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American Equity below par; Public Storage preferreds fall; Associated Banc-Corp gains
By James McCandless
San Antonio, June 11 – The Thursday session in the preferred market saw widespread negativity on new negative economic outlooks.
Leading the secondary trading, American Equity Investment Life Holding Co.’s new $300 million 6.625% series B fixed-rate reset non-cumulative preferred stock closed below par.
Meanwhile, REIT Public Storage’s new 4.625% series L cumulative preferred shares finished the afternoon falling.
Elsewhere, in the finance space, Associated Banc-Corp’s new 5.625% series F non-cumulative perpetual preferreds gained ground.
Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock followed the negative trend.
JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was under pressure throughout the day.
American Equity under par
Leading Thursday’s secondary trading, insurance provider American Equity’s new $300 million 6.625% series B fixed-rate reset non-cumulative preferred stock closed below par on its first day.
The preferreds, trading under the temporary symbol “AEIHL,” were seen closing at $24.58 on volume of about 4.7 million shares.
The deal priced late Wednesday.
Public Storage falls
Meanwhile, real estate investment trust Public Storage’s new 4.625% series L cumulative preferred shares finished the afternoon falling.
The preferreds, trading under the temporary symbol “PUBXL,” were losing 27 cents to close at $24.70 with about 674,000 shares trading.
On Wednesday, the preferreds shed 3 cents.
Associated Banc-Corp gains
Elsewhere, in the finance space, Associated Banc-Corp’s new 5.625% series F non-cumulative perpetual preferreds gained ground.
The preferreds, trading under the temporary symbol “ABBCL,” picked up 11 cents to close at $24.98 on volume of about 414,000 shares.
Sector peer Bank of America’s 5% series LL non-cumulative preferreds (NYSE: BACPrN) declined by 50 cents to close at $24.69 with about 414,000 shares trading.
On Wednesday, the preferreds shaved off 4 cents.
JPMorgan’s 4.75% series GG non-cumulative preferred stock was under similar pressure throughout the day.
The preferreds (NYSE: JPMPrJ) chalked off 37 cents to close at $24.58 on volume of about 281,000 shares.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index saw a 1.88% dive, wider than the 0.93% loss from early Thursday trading.
The iShares US Preferred Stock ETF was down $1.12 to $34.47.
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