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Athene’s new preference shares top par; Rexford preferreds end lower; Capital One up
By James McCandless
San Antonio, Sept. 17 – The preferred space was virtually unchanged until the afternoon, when it received a positive boost.
In finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock jumped higher.
Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds took a small loss.
Leading secondary trading, Athene Holding Ltd.’s new $300 million 5.625% series B fixed-rate perpetual non-cumulative preference shares closed above par.
REIT Rexford Industrial Realty, Inc.’s recent 5.625% series C cumulative redeemable preferreds finished the session weaker.
In the primary space, details emerged on Bank of America Corp.’s $1.31 billion issue of $25-par series LL non-cumulative 5% preferred shares.
Meanwhile, the bank’s established 6% series GG non-cumulative preferreds were seen improving.
Athene above par
Leading the day’s overall trading, retirement services provider Athene’s new $300 million 5.625% series B fixed-rate perpetual non-cumulative preference shares closed their first day above par.
The preferreds, trading under the temporary symbol “ATHHF,” were seen closing at $25.08 on volume of about 5.2 million shares.
The deal priced late Tuesday.
Rexford weaker
Real estate investment trust Rexford’s recent 5.625% series C cumulative redeemable preferreds finished the session on weaker ground.
The preferreds, trading under the temporary symbol “REXCP,” fell 5 cents to $25.20 with about 315,000 shares trading.
Capital One higher
Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock jumped higher.
The preferreds (NYSE: COFPrI) jumped up 27 cents to close at $24.63 on volume of about 1.2 million shares.
On Monday, the preferreds edged up 1 cent.
Sector peer JPMorgan’s 6% series EE non-cumulative preferreds ended with a small loss.
The preferreds (NYSE: JPMPrC) declined by 1 cent to close at $27.79 with about 449,000 shares trading.
On Monday, the preferreds dropped 16 cents.
Bank of America’s deal
In the primary space, Bank of America said it issued a $1.31 billion offering of $25-par series LL non-cumulative preferred stock with a dividend of 5%.
BofA Securities, Inc. is the bookrunner.
The preferreds are redeemable on or after Sept. 17, 2024 at par. Prior to that, they are redeemable within 90 days after a regulatory capital treatment event at par.
On Tuesday, the preferreds, trading under the temporary symbol “BFALL,” were up 7 cents to $24.92 on volume of about 803,000 shares.
Meanwhile, the bank’s established 6% series GG non-cumulative preferreds were seen improving by the close.
The preferreds (NYSE: BACPrB) added 9 cents to close at $26.71 with about 661,000 shares trading.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index finished trading up by 0.25%, rising from the 0.03% loss from early Tuesday trading.
The iShares US Preferred Stock ETF was up 12 cents to $37.17.
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