Athene preferreds under par; Southern California Edison active, flat; Signature Bank up

By James McCandless

San Antonio, Dec. 16 – In the middle of the week, the preferred space continued the upward trend built earlier in the week.

Leading the secondary market, Athene Holding Ltd.’s new $550 million 4.875% series D fixed-rate perpetual non-cumulative preference shares finished under par.

Meanwhile, utilities provider Southern California Edison Co.’s 5% cumulative trust preferred securities were active but ended flat.

In the finance space, Signature Bank’s recent 5% series A non-cumulative perpetual preferreds improved.

Healthcare tech company Ontrak, Inc.’s 9.5% series A cumulative perpetual preferred stock took a steep dive after more shares were issued.

Elsewhere, in oil and gas, DCP Midstream, LP’s 7.95% series C and 7.875% series B fixed-to-floating rate cumulative redeemable perpetual preferred units both climbed.

Athene under par

Leading secondary market activity, retirement services name Athene’s new $550 million 4.875% series D fixed-rate perpetual non-cumulative preference shares finished their first day below par.

The preferreds, trading under the temporary symbol “ATHDF,” closed at $24.88 on volume of about 1.2 million shares.

The deal priced late Tuesday.

SoCal Edison level

Meanwhile, utilities provider Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities trade actively but cap the day flat.

The preferreds (NYSE: SCEPrL) went unchanged to close at $24.17 with about 1 million shares trading.

Signature Bank improves

In the finance space, Signature Bank’s recent 5% series A non-cumulative perpetual preferreds improved by the end of the afternoon.

The preferreds, trading under the temporary symbol “SBNYL,” hopped up 16 cents to close at $25.05 on volume of about 866,000 shares.

On Tuesday, the preferreds shaved off 1 cent.

Ontrak dives

Healthcare technology company Ontrak’s 9.5% series A cumulative perpetual preferred stock took a steep dive as the company sold additional shares.

The preferreds (Nasdaq: OTRKP) dropped 50 cents to close at $24.23 with about 587,000 shares trading.

The company priced $43.25 million more of the preferreds at a price of $24.75.

DCP higher

Elsewhere, in oil and gas, DCP Midstream’s 7.95% series C and 7.875% series B fixed-to-floating rate cumulative redeemable perpetual preferred units both climbed.

The series C preferreds (NYSE: DCPPrC) garnered 6 cents to close at $22.27 on volume of about 507,000 shares.

The series D preferreds (NYSE: DCPPrD) tacked on 9 cents to close at $22.46 on volume of about 417,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was 0.18% better on Wednesday.

The index was up 0.36% on Tuesday, capped Monday up by 0.22% and rounded out Friday up by 0.06%.

The iShares US Preferred Stock ETF was up 5 cents to $38.18.

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