B. Riley sells $100 million $25-par notes; Bank of America preferreds up; Athene jumps

By James McCandless

San Antonio, Sept. 18 – Preferreds in the U.S. market trended higher in trading on Wednesday.

B. Riley Financial, Inc. priced an upsized $100 million offering of $25-par seven-year senior notes with a coupon of 6.5%. There is a $15 million greenshoe.

The deal, announced Wednesday morning, was upsized from an initial $50 million.

Leading secondary volume, Bank of America Corp.’s 5% series LL and series GG non-cumulative preferred stock were both higher.

The series LL preferreds (NYSE: BACPrN) were up 7 cents to close at $24.99 on volume of about 1.4 million shares.

The series GG preferreds (NYSE: BACPrB) were up 10 cents to close at $26.81 on volume of about 522,000 shares.

Elsewhere in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock also saw a better day.

The preferreds (NYSE: COFPrI) gained 3 cents to close at $24.68 with about 688,000 shares trading.

Retirement services name Athene Holding Ltd.’s new 5.625% series B fixed-rate perpetual non-cumulative preference shares jumped higher.

The preferreds (NYSE: ALLPrH) added 16 cents to close at $25.85 on volume of about 286,000 shares.

Insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds (NYSE: ALLPrH) added 16 cents to close at $25.85.

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