Fifth Third taps $25-par market; Capital One preferreds negative; Athene sinks

By James McCandless

San Antonio, Sept. 12 – Thursday saw more disparity in the preferred space with top traders moving in different directions.

Fifth Third Bancorp priced a $250 million offering of $25-par series K non-cumulative perpetual preferred stock at par with a dividend of 4.95%

In the day’s trading, Capital One Financial Corp.’s recent 5% series I fixed-rate non-cumulative perpetual preferred stock went negative.

The preferreds were down 3 cents to close at $24.67 on volume of about 1.2 million shares.

Elsewhere in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds rose 8 cents to close at $28.36 with about 272,000 shares trading.

Sector peer Bank of America Corp.’s 6.2% series CC non-cumulative preferred stock picked up 3 cents to close at $26.27 on volume of about 218,000 shares.

Meanwhile, retirement name Athene Holding Ltd.’s 6.25% series A fixed-to-floating rate perpetual non-cumulative preference shares declined by 18 cents to close at $27.05 with about 303,000 shares trading.

REIT Saul Centers, Inc.’s new 6% series E cumulative redeemable preferred stock moved down 6 cents to close at $24.97 on volume of about 222,000 shares.

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