Sachem to tap $25-par market; Northern Trust tops par; Energy Transfer unchanged

By James McCandless

San Antonio, Oct. 30 – The preferred space ended the Wednesday session with miniscule movements for the day.

In primary rumblings, Sachem Capital Corp. plans to price an offering of $25-par notes due Dec. 30, 2024

The secondary saw Northern Trust Corp.’s new $400 million 4.7% series E non-cumulative perpetual preferred stock land above par.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units ended flat.

Meanwhile, in finance, Bank of America Corp.’s 5% series LL non-cumulative preferreds shifted lower.

Sector peer Synovus Financial Corp.’s 5.875% series E fixed-rate reset non-cumulative perpetual preferreds closed level.

Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferred stock improved slightly.

Sachem’s offering

In the primary market, Sachem plans to price an offering of $25-par notes (Egan-Jones: BBB+) due Dec. 30, 2024.

Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC are the joint bookrunners.

The lead manager is National Securities Corp.

The notes are redeemable after two years.

Northern Trust above par

The secondary space saw asset manager Northern Trust’s new $400 million 4.7% series E non-cumulative perpetual preferred stock land above par at the end of the afternoon.

The preferreds, trading under the temporary symbol “NTREL,” finished the day at $25.10 on volume of about 4.3 million shares.

The deal priced on Tuesday.

Energy Transfer flat

Elsewhere, oil and gas name Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units ended the session flat.

The preferreds (NYSE: ETPPrE) went unchanged to close at $25.61 with about 641,000 shares trading.

Bank of America lower

Meanwhile, in the finance space, Bank of America’s 5% series LL non-cumulative preferreds finished lower.

The preferreds (NYSE: BACPrN) declined by 3 cents to close at $25.83 on volume of about 594,000 shares.

Sector peer Synovus’ 5.875% series E fixed-rate reset non-cumulative perpetual preferreds closed level.

The preferreds (NYSE: SNVPrE) was rigid, closing at $26.50 with about 545,000 shares.

Citizens Financial’s 5% series E fixed-rate non-cumulative perpetual preferred stock ended activity with a slight improvement.

The preferreds (NYSE: CFGPrE) gained 1 cent to close at $25.00 on volume of about 489,000 shraes.

On Tuesday, the preferreds fell 10 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished up by 0.04%, doubling a 0.02% rise from early Wednesday trading.

The iShares US Preferred Stock ETF was up 6 cents to $37.56.

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