CNB, Southern National price; Legg Mason $25-par notes diverge; Wells Fargo positive

By James McCandless

San Antonio, Aug. 20 – Entering the back half of the week, the preferred space met the end of the Thursday session with a rise.

In afternoon primary activity, DiamondRock Hospitality Co. priced a $110 million offering of $25-par series A cumulative redeemable preferred stock with a dividend of 8.25%.

Also, Southern National Bancorp of Virginia, Inc. priced an upsized offering of $60 million of $1,000-par fixed-to-floating rate subordinated notes due August 2030.

As the secondary market’s volume leader, asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes rose while its 6.375% junior subordinated notes due 2056 dipped.

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

Sector peer Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferreds moved upward along the day’s trend.

U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock finished the afternoon rising.

Elsewhere, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock was lifted.

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