New Residential taps preferred market; Aspen Insurance improves; Annaly Capital jumps

By James McCandless

San Antonio, Aug. 8 –The preferred market saw more rumblings in the primary space as the secondary expanded.

New Residential Investment Corp. priced a $250 million offering of $25-par series B fixed-to-floating rate cumulative redeemable preferred stock with an initial dividend of 7.125%. There is a $37.5 million greenshoe.

In the secondary, Aspen Insurance Holdings Ltd.’s new 5.625% non-cumulative preferred shares spent the day moving higher.

The preferreds, trading under the temporary symbol “AHLNF,” were up 6 cents to close at $25.21 on volume of about 995,000 shares.

Sector peer Allstate Corp.’s recent 5.1% series H fixed-rate non-cumulative perpetual preferred stock was active but flat.

The preferreds, trading under the temporary symbol “ALLZL,” closed level at $25.30 with about 557,000 shares.

REIT Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds jumped up.

The preferreds (NYSE: NLYPrI) rose 18 cents to close at $25.63 on volume of about 377,000 shares.

JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds diverged during the session.

The series EE preferreds (NYSE: JPMPrC) shed 7 cents to close at $27.19 on volume of about 287,000 shares.

The series DD preferreds (NYSE: JPMPrD) were up 7 cents to close at $27.10 on volume of about 231,000 shares.

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