Signature Bank negative; Athene preferreds rise; Qwest $25-par notes better

By James McCandless

San Antonio, Dec. 23 – In the middle of the week shortened by the Christmas holiday, the preferred market was pulled in different directions.

On top of the day’s preferred secondary space, Signature Bank’s 5% series A non-cumulative perpetual preferred stock took a negative turn.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.7% series AA non-cumulative perpetual preferred stock took a haircut.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities pushed upward.

Retirement services provider Athene Holding Ltd.’s recent 4.875% series D fixed-rate perpetual non-cumulative preference shares rose.

Meanwhile, communications name Qwest Corp.’s 6.5% notes due 2056 reached a better position by the end of the day.

Signature Bank down

On top of the day’s secondary space trading, Signature Bank’s 5% series A non-cumulative perpetual preferred stock took a negative turn.

The preferreds (Nasdaq: SBNYP) were down 2 cents to close at $25.15 on volume of about 560,000 shares.

On Tuesday, the preferreds shaved off 3 cents.

Elsewhere in the finance space, Wells Fargo’s 4.7% series AA non-cumulative perpetual preferred stock took a haircut.

The preferreds (NYSE: WFCPrA) declined by 10 cents to close at $25.96 with about 189,000 shares trading.

On Tuesday, the preferreds shaved off 22 cents.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities pushed upward as the session progressed.

The preferreds (NYSE: ALLYPrA) reached up 21 cents to close at $26.47 on volume of about 161,000 shares.

Athene rises

Retirement services provider Athene’s recent 4.875% series D fixed-rate perpetual non-cumulative preference shares were on the rise.

The preferreds, trading under the temporary symbol “ATHDF,” tacked on 4 cents to close at $25.00 with about 182,000 shares trading.

On Tuesday, the preferreds lost 6 cents.

Qwest better

Meanwhile, communications name Qwest’s 6.5% notes due 2056 reached a better position by the end of the afternoon.

The notes (NYSE: CTBB) grabbed 1 cent to close at $25.51 on volume of about 157,000 notes.

On Tuesday, the preferreds slid 21 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was lower by 0.11% on Wednesday.

The index weakened by 0.42% on Tuesday, was down 0.01% by Monday’s close and ended Friday down by 0.05%.

The iShares US Preferred Stock ETF was up 2 cents to $38.08.

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