Sachem Capital sells $25-par notes; Truist positive; Just Energy preferreds jump

By James McCandless

San Antonio, Aug. 28 – Closing out the week in the preferred market, top traders were seen varying in direction.

In primary activity, Sachem Capital Corp. priced a $13 million offering of $25-par notes due Sept. 30, 2025 with a coupon of 7.75%.

The secondary space was led by positivity from Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred shares were under water.

Utilities provider Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares jumped higher.

REIT Public Storage’s 5.2% series W cumulative preferred shares lost ground at the end of the session.

Meanwhile, telecom services name AT&T, Inc.’s 4.75% series C perpetual preferred stock was also seen dropping.

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