Sino Agro Food starts direct offering; Annaly Capital improves; Athene preferreds climb

By James McCandless

San Antonio, June 27 – The preferred space saw a broad positive push on Thursday.

Sino Agro Food, Inc. has started a direct public offering for up to $40 million of its 7% series G non-convertible cumulative redeemable perpetual preferred stock at $40.00 per share.

There are no underwriters.

Each share bought will come with 10 warrants to purchase an aggregate of 10 shares of common stock with an initial exercise price of $1.00 per share.

The preferreds are redeemable on or after Aug. 15, 2025.

In the secondary, Annaly Capital Management, Inc.’s recent 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock improved.

The preferreds, trading under the temporary symbol “ACAXP,” were up 14 cents to close at $24.89 on volume of about 1.3 million shares.

Meanwhile, retirement services company Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares climbed.

The preferreds (NYSE: ATHPrA) tacked on 13 cents to close at $26.20 with about 458,000 shares trading.

Real estate investment trust New Residential Investment Corp.’s new 7.5% series A fixed-to-floating rate cumulative redeemable preferred stock pushed upward.

The preferreds, trading under the temporary symbol “NRXPP,” picked up 6 cents to close at $25.24 on volume of about 409,000 shares.

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