Triton’s new preferreds under par; AIG preferreds positive; Digital Realty improves

By James McCandless

San Antonio, March 13 – A positive streak was extended in the preferred space on Wednesday with newer issues at the front of activity.

Leading trading volume, Triton International Ltd.’s new $75 million 8.5% series A cumulative redeemable perpetual preference shares closed under par.

Meanwhile, insurance name American International Group, Inc.’s new 5.85% series A non-cumulative perpetual preferreds were positive.

Real estate investment trust Digital Realty Trust, Inc.’s 5.85% cumulative redeemable preferred stock followed the trend.

In finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities saw a small decline.

Sector peer Oaktree Capital Group, LLC’s 6.55% series B non-cumulative preferred units saw a boost.

Triton under par

Leading volume in Wednesday’s market, shipping container name Triton’s new $75 million 8.5% series A cumulative redeemable perpetual preference shares closed their first trading day under par.

The preferreds, trading under the temporary symbol “TPNRF,” were seen closing at $24.90 on volume of about 979,000 shares.

The deal priced on Tuesday.

AIG positive

Meanwhile, insurance provider AIG’s recent 5.85% series A non-cumulative perpetual preferreds ended the session positive.

The preferreds, trading under the temporary symbol “AIGGZ,” rose 6 cents to close at $25.20 with about 663,000 shares trading.

On Tuesday, the preferreds added 4 cents.

Digital Realty rises

Real estate investment trust Digital Realty’s 5.85% cumulative redeemable preferred stock followed the day’s positive trend.

The preferreds, trading under the temporary symbol “DLRPO,” picked up 7 cents to close at $24.90 on volume of about 402,000 shares.

On Tuesday, the preferreds were level.

Citigroup declines

Elsewhere, in the finance space, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities declined slightly.

The preferreds (NYSE: CPrN) lost 2 cents to close at $26.73 with about 395,000 shares trading.

Sector peer Oaktree’s 6.55% series B non-cumulative preferred units saw a boost.

The preferreds (NYSE: OAKPrB) jumped 38 cents to close at $25.03 on volume of about 354,000 shares.

The company’s structure was emboldened early Wednesday after news broke that asset management name Brookfield had purchased a 62% stake in the name.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.22% at the close, more than doubling the 0.10% gain from early trading.

The iShares US Preferred Stock ETF was up 10 cents to $36.55.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.