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Morning Commentary: Athene preferreds above par; Ally Financial, Pennsylvania REIT up
By James McCandless
San Antonio, June 5 – The preferred market started the last day of the week with a boost, buoyed by positive economic data, as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.50%.
Leading early Friday activity, Athene Holding Ltd.’s new $600 million 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were seen trading above par on their first day.
The securities, trading under the temporary symbol “ATHHL,” were spotted at $25.26 on volume of about 3.3 million shares.
The company’s established 6.35% series A fixed-to-floating rate perpetual non-cumulative preferred stock was pushing higher.
The preferreds (NYSE: ATHPrA) were adding 16 cents to $25.36 on volume of about 119,000 shares.
Meanwhile, in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were picking up steam.
The preferreds (NYSE: ALLYPrA) were improving by 22 cents to $23.83 with about 142,000 shares trading.
Sector peer Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferred stock was slipping, going against the trend.
The preferreds (NYSE: TFCPrO) were losing 2 cents to $25.50 on volume of about 95,000 shares.
United Community Banks, Inc.’s new 6.875% series I non-cumulative preferred stock started the session with a rise.
The preferreds, trading under the temporary symbol “UCBKL,” were tacking on 6 cents to $25.06 with about 64,000 shares trading.
Elsewhere, real estate investment trust Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferreds were jumping up.
The preferreds (NYSE: PEIPrC) were getting a $1.08 boost to close at $7.23 on volume of about 130,000 shares.
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