American Financial prices; AXA preferreds below par; American Equity weaker

By James McCandless

San Antonio, Nov. 21 – The preferred space continued to see a focus on newer issues on Thursday as the secondary contracted.

The primary market saw American Financial Group, Inc. price a $200 million offering of $25-par subordinated debentures due Dec. 15, 2059 with a coupon of 5.125%.

Triumph Bancorp, Inc. sold a $39.5 million offering of fixed-to-floating rate subordinated notes due 2029 with an initial coupon of 4.875%.

Leading secondary activity, AXA Equitable Holdings, Inc.’s new $725 million 5.25% series A fixed-rate non-cumulative perpetual preferred stock ended below par. The preferreds, trading under the temporary symbol “AXQEL,” finished at $24.81 on volume of about 10.5 million shares.

Elsewhere in the finance space, Synchrony Financial’s 5.625% series A non-cumulative perpetual preferred stock were active but remained level 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 declined.

In annuities, American Equity Investment Life Holding Co.’s new 5.95% series A fixed-rate reset non-cumulative preferreds finished weaker.

Asset manager Northern Trust Corp.’s 5.85% series C non-cumulative perpetual preferred stock followed the negative trend.

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