Sachem preps $25-par notes; First Horizon preferreds reach higher; AT&T positive

By James McCandless

San Antonio, Aug. 26 – The preferred market saw a positive push as the Wednesday session concluded.

In afternoon primary activity, Sachem Capital Corp. said it plans to price an offering of $25-par notes due 2025.

Leading the secondary market, First Horizon National Corp.’s 6.5% series E non-cumulative perpetual preferred stock reached higher.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock pushed upward.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities weakened.

Telecom services company AT&T, Inc.’s 4.75% series C perpetual preferred stock followed the positive trend.

Meanwhile, REIT DiamondRock Hospitality Co.’s 8.25% series A cumulative redeemable preferreds finished under water.

Sachem eyed

In afternoon primary activity, Sachem Capital announced plans to price an offering of $25-par notes due 2025.

Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and National Securities Corp. are the bookrunners.

The notes are redeemable after two years at par.

First Horizon higher

Leading the midweek secondary market, First Horizon’s 6.5% series E non-cumulative perpetual preferred stock reached higher ground.

The preferreds (NYSE: FHNPrE) were up 12 cents to close at $26.50 on volume of about 756,000 shares.

Elsewhere in the finance space, JPMorgan’s 4.75% series GG non-cumulative preferred stock pushed upward.

The preferreds (NYSE: JPMPrJ) garnered 4 cents to close at $26.72 with about 300,000 shares trading.

On Tuesday, the preferreds dropped 15 cents.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities weakened by the afternoon’s end.

The preferreds (NYSE: ALLYPrA) shed 3 cents to close at $24.72 on volume of about 261,000 shares.

On Tuesday, the preferreds shaved off 6 cents.

AT&T positive

Telecom services company AT&T’s 4.75% series C perpetual preferred stock followed the positive trend.

The preferreds (NYSE: TPrC) improved by 4 cents to close at $25.54 with about 377,000 shares trading.

On Tuesday, the preferreds pushed up 10 cents.

DiamondRock under

Meanwhile, real estate investment trust DiamondRock’s 8.25% series A cumulative redeemable preferreds finished the session under water.

The preferreds, trading under the temporary symbol “DRHPP,” were docked 1 cent to close at $24.77 on volume of about 275,000 shares trading.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index moved up 0.12% by the close, slightly better than the 0.09% lift from early Wednesday trading.

The iShares US Preferred Stock ETF was up 1 cent to $36.70.

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