AGNC, Urstadt Biddle tap $25-par market; Gladstone above par; Capital One lower

By James McCandless

San Antonio, Sept. 26 – The preferred space saw mixed activity on Thursday with individual names taking different tracks.

In primary activity, AGNC Investment Corp. priced a $350 million offering of $25-par series E fixed-to-floating rate cumulative redeemable preferred stock with an initial dividend of 6.5%.

Urstadt Biddle Properties Inc. priced a $100 million offering of $25-par series K cumulative redeemable preferred stock at par with a dividend of 5.875%.

As the volume leader, real estate investment trust Gladstone Commercial Corp.’s new $60 million 6.625% series E cumulative redeemable preferred stock closed above par.

The preferreds were seen closing at $25.15 on volume of about 931,000 shares.

Sector peer Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds dropped 25 cents to close at $25.97 with about 234,000 shares trading.

Meanwhile, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock also ended lower.

Also in finance, Bank of America Corp.’s 5% series LL non-cumulative preferred stock spent the session improving.

Retirement name Athene Holding Ltd.’s 5.625% series B fixed-rate perpetual non-cumulative preference shares shot up.

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