Athene’s new preference shares top par; Rexford preferreds end lower; Capital One up

By James McCandless

San Antonio, Sept. 17 – The preferred space was virtually unchanged until the afternoon, when it received a positive boost.

In finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock jumped higher.

The preferreds (NYSE: COFPrI) jumped up 27 cents to close at $24.63 on volume of about 1.2 million shares.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds took a small loss.

The preferreds (NYSE: JPMPrC) declined by 1 cent to close at $27.79 with about 449,000 shares trading.

Leading secondary trading, Athene Holding Ltd.’s new $300 million 5.625% series B fixed-rate perpetual non-cumulative preference shares closed above par.

The preferreds, trading under the temporary symbol “ATHHF,” were seen closing at $25.08 on volume of about 5.2 million shares.

REIT Rexford Industrial Realty, Inc.’s recent 5.625% series C cumulative redeemable preferreds finished the session weaker.

The preferreds, trading under the temporary symbol “REXCP,” fell 5 cents to $25.20 with about 315,000 shares trading.

In the primary space, details emerged on Bank of America Corp.’s $1.31 billion issue of $25-par series LL non-cumulative 5% preferred shares.

Meanwhile, the bank’s established 6% series GG non-cumulative preferreds were seen improving.

The preferreds (NYSE: BACPrB) added 9 cents to close at $26.71 with about 661,000 shares trading.

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