Sino Agro Food starts direct offering; Annaly Capital improves; Athene preferreds climb

By James McCandless

San Antonio, June 27 – The preferred space saw a broad positive push on Thursday.

Sino Agro Food, Inc. has started a direct public offering for up to $40 million of its 7% series G non-convertible cumulative redeemable perpetual preferred stock at $40.00 per share.

In the secondary, Annaly Capital Management, Inc.’s recent 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock improved.

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

Real estate investment trust New Residential Investment Corp.’s new 7.5% series A fixed-to-floating rate cumulative redeemable preferred stock pushed upward.

Utilities name Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities jump higher.

In finance, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds both rose.

Sino Agro’s offering

Sino Agro has started a direct public offering for up to $40 million of its 7% series G non-convertible cumulative redeemable perpetual preferred stock at $40.00 per share.

There are no underwriters.

Each share bought will come with 10 warrants to purchase an aggregate of 10 shares of common stock with an initial exercise price of $1.00 per share.

The preferreds are redeemable on or after Aug. 15, 2025.

The dividend will be payable on Aug. 15 of each year starting on Aug. 15, 2020.

Annaly improves

Leading activity in the secondary, Annaly Capital’s recent 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock improved.

The preferreds, trading under the temporary symbol “ACAXP,” were up 14 cents to close at $24.89 on volume of about 1.3 million shares.

On Wednesday, the preferreds lost 10 cents.

Athene climbs

Meanwhile, retirement services provider Athene’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were seen climbing.

The preferreds (NYSE: ATHPrA) tacked on 13 cents to close at $26.20 with about 458,000 shares trading.

On Wednesday, the preferreds lost 1 cent.

New Residential up

Real estate investment trust New Residential’s new 7.5% series A fixed-to-floating rate cumulative redeemable preferred stock spent the day on an upward push.

The preferreds, trading under the temporary symbol “NRXPP,” picked up 6 cents to close at $25.24 on volume of about 409,000 shares.

On Wednesday, the preferreds closed above par.

SoCal Edison higher

Meanwhile, Southern California Edison’s 5% cumulative trust preferred securities jumped higher by the end of the session.

The preferreds (NYSE: SCEPrL) shot up 44 cents to close at $22.02 with about 344,000 shares trading.

On Thursday, the company declared dividends for three series of preferred stock.

JPMorgan rises

In the finance space, JPMorgan’s 6% series EE and 5.75% series DD non-cumulative preferreds both spent the day rising.

The series EE preferreds (NYSE: JPMPrC) finished up 10 cents to close at $27.21 on volume of about 336,000 shares.

The series DD preferreds (NYSE: JPMPrD) were up 2 cents to close at $26.79 on volume of about 298,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.22% by day’s end after beginning Thursday up by 0.10%.

The iShares US Preferred Stock ETF was up 2 cents to $36.83.

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