American Equity loses; Athene preferreds better; Ally Financial positive

By James McCandless

San Antonio, June 12 – While the overall preferred space weakened on Friday, top traders skewed higher.

As the volume leader for a second day, American Equity Investment Life Holding Co.’s new 6.625% series B fixed-rate reset non-cumulative preferred shares were down 2 cents to close at $24.55 on volume of about 976,000 shares.

Elsewhere, retirement name Athene Holding Ltd.’s recent 6.375% series C fixed-rate reset perpetual non-cumulative preference shares picked up 15 cents to close at $24.80 with about 405,000 shares trading.

Meanwhile, in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities tacked on 5 cents to close at $22.62 on volume of about 370,000 shares.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferreds gained 6 cents to close at $24.75 with about 240,000 shares trading.

Associated Banc-Corp’s new 5.625% series F non-cumulative perpetual preferreds chalked off 31 cents to close at $24.67 on volume of about 236,000 shares.

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