Morning Commentary: U.S. Bancorp under par; Athene lower; Brookfield Property gains

By James McCandless

San Antonio, Oct. 21 – Entering the middle of the week, the preferred market saw gains as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.03%.

Leading the morning’s secondary activity, U.S. Bancorp’s new $500 million 3.75% series L non-cumulative perpetual preferred stock opened its first day below par.

The preferreds, trading under the temporary symbol “UBKPL,” were seen moving at $24.65 on volume of about 2.9 million shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were slipping.

The preferreds (NYSE: WFCPrZ) were declining by 5 cents to $25.21 with about 114,000 shares trading.

Sector peer Capital One Financial Corp.’s 4.625% series K fixed-rate non-cumulative perpetual preferred stock was pushing higher.

The preferreds (NYSE: COFPrK) were adding 5 cents to $25.09 on volume of about 29,000 shares.

Retirement services provider Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were under pressure.

The securities (NYSE: ATHPrC) were down 16 cents to $27.13 with about 28,000 shares trading.

Meanwhile, real estate developer Brookfield Property Partners LP’s 5.75% series 3 class A redeemable perpetual preferred units moved along a positive trend.

The preferreds (Nasdaq: BPYPN) were picking up 9 cents to $19.47 on volume of about 24,000 shares.

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