Morning Commentary: New Residential under par; Athene heads upward; Annaly trails

By James McCandless

San Antonio, June 26 – Top traders in the preferred space were mixed as the Wells Fargo Hybrid & Preferred Securities Financial index began the day up by 0.03%.

Leading trading activity, real estate investment trust New Residential Investment Corp.’s new $135 million 7.5% series A fixed-to-floating rate cumulative redeemable preferred stock was under par.

The preferreds, trading under the temporary symbol “NRXPP,” were spotted at $24.93 on volume of about 817,000 shares.

The deal priced on Tuesday.

Meanwhile, retirement services company Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were moving upward early.

The preferreds (NYSE: ATHPrA) were up 4 cents to $26.12 with about 114,000 shares trading.

Asset manager Annaly Capital Management, Inc.’s new 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock was trailing.

The preferreds, trading under the temporary symbol “ACAXP,” were down 10 cents to $24.75 on volume of about 87,000 shares.

In the communications sector, Qwest Corp.’s 6.5% notes due 2056 were pushing higher.

The notes (NYSE: CTBB) added 5 cents to $23.14 with about 55,000 notes trading.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds saw an early jump.

The preferreds (NYSE: JPMPrC) rose 13 cents to $27.11 on volume of about 45,000 shares.

© 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.