New Residential taps $25-par market; Annaly Capital preferreds gain; Athene lower

By James McCandless

San Antonio, June 25 – The preferred space swung largely negative to end trading on Tuesday.

New Residential Investment Corp. priced a $135 million offering of $25-par series A fixed-to-floating rate cumulative redeemable preferred stock at par with an initial dividend of 7.5%.

Leading the day’s secondary activity, Annaly Capital Management, Inc.’s new 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock gained.

The preferreds, trading under the temporary symbol “ACAXP,” added 11 cents to close at $24.85 on volume of about 1.8 million shares.

Meanwhile, retirement name Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares ended lower.

The preferreds (NYSE: ATHPrA) edged down 1 cent to close at $26.08 with about 818,000 shares trading.

In oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units declined.

The preferreds (NYSE: ETPPrE) lost 12 cents to close at $24.81 on volume of about 609,000 shares.

Elsewhere, in utilities, Dominion Energy, Inc.’s 5.25% 2016 series A enhanced junior subordinated notes due 2076 edged up.

The notes (NYSE: DRUA) picked up 4 cents to close at $25.48 with about 560,000 notes trading.

Brighthouse Financial, Inc.’s 6.6% series A non-cumulative perpetual preferreds (Nasdaq: BHFAP) fell 44 cents to close at $26.04 on volume of about 426,000 shares.

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