AXA, Global Net Lease price; American Equity weaker; Synchrony preferreds improve

By James McCandless

San Antonio, Nov. 20 – The preferred market saw varied movements in Wednesday trading.

In primary activity, AXA Equitable Holdings, Inc. priced a $725 million offering of $25-par series A fixed-rate non-cumulative perpetual preferred stock at par with a dividend of 5.25%.

Also, Global Net Lease, Inc. priced a $75 million offering of $25-par series B cumulative redeemable perpetual preferred stock at par with a dividend of 6.875%.

As the volume leader, annuities name American Equity Investment Life Holding Co.’s new 5.95% series A fixed-rate reset non-cumulative preferreds were down 5 cents to close at $25.80 on volume of about 1.1 million shares.

Elsewhere, in finance, Synchrony Financial’s 5.625% series A non-cumulative perpetual preferred stock gained 10 cents to close at $25.38 with about 1.1 million shares trading.

Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative perpetual preferreds took a small loss.

Morgan Stanley’s new 4.875% series L non-cumulative preferred stock declined.

Real estate investment trust Public Storage’s 4.7% series J cumulative preferred shares ended on better footing.

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