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DTE prices debentures; TFC Financial preferreds decline; Athene boosted
By James McCandless
San Antonio, Sept. 22 – By the end of the Tuesday preferred market session, top traders were trending positively.
In the primary space, DTE Energy Co. sold a $200 million offering of $25-par 2020 series G junior subordinated notes due Oct. 15, 2080 at par with a coupon in of 4.375%.
As the leader of secondary volume, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock declined.
Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were under pressure.
Sector peer Bank of America Corp.’s 6.2% series CC non-cumulative preferred stock was seen moving higher as the day ended.
Retirement services provider Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were boosted.
Meanwhile, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock followed the market trend, pushing higher.
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