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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.