, the preferred market carried over last week’s positive push.

In the primary market, Great Western Bancorp, Inc. plans to price a $50 million offering of $1,000-par fixed-to-floating rate subordinated notes due 2030.

Leading in the secondary, Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferred stock moved to better levels.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock improved.

Meanwhile, REIT AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock rose.

Asset manager Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferred stock went unchanged while the 6.95% series F fixed-to-floating rate cumulative redeemable preferreds gained ground.

Elsewhere, telecom services name AT&T, Inc.’s 4.75% series C perpetual preferred stock closed the day pushing up.

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