American Homes, Seaspan sell preferreds; Bank of America better; AllianzGI fund gains

By James McCandless

San Antonio, Sept. 12 – The preferred stock primary market saw two new issues on Wednesday as financial names dominated the secondary space.

American Homes 4 Rent priced a $100 million offering of $25-par series H cumulative perpetual preferreds with a divided at 6.25%. There is a $15 million greenshoe.

The preferreds are redeemable after five years.

Seaspan Corp. sold a $150 million offering of series I fixed-to-floating rate cumulative redeemable perpetual preferred shares with an initial dividend of 8%.

The preferreds are redeemable after five years.

The dividend is fixed until Oct. 30, 2023, then converts to Libor plus 500.8 bps.

Meanwhile, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock gained in secondary trading.

The preferreds (NYSE: BACPrK) were up 6 cents to close at $25.53 on volume of about 312,000 shares.

AllianzGI Convertible & Income Fund II’s new $109 million of 5.5% series A cumulative preferred shares continued to rise.

The preferreds, trading under the temporary symbol “NCZIP,” were up 14 cents to close at $24.98 with about 267,000 shares trading.

Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities (NYSE: DKT) were down 5 cents to $25.87 on volume of about 245,000 shares.

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