American Equity below par; Public Storage preferreds fall; Associated Banc-Corp gains

By James McCandless

San Antonio, June 11 – The Thursday session in the preferred market saw widespread negativity on new negative economic outlooks.

Leading the secondary trading, American Equity Investment Life Holding Co.’s new $300 million 6.625% series B fixed-rate reset non-cumulative preferred stock closed below par.

Meanwhile, REIT Public Storage’s new 4.625% series L cumulative preferred shares finished the afternoon falling.

The preferreds, trading under the temporary symbol “PUBXL,” were losing 27 cents to close at $24.70 with about 674,000 shares trading.

Elsewhere, in the finance space, Associated Banc-Corp’s new 5.625% series F non-cumulative perpetual preferreds gained ground.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock followed the negative trend.

JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was under pressure throughout the day.

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