Priority Income prices preferreds; American Homes negative; Bank of America weaker

By James McCandless

San Antonio, Oct. 3 – The preferred space saw top traders trend in both directions Thursday, maintaining the non-cohesive trend that marked early activity.

The primary space saw Priority Income Fund, Inc. price a $25 million offering of $25-par series E term preferred stock due 2024 at par with a dividend of 6.375%.

AerCap Holdings NV priced a $750 million issue of 60-year resettable junior subordinated notes at par to yield 5 7/8%.

At the top of volume, American Homes 4 Rent’s 5.875% series G cumulative redeemable perpetual preferred shares moved negatively.

Elsewhere in the REIT space, Digital Realty Trust, Inc.’s new 5.2% series L cumulative redeemable preferred stock rose.

Sector peer AGNC Investment Corp.’s recent 6.5% series E fixed-to-floating rate cumulative redeemable preferreds also gained.

Meanwhile, in finance, Bank of America Corp.’s 5% series LL non-cumulative preferred stock closed weaker.

Capital One Financial Corp.’s 5% series I and 6.2% series F fixed-rate non-cumulative perpetual preferreds were both under pressure.

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