Triton International taps market; Charles Schwab flat; Voya preferreds up; Athene better

By James McCandless

San Antonio, June 17 – The preferred space was trending higher on the first day of a new week, with some mixed activity among top traders.

Triton International Ltd. priced a $125 million offering of $25-par series B cumulative redeemable perpetual preference shares at par with a dividend of 8%.

Charles Schwab Corp.’s 5.95% series D non-cumulative perpetual preferred stock led market volume but finished flat.

Elsewhere in finance, Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds rose.

Sector peer JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferred stock saw negativity.

Employee benefits name Voya Financial, Inc.’s recent 5.35% series B fixed-rate reset non-cumulative preferreds improved.

Retirement company Athene Holding Ltd.’s recent 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares closed better.

Triton prices

Triton priced a $125 million offering of $25-par series B cumulative redeemable perpetual preference shares at par with a dividend of 8%.

There is an $18.75 million greenshoe

Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Keefe, Bruyette & Woods, Inc. are the joint bookrunners.

The preferreds are redeemable on or after Sept. 15, 2024. Prior to that, they are redeemable within 120 days after a change-of-control triggering event.

Schwab flat

Although leading the session in volume, Schwab’s 5.95% series D non-cumulative perpetual preferred stock was flat by the end of the day.

The preferreds (NYSE: SCHWPrD) closed level at $26.68 on volume of about 893,000 shares.

Elsewhere in the finance space, Regions Financial’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds were on the rise.

The preferreds (NYSE: RFPrC) picked up 7 cents to close at $25.59 with about 346,000 shares trading.

Sector peer JPMorgan’s 6.1% series AA non-cumulative preferred stock saw negative movement in Monday trading.

The preferreds (NYSE: JPMPrG) declined by 3 cents to close at $26.00 on volume of about 268,000 shares trading.

Voya improves

Meanwhile, employee benefits name Voya’s recent 5.35% series B fixed-rate reset non-cumulative preferreds improved by the close.

The preferreds, trading under the temporary symbol “VOYXL,” added 10 cents to close at $25.39 on volume of about 534,000 shares.

On Friday, the preferreds lost 1 cent.

Athene better

Retirement company Athene’s recent 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares moved higher.

The preferreds, trading under the temporary symbol “ATHDF,” were up 6 cents to close at $25.95 on volume of about 340,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was higher by 0.10% at the close, improving on a 0.01% decline in early Monday trading.

The iShares US Preferred Stock ETF was up 7 cents to $36.89.

© 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.