Athene preferreds strengthen; SoCal Edison rises; Regions Financial perpetuals improve

By James McCandless

San Antonio, June 7 – The preferred space closed Friday with an extension of the positive activity seen throughout the week.

Leading trading volume, Athene Holding Ltd.’s new 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares saw a boost.

Meanwhile, utilities name Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preference securities rise.

In finance, Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds improved.

Oil and gas name NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units also shot upward.

Elsewhere, in insurance, Maiden Holdings Ltd.’s 7.75% notes due 2043 were relatively active but flat.

Athene positive

Leading activity in the preferred space for a second day, Athene’s new 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares saw a boost.

The preferreds, trading under the temporary symbol “ATHDF,” picked up 42 cents to close at $25.95 on volume of about 2.5 million shares.

On Thursday, its first trading day, the preferreds closed above par.

SoCal Edison rises

Meanwhile, utilities name Southern California Edison’s 5% cumulative trust preference securities were also on the rise.

The preferreds (NYSE: SCEPrL) were up 8 cents to close at $20.85 with about 466,000 shares trading.

On Thursday, the preferreds rose 2 cents.

Regions improves

In the finance space, Regions Financial’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds followed the upward trend.

The preferreds (NYSE: RFPrC) gained 7 cents to close at $25.56 on volume of about 331,000 shares.

NGL better

Oil and gas logistics name NGL’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units shot upward in Friday’s session.

The preferreds (NYSE: NGLPrB) rose 72 cents to close at $24.58 with about 215,000 shares trading.

Maiden flat

Elsewhere, in insurance, Maiden Holdings’ 7.75% notes due 2043 were relatively active but ended the day flat.

The notes (NYSE: MHNC) were unchanged at $19.20 on volume of about 176,000 notes.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.30% on Friday.

The iShares US Preferred Stock ETF rose 13 cents to $36.72.

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