Sempra Energy taps $25-par market; Southern California Edison mixed; Athene declines

By James McCandless

San Antonio, June 13 – The preferred secondary market spent Thursday trending positive as more supply came to the primary space.

Sempra Energy sold an upsized $700 million of $25-par junior subordinated notes due July 1, 2079 at par with a coupon of 5.75%.

There is a $105 million greenshoe.

The deal, announced Thursday morning, was upsized from an initial $200 million and came in at the low end of talk for a coupon between 5.75% and 5.875%.

Leading the secondary, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities and 5.75% fixed-to-floating rate cumulative trust preferred securities trade mixed.

The 5% preferreds (NYSE: SCEPrL) were up 2 cents to close at $20.52 on volume of about 2.1 million shares.

The 5.75% preferreds (NYSE: SCEPrH) closed level at $23.85 on volume of about 1.5 million shares.

In the retirement space, Athene Holding Ltd.’s recent 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares declined.

The preferreds, trading under the temporary symbol “ATHDF,” lost 9 cents to close at $25.90 with about 1.4 million shares trading.

Elsewhere, Voya Financial, Inc.’s new 5.35% series B fixed-rate reset non-cumulative preferreds, trading under the temporary symbol “VOYXL,” gained 23 cents to close at $25.05 on volume of about 1.1 million shares.

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