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Sachem to tap $25-par market; Northern Trust tops par; Energy Transfer unchanged
By James McCandless
San Antonio, Oct. 30 – The preferred space ended the Wednesday session with miniscule movements for the day.
In primary rumblings, Sachem Capital Corp. plans to price an offering of $25-par notes due Dec. 30, 2024
The secondary saw Northern Trust Corp.’s new $400 million 4.7% series E non-cumulative perpetual preferred stock land above par. The preferreds finished the day at $25.10 on volume of about 4.3 million shares.
Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units ended flat. The preferreds went unchanged to close at $25.61 with about 641,000 shares trading.
Meanwhile, in finance, Bank of America Corp.’s 5% series LL non-cumulative preferreds declined by 3 cents to close at $25.83 on volume of about 594,000 shares.
Sector peer Synovus Financial Corp.’s 5.875% series E fixed-rate reset non-cumulative perpetual preferreds closed level.
Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferred stock improved slightly.
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