Athene preferreds top par; Atlantic Union declines; Pennsylvania REIT better

By James McCandless

San Antonio, June 5 – The preferred market ended the week climbing with a focus on newer issues.

On top of secondary activity, Athene Holding Ltd.’s new $600 million 6.375% series C fixed-rate reset perpetual non-cumulative preference shares closed above par.

The preferreds, trading under the temporary symbol “ATHHL,” closed at $25.40 on volume of about 7.8 million shares.

Elsewhere, in the finance space, Atlantic Union Bankshares Corp.’s new 6.875% series A perpetual non-cumulative preferred stock declined 14 cents to close at $25.00 with about 525,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities picked up 29 cents to close at $23.90 on volume of about 517,000 shares.

United Community Banks, Inc.’s new 6.875% series I non-cumulative preferred stock finished the session active but unchanged, holding level to close at $25.00 with about 473,000 shares trading.

Meanwhile, property name Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferreds shifted into a better position.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.