Affiliated Mangers, Merchants tap $25-par market; Brighthouse preferreds jump; DTE gains

By James McCandless

San Antonio, March 21 – A positive day in the preferred space served as the backdrop for two new primary deals.

Affiliated Managers Group Inc. priced $280 million of $25-par junior subordinated notes due March 30, 2059 at par with a coupon of 5.875%.

Also, Merchants Bancorp priced $50 million of $25-par series A fixed-to-floating rate non-cumulative perpetual preferred stock at par with an initial dividend of 7%.

Leading the secondary, Brighthouse Financial, Inc.’s new 6.6% series A non-cumulative preferred stock jumped higher.

The preferreds, trading under the temporary symbol “BHFLL,” gained 13 cents to close at $25.30 on volume of about 952,000 shares.

American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferreds saw a slight gain.

The preferreds (NYSE: AIGPrA) added 5 cents to close at $25.27 with about 401,000 shares trading.

In utilities, DTE Energy Co.’s 5.35% junior subordinated debentures due 2076 followed the positive path.

The debentures (NYSE: DTJ) closed 4 cents higher to $24.98 on volume of about 442,000 debentures.

Real estate investment trust Two Harbors Investment Corp.’s 7.625% series B fixed-to-floating rate cumulative redeemable preferreds also closed better.

The preferreds (NYSE: TWOPrB) were up 17 cents to close at $25.31 with about 308,000 shares trading.

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