Brookfield sells debentures; Brighthouse carried higher; Wells Fargo preferreds positive

By James McCandless

San Antonio, Nov. 17 – The preferred market shifted into negative territory on Tuesday, though top traders varied.

The primary space saw Brookfield Finance I (UK) plc price a $200 million offering of $25-par perpetual subordinated notes at par with a coupon of 4.5%.

On top of the secondary volume, insurance carrier Brighthouse Financial, Inc.’s new 5.375% series C non-cumulative preferred stock was carried higher.

The preferreds, trading under the temporary symbol “BTHFL,” were up 21 cents to close at $25.41 on volume of about 1 million shares.

Sector peer MetLife, Inc.’s 4.75% series F non-cumulative preferred stock rose as the afternoon came to an end.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds picked up 7 cents to close at $25.71 on volume of about 379,000 shares.

Also, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds shaved off 5 cents to close at $24.99 with about 295,000 shares trading.

Cullen/Frost Bankers, Inc.’s new 4.45% series B non-cumulative perpetual preferred stock ended the day on a downward track.

The preferreds, trading under the temporary symbol “CFRBL,” dropped 20 cents to close at $25.13 on volume of about 261,000 shares.

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