Brookfield prices preferred units; First Republic gains; MFA Financial rises

By James McCandless

San Antonio, Sept. 14 – The preferred space opened a new week with a jump across multiple sectors with a bustling primary market as the backdrop.

In primary activity, Brookfield Infrastructure Partners LP priced a $200 million offering of $25-par series 13 class A preferred limited partnership units with a dividend of 5.125% at par.

Also, Generex Biotechnology Corp. announced plans to price a $33 million offering of series A cumulative redeemable perpetual preferred stock with a dividend of 13% at $33.00 per share.

Concurrently, NuGenerex Immuno-Oncology Inc. plans to price a best-efforts offering of $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 13%.

Gladstone Investment Corp. plans to price up to $350 million of $25-par notes due Nov. 1, 2040 with a coupon of 6%.

Leading the secondary, First Republic Bank’s new 4.125% series K non-cumulative perpetual preferred stock gained.

Elsewhere in the finance space, Capital One Financial Corp.’s new 4.625% series K and 4.8% series J fixed-rate non-cumulative perpetual preferred stock weakened.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds improved, following the trend.

REIT MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock rose.

Meanwhile, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock was also boosted.

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