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BNY Mellon, RiverNorth price; CIT Group leaps higher; Truist preferreds lose
By James McCandless
San Antonio, Oct. 16 – At the end of the week, the preferred space continued a downward trend.
From the primary pipeline, BNY Mellon Municipal Bond Infrastructure Fund, Inc. priced a $75 million offering of remarketable variable rate MuniFund term preferred shares.
Also, RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. priced a $55 million offering of $25-par series A cumulative preferred stock with a dividend of 4.375% at par.
Leading the secondary market, CIT Group Inc.’s 5.625% series B non-cumulative preferred stock leaped higher.
Elsewhere in the finance space, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock was seen losing.
Meanwhile, oil and gas company Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units declined.
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