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Morning Commentary: Athene prices preferreds; Capital One gains; Allstate improves
By James McCandless
San Antonio, Sept. 17 – The preferred market started a new day little changed as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.03%.
Late Monday, Athene Holding Ltd. priced a $300 million offering of $25-par series B fixed-rate perpetual non-cumulative preference shares at par with a dividend of 5.625%.
There is a $45 million greenshoe.
The deal was announced on Monday morning.
Wells Fargo Securities, LLC, BofA Securities, Inc., UBS Securities LLC and RBC Capital Markets, LLC are the joint bookrunners.
The preferreds are redeemable on or after Sept. 30, 2024 at par. Prior to that, they are redeemable after a tax event at par, within 90 days after a capital disqualification event at par, within 90 days after a rating agency event at $25.50 and at the vote of preferred shareholders at $26.00.
This morning, the preferreds, trading under the temporary symbol “ATHHF,” were under par at $24.75 on volume of about 1.9 million shares.
Meanwhile, in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds began the day on the positive side.
The preferreds (NYSE: COFPrI) were up 1 cent to $24.37 with about 178,000 shares trading.
Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were under water.
The preferreds (NYSE: JPMPrC) were losing 7 cents to $27.73 on volume of about 124,000 shares.
Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferred stock was improving.
The preferreds (NYSE: WFCPrR) were gaining 2 cents to $27.54 with about 104,000 shares trading.
Elsewhere, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were shifting higher.
The preferreds (NYSE: ALLPrH) were improving by 7 cents to $25.47 on volume of about 74,000 shares.
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