American Homes, TriplePoint list on NYSE; Two Harbors above par again; GSEs strengthen

By Stephanie N. Rotondo

Seattle, July 19 – The preferred stock market managed to hold on to the gains incurred in the previous session come midweek trading, albeit just barely.

The Wells Fargo Hybrid and Preferred Securities index closed up 1 basis point, though it was up 12 bps at mid-morning. The U.S. iShares Preferred Stock ETF ended up 10 bps, after being up 15 bps earlier in the day.

Recent issues were hitting the New York Stock Exchange on Wednesday, including American Homes 4 Rent’s $115 million of 5.875% series G cumulative redeemable preferreds and TriplePoint Venture Growth BDC Corp.’s $65 million of 5.75% $25-par notes due 2022.

The former listed under the ticker “AMHPrG,” while the latter was admitted under the symbol “TPVY.”

American Homes was trading up 13 cents upon listing, trading at $25.18. TriplePoint was also better, adding 63 cents, or 2.56%, to trade at $25.25.

American Homes priced July 10. TriplePoint came July 11.

As for Two Harbors Investment Corp.’s $250 million of 7.625% series B fixed-to-floating rate cumulative redeemable preferreds – a deal from July 12 that has not yet listed – it was up 47 cents, or 1.88%, at $25.41.

Away from the recent issues, Fannie Mae and Freddie Mac preferreds were busy and better.

One market source said there was no fresh news to cause the surge.

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