Post-holiday preferreds mixed; Fortress Biotech, Goldman Sachs, American Equity offer deals

By Cristal Cody

Tupelo, Miss., Nov. 12 – Preferred stock indexes ended Tuesday moderately better with several issuers announcing deals.

The Wells Fargo Hybrid and Preferred Securities index was up 0.1% over the morning and closed the day 0.22% better.

The U.S. iShares Preferred Stock ETF rose 10 cents or 0.29%, early Tuesday and ended the session up 11 cents, or 0.3%, at $37.07.

In the primary market, Fortress Biotech, Inc. announced plans to price a registered add-on to its 9.375% $25-par series A perpetual preferred stock.

The preferreds, traded under the symbol “FBIOP” on the Nasdaq Capital Market, closed the day down 15 cents, or 0.73%, at $20.89 on trading volume of about 5,000 shares.

At the start of the day, the Fortress Biotech preferreds fell 6 cents.

The securities were last reported on Monday at $21.04 a share.

Meanwhile, Goldman Sachs Group Inc. launched an offering of depositary shares on Tuesday.

Also, American Equity Investment Life Holding Co. marketed a registered offering of $25-par depositary shares.

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