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Published on 4/5/2018 in the Prospect News Investment Grade Daily.

Cherry Hill, Fortress Biotech plan more preferreds; Allstate’s recent issue trades up

By James McCandless

San Antonio, April 5 – The preferred market was active again on Thursday but prices remained mixed.

In primary activity, there were two registrations for at-the-market sales.

Cherry Hill Mortgage Investment Corp. registered an at-the-market $35 million offering of its 8.2% series A preferreds.

Another at-the-market offering came from Fortress Biotech, Inc. with $26 million of its 9.375% preferreds.

Allstate Corp. led the secondary market with its recent $500 million issue of $25-par perpetual preferred series G shares.

Allstate’s recent upsized $500 million of $25-par perpetual preferred series G shares, priced last Tuesday, continued to lead the preferred stock market according to traders.

The shares come with a 5.625% dividend that begin paying out on June 15, 2018.

The preferreds continued to climb, rising 3 cents to close at $25.18.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index ended down 0.02% after sliding as far as 0.06% in early trading.

The iShares US Preferred Stock ETF jumped up 9 cents to close at $37.24.


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