Athene preferred shares top par; Deutsche Bank trades lower; Gabelli Dividend improves

By James McCandless

San Antonio, June 6 – The preferred space closed mixed as it entered the tail end of the week.

Leading the day’s activity, Athene Holding Ltd.’s new $750 million 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares closed above par.

Meanwhile, in finance, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were both negative.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were also worse off by the end of the session.

Mutual fund Gabelli Dividend & Income Trust’s new $50 million 5.375% series H cumulative preferred stock continued to rise.

Elsewhere, in utilities, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preference securities finished slightly higher.

Athene above par

Far and away the leader of the day’s activity, Athene’s new $750 million 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were spotted closing above par.

The preferreds, trading under the temporary symbol “ATHDF,” closed at $25.50 on volume of about 8.3 million shares.

The deal priced on Wednesday.

Deutsche Bank off

Meanwhile, in the finance space, Deutsche Bank’s 8.05% and 6.55% trust preferred securities were both lower by the end of the trading day.

The 8.05% preferreds (NYSE: DKT) were down 8 cents to close at $25.30 with about 305,000 shares trading.

The 6.55% preferreds (NYSE: DXB) were off 9 cents to close at $24.37 with about 150,000 shares trading.

Sector peer JPMorgan’s 6% series EE non-cumulative preferreds were also worse off as the session came to a close.

The preferreds (NYSE: JPMPrC) dropped 3 cents to close at $26.73 on volume of about 153,000 shares.

Gabelli rises

Mutual fund Gabelli’s new $50 million 5.375% series H cumulative preferred stock continued on a positive track in Thursday activity.

The preferreds, trading under the temporary symbol “GDVVP,” gained 6 cents to close at $25.18 with about 223,000 shares trading.

On Wednesday, the preferreds landed at $25.12 on their first day of trading.

SoCal Edison higher

In utilities, Southern California Edison’s 5% cumulative trust preference securities finished slightly higher.

The preferreds (NYSE: SCEPrL) added 2 cents to close at $20.77 on volume of about 150,000 shares.

Indexes flat to higher

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session up by 0.05%, giving back a small part of the 0.07% rise in early activity.

The iShares US Preferred Stock ETF was level at $36.59.

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