B. Riley, Brookfield sell preferreds; Wells Fargo lifted; AGNC preferreds decline

By James McCandless

San Antonio, Feb. 10 – The week in the preferred market broke open with positivity across the board.

In primary activity, B. Riley Financial, Inc. priced an upsized $115 million offering of $25-par five-year senior notes with a 6.375% coupon at par.

Also, Brookfield Property Partners LP priced a $250 million offering of $25-par series 3 class A cumulative redeemable perpetual preferred units at par with a dividend of 5.75%.

Leading secondary volume, finance name Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was lifted by the close.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock ended better.

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

Natural gas shipper GasLog Partners LP’s 8.625% series A fixed-to-floating rate redeemable perpetual preference units jumped.

Meanwhile, insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferred stock followed the market upward.

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