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Morning Commentary: Saratoga plans $25-par notes; Two Harbors higher; Athene declines
By James McCandless
San Antonio, June 17 – The preferred market saw gains as Wednesday started with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.11%.
The primary space saw Saratoga Investment Corp. announce plans to price an offering of $25-par fixed-rate notes due 2025.
Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC, BB&T Capital Markets, B. Riley FBR, Inc. and Compass Point Research & Trading, LLC are the bookrunners.
Leading early secondary trading, real estate investment trust Two Harbors Investment Corp.’s 7.625% series B fixed-to-floating rate cumulative redeemable preferred stock was tracking higher.
The preferreds (NYSE: TWOPrB) were up 17 cents to $21.12 on volume of about 47,000 shares.
Sector peer New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferreds were jumping.
The preferreds (Nasdaq: NYMTM) were shooting up 35 cents to $20.00 with about 23,000 shares trading.
Elsewhere, retirement services provider Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were losing ground.
The preferreds (NYSE: ATHPrC) were down 3 cents to $25.12 on volume of about 27,000 shares.
Meanwhile, in communications, Qwest Corp.’s 6.5% notes due 2056 were pointing upward as the day kicked off.
The notes (NYSE: CTBB) were rising 17 cents to $23.55 with about 25,000 shares trading.
Separately, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was relatively active but unchanged so far.
The preferreds (NYSE: BACPrN) were holding level at $25.09 on volume of about 25,000 shares.
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