Sachem to tap $25-par market; Signature Bank higher; Athene preferreds rise

By James McCandless

San Antonio, Dec. 17 – Heading into the second half of the week, the preferred market’s top traders were again robust on Thursday.

In the primary space, Sachem Capital Corp. plans to price more of its $25-par notes due Sept. 30, 2025 with a coupon of 7.75%.

At the top of the day’s activity, Signature Bank’s recent 5% series A non-cumulative perpetual preferred stock shot higher.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were lifted.

Sector peer Wells Fargo & Co.’s 4.7% series AA non-cumulative perpetual class A preferred stock followed the trend.

Retirement services provider Athene Holding Ltd.’s new 4.875% series D fixed-rate perpetual non-cumulative preference shares rose.

Meanwhile, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock finished the day on the negative side.

Sachem on deck

In the primary space, Sachem Capital announced plans to price more of its $25-par notes (Egan-Jones: BBB+) due Sept. 30, 2025 with a coupon of 7.75%.

The notes will rank equally and form a single series with the $28,363,750 aggregate principal amount of 7.75% notes due 2025 that were issued in September 2020 and October 2020.

Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC are the bookrunners.

The notes are redeemable on or after Sept. 4, 2022 at par.

Signature Bank higher

At the top of the day’s activity, Signature Bank’s recent 5% series A non-cumulative perpetual preferred stock shot higher.

The preferreds (Nasdaq: SBNYP) were up 43 cents to close at $25.48 on volume of about 1 million shares.

On Wednesday, the preferreds hopped up 16 cents.

Elsewhere in the finance space, Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were lifted.

The preferreds (NYSE: COFPrJ) pushed up 16 cents to close at $25.63 with about 630,000 shares trading.

Sector peer Wells Fargo’s 4.7% series AA non-cumulative perpetual class A preferred stock followed the overarching trend.

The preferreds (NYSE: WFCPrA) grabbed 10 cents to close at $26.15 on volume of about 243,000 shares.

Athene rises

Retirement services provider Athene’s new 4.875% series D fixed-rate perpetual non-cumulative preference shares were on the rise.

The preferreds, trading under the temporary symbol “ATHDF,” were boosted 14 cents to close at $25.02 with about 939,000 shares trading.

On Wednesday, the preferreds closed under par.

AT&T negative

Meanwhile, telecom giant AT&T’s 4.75% series C perpetual preferred stock finished the day on the negative side.

The preferreds (NYSE: TPrC) shaved off 3 cents to close at $26.43 on volume of about 191,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index gained 0.22% on Thursday.

The index was 0.18% better on Wednesday, up 0.36% on Tuesday and capped Monday up by 0.22%.

© 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.