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Morning Commentary: Athene prices; Gabelli rises; Deutsche Bank preferreds mixed
By James McCandless
San Antonio, June 6 – The preferred space kicked off Thursday slightly higher as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.07%.
Late Wednesday, Athene Holding Ltd. priced an upsized $750 million offering of $25-par series A fixed-to-floating rate perpetual non-cumulative preference shares with an initial dividend of 6.35%.
The deal, announced Wednesday morning, was upsized from an initial $200 million and came in under talk for a dividend in the 6.5% area.
There is a $112.5 million greenshoe.
Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
On Thursday morning the preferreds, trading under the temporary symbol “ATHDF,” were seen above par at $25.54 on volume of about 4 million shares.
Elsewhere, Gabelli Dividend & Income Trust’s new $50 million 5.375% series H cumulative preferred stock was also on the rise.
The preferreds, trading under the temporary symbol “GDVVP,” were up 3 cents to $25.15 with about 54,000 shares trading.
Meanwhile, in the finance space, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and its Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were mixed at the open.
The 8.05% preferreds (NYSE: DKT) were off by 3 cents to $25.35 on volume of about 41,000 shares.
The 6.55% preferreds (NYSE: DXB) started up by 1 cent to $24.47 on volume of about 28,000 shares.
Sector peer U.S. Bancorp’s 6.5% series F fixed-to-floating rate non-cumulative perpetual preferred stock was on the positive side early in the session.
The preferreds (NYSE: USBPrM) were up 1 cent to $27.16 with about 30,000 shares trading.
JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were also gaining by inches.
The preferreds (NYSE: JPMPrC) edged up 1 cent to $26.77 on volume of about 26,000 shares.
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