Voya Financial preferreds top par; W.R. Berkley debentures improve; Athene heads lower

By James McCandless

San Antonio, June 12 – The preferred market was largely mixed in the middle of the week, dominated by newer issues.

Voya Financial, Inc.’s new $300 million 5.35% series B fixed-rate reset non-cumulative preferred stock finished its first day above par.

Elsewhere, in insurance, W.R. Berkley Corp.’s 5.75% subordinated debentures due 2056 saw a modest improvement.

Retirement name Athene Holding Ltd.’s new 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares shifted down.

In finance, Goldman Sachs Group, Inc.’s 6.2% series B non-cumulative preferreds and its series D floating-rate non-cumulative preferreds were both sliding.

Armada Hoffler Properties, Inc. new $55 million 6.75% series A cumulative redeemable perpetual preferred stock ended the session above par.

Voya tops par

Leading Wednesday’s activity, Voya’s new $300 million 5.35% series B fixed-rate reset non-cumulative preferred stock was seen finishing its first day pushing past par.

The preferreds, trading under the temporary symbol “VOYXL,” were spotted closing at $25.07 on volume of about 3.1 million shares.

The deal priced on Tuesday.

W.R. Berkley up

Elsewhere, in the insurance space, W.R. Berkley’s 5.75% subordinated debentures due 2056 saw a small improvement.

The debentures (NYSE: WRBPrD) picked up 4 cents to close at $25.43 with about 804,000 debentures trading.

Athene down

Retirement name Athene’s new 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares saw a downward shift.

The preferreds, trading under the temporary symbol “ATHDF,” lost 1 cent to close at $25.99 on volume of about 328,000 shares.

On Tuesday, the preferreds lost 10 cents.

Goldman slides

Meanwhile, in the finance space, Goldman Sachs’ 6.2% series B non-cumulative preferreds and its series D floating-rate non-cumulative preferreds were both sliding in the session.

The series B preferreds (NYSE: GSPrB) dropped $1.70 to close at $25.42 with about 298,000 shares trading.

The series D preferreds (NYSE: GSPrD) declined by 5 cents to close at $19.70 with about 190,000 shares trading.

On Tuesday, the preferreds fell 16 cents.

Armada Hoffler above par

Real estate investment trust Armada Hoffler’s new $55 million 6.75% series A cumulative redeemable perpetual preferred stock, another tranche on its first trading day, closed the day above par.

The preferreds, trading under the temporary symbol “AMAHP,” ended the session at $25.38 on volume of about 170,000 shares.

The deal priced on Tuesday.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.03% at the close after opening the Tuesday session flat.

The iShares US Preferred Stock ETF was up 2 cents to $36.68.

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