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Morning Commentary: American Equity below par; Public Storage dips; Synchrony trails
By James McCandless
San Antonio, June 11 – The preferred market opened weaker Thursday morning as the Wells Fargo Hybrid & Preferred Securities Financial index declined by 0.93%.
In the primary space, American Equity Investment Life Holding Co. priced a $300 million offering of $25-par series B fixed-rate reset non-cumulative preferred stock (BB/BB) with a dividend of 6.625% at par on Wednesday.
Morgan Stanley & Co. LLC, BofA Securities, Inc., RBC Capital Markets, LLC, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are the bookrunners.
On Sept. 1, 2025 and every five years thereafter, the dividend resets to the Treasury rate plus 629.7 basis points.
On Thursday morning, the preferreds, trading under the temporary symbol “AEIHL,” were seen at $24.80 on volume of about 1.3 million shares.
Meanwhile, real estate investment trust Public Storage’s new 4.625% series L cumulative preferreds began the session with a dip.
The preferreds, trading under the temporary symbol “PUBXL,” were shedding 17 cents to $24.80 with about 197,000 shares trading.
Sector peer Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferreds were being pushed lower.
The preferreds (NYSE: CIMPrB) were slipping $1.09 to $20.58 on volume of about 44,000 shares.
Elsewhere, in the finance space, Synchrony Financial’s 5.625% series A non-cumulative perpetual preferred stock was trailing.
The preferreds (NYSE: SYFPrA) were declining by 26 cents to $21.18 with about 57,000 shares trading.
Pinnacle Financial Partners, Inc.’s 6.75% series B fixed-rate non-cumulative perpetual preferred stock was moving along the prevailing trend.
The preferreds (Nasdaq: PNFPP) were off 25 cents to $25.51 on volume of about 52,000 shares.
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