New Residential preferreds top par; Oaktree Capital lower; Athene weakens slightly

By James McCandless

San Antonio, June 26 – The preferred space saw broad declines, extending its negative trend for the week.

On its first day, real estate investment trust New Residential Investment Corp.’s new $135 million 7.5% series A fixed-to-floating rate cumulative redeemable preferred stock ended above par.

The preferreds, trading under the temporary symbol “NRXPP,” was spotted closing at $25.18 on volume of about 2.6 million shares.

The deal priced on Tuesday.

Elsewhere, in finance, Oaktree Capital Group, LLC’s 6.55% series B non-cumulative preferred units finished lower.

The preferreds (NYSE: OAKPrB) lost 4 cents to close at $25.94 with about 1.1 million shares trading.

Sector peer Bank of America Corp.’s 6% series GG non-cumulative preferreds were also in decline.

The preferreds (NYSE: BACPrB) dropped 9 cents to close at $26.63 on volume of about 339,000 shares.

Retirement services company Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares followed the downward trend.

The preferreds (NYSE: ATHPrA) shaved off 1 cent to close at $26.07 with about 1 million shares trading.

Meanwhile, asset manager Annaly Capital Management, Inc.’s new 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock was also trailing.

The preferreds, trading under the temporary symbol “ACAXP,” gave back 10 cents to close at $24.75 on volume of about 695,000 shares.

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