Sachem, Flagstar sell notes; Fulton preferreds end above par; Public Storage dips

By James McCandless

San Antonio, Oct. 23 – Finishing off the week, the preferred market trended positively, ending a rally after declines earlier in the week.

In late-week primary activity, Sachem Capital Corp. priced another $14 million of $25-par notes due Sept. 30, 2025 with a coupon of 7.75% at par.

Meanwhile, Flagstar Bancorp, Inc. priced a $150 million offering of $1,000-par fixed-to-floating rate subordinated notes due Nov. 1, 2030.

Far and away the day’s volume leader, Fulton Financial Corp.’s new $200 million 5.125% series A fixed-rate non-cumulative perpetual preferred stock ended above par.

Elsewhere in the finance space, U.S. Bancorp’s recent 3.75% series L non-cumulative perpetual preferred stock was under pressure.

Sector peer Capital One Financial Corp.’s 5% series I and 4.8% series J fixed-rate non-cumulative perpetual preferreds both improved.

Property owner Public Storage’s 3.875% series N cumulative preferred shares ended the session dipping.

Also, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred stock spiked late in the afternoon.

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