Morning Commentary: Apollo Global hits par in high-volume trading; preferreds mixed

By Abigail W. Adams

Portland, Me., March 14 – Trading volume was light in the preferreds space early Wednesday with the usual high-volume names quiet.

However, Apollo Global Management LLC’s recently priced 6.375% $25-par perpetual preferred shares continued to see active trading during their second full trading session after pricing on Monday.

The preferred shares once again traded up to their issue price of $25.00 early in Wednesday’s session after closing Tuesday at $24.91. The new preferred shares freed for OTC market business under the ticker “APGGP.”

The preferreds ricocheted between just above and just below par on Tuesday.

While Apollo Global saw gains on Wednesday, the overall preferreds space was mixed.

The Wells Fargo Hybrid & Preferred Securities Financial index was up slightly early in the session at 0.01%. The U.S. iShares Preferred Stock ETF was down 0.15%.

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