Annaly prices $425 million; preferred stocks improve; Arch Capital climbs; Seritage edges up

By Cristal Cody

Tupelo, Miss., Jan. 8 – Annaly Capital Management, Inc. tapped the primary market on Monday with the New Year’s first deal.

The company sold $425 million of 6.5% series G fixed-to-floating-rate perpetual cumulative redeemable preferred stock. The preferreds convert March 31, 2023 to a floating rate of Libor plus 417.2 basis points.

The shares were freed to trade over the counter under the temporary symbol “ACMGP.”

Overall, preferred stocks closed stronger on the day.

The Wells Fargo Hybrid and Preferred Securities index climbed 22 bps.

The U.S. iShares Preferred Stock ETF rose 18 bps.

Looking at trading in new issues, Arch Capital Group Ltd.’s reopened 5.45% series F non-cumulative perpetual preferred stock (Nasdaq: ACGLO) rose 30 cents, or 1.2%, to $25.38.

The company priced a $100 million, or 4 million share, add-on to the issue on Nov. 29 at $25.16 per depositary share.

The Hamilton, Bermuda insurance, reinsurance and mortgage insurance provider originally issued $230 million of the securities on Aug. 17. The total outstanding now is $330 million.

Also in trading on Monday, Seritage Growth Properties’ 7% series A cumulative redeemable perpetual preferred stock (NYSE: SRGPrA) rose 6 cents, or 0.25%, to head out at $24.46.

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