PS Business Parks above par; Citigroup end on positive note; Athene sees boost

By James McCandless

San Antonio, Oct. 25 – The preferred market closed out Friday carrying the positive trend that highlighted much of the week.

Leading Friday’s activity, REIT PS Business Parks, Inc.’s new $300 million 4.875% series Z cumulative preferred stock closed above par.

Meanwhile, in finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities ended on the positive side.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds also gained.

Iberiabank Corp.’s 6.1% series D fixed-to-floating rate non-cumulative perpetual preferreds got a slight increase.

Retirement name Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares saw a boost.

PS Business above par

Leading Friday’s secondary activity, real estate investment trust PS Business Parks’ new $300 million 4.875% series Z cumulative preferred stock closed its first day above par.

The preferreds, trading under the temporary symbol “PSPBZ,” were seen closing at $25.18 on volume of about 3.3 million shares.

The deal priced on Thursday.

Citigroup positive

Meanwhile, in the finance space, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities ended the week on the positive side.

The preferreds (NYSE: CPrN) improved by 1 cent to close at $27.68 with about 485,000 shares trading.

Sector peer Capital One’s 5% series I fixed-rate non-cumulative perpetual preferreds also gained by the end of the session.

The preferreds (NYSE: COFPrI) gained 7 cents to close at $25.35 on volume of about 406,000 shares.

On Thursday, the preferreds were up 6 cents.

Iberiabank’s 6.1% series D fixed-to-floating rate non-cumulative perpetual preferreds got a slight increase.

The preferreds (Nasdaq: IBKCN) tacked on 1 cent to close at $26.80 with about 352,000 shares trading.

Athene rises

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

The preferreds (NYSE: ATHPrA) shot up 18 cents to close at $28.05 on volume of about 207,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index closed the week up by 0.06%, recouping a 0.05% loss from early Friday trading.

The iShares US Preferred Stock ETF was down 1 cent to $37.65.

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