DZ Bank sells preferreds; American Equity above par; Bancorp South negative

By James McCandless

San Antonio, Nov. 15 – The preferred space finished the week with weakness spread across the board.

In the primary market, DZ Bank AG sold a $15 million offering of fixed-rate preferred senior notes due Dec. 20, 2021 with a coupon of 1.5%.

Goldman Sachs Group, Inc. detailed a $15 million offering of series R perpetual fixed-rate reset non-cumulative preferred stock with a dividend of 4.95%.

Meanwhile, in the secondary, American Equity Investment Life Holding Co.’s new $400 million 5.95% series A fixed-rate reset non-cumulative preferred stock closed above par. The preferreds, trading under the temporary symbol “AQYVL,” closed at $25.48 on volume of about 3.4 million shares.

Elsewhere, in finance, BancorpSouth Bank’s new 5.5% series A non-cumulative perpetual preferred stock saw negativity. The preferreds, trading under the temporary symbol “BCSBP,” were down 4 cents to close at $24.94 with about 930,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative perpetual preferreds followed the overarching trend.

CIT Group, Inc.’s recent 5.625% series B non-cumulative preferred stock improved by the close.

Middle market investor Compass Diversified Holdings LLC’s new 7.875% series C cumulative preferred shares dipped.

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