Aspen Insurance sells $25-par preferreds; Allstate preferreds active; Citigroup higher

By James McCandless

San Antonio, Aug. 6 –The preferred market spent the Tuesday session recovering from Monday’s dive.

In the primary space, Aspen Insurance Holdings Ltd. priced a $250 million offering of $25-par perpetual non-cumulative preferred shares with a dividend of 5.625%.

The deal, announced Tuesday morning, was upsized from an initial $125 million and came in under talk for a dividend in the 5.75% area.

Leading the day, Allstate Corp.’s new 5.1% series H fixed-rate non-cumulative perpetual preferred stock rose while its established 6.625% series E fixed-rate non-cumulative perpetual preferreds were flat.

The series H preferreds, trading under the temporary symbol “ALLZL,” were up 10 cents to close at $25.27 on volume of about 1.8 million shares.

The series E preferreds (NYSE: ALLPrE) closed level at $25.32 on volume of about 210,000 shares.

Elsewhere, in finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities closed slightly positive.

The preferreds (NYSE: CPrN) picked up 1 cent to close at $26.79 with about 433,000 shares trading.

Sector peer Capital One Financial Corp.’s 6.25% fixed-rate non-cumulative perpetual preferreds also improved.

The preferreds (NYSE: COFPrC) were better by 11 cents to close at $25.66 on volume of about 260,000 shares.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds (NYSE: JPMPrC) garnered 12 cents to close at $27.40.

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