Athene preferreds trade lower; Synovus ends flat; Energy Transfer mixed

By James McCandless

San Antonio, July 12 – At the end of the week, the preferred space trended higher as top traders saw mixed activity.

Placing at the top, Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares traded lower.

Meanwhile, in finance, Synovus Financial Corp.’s 5.875% series E fixed rate reset non-cumulative perpetual preferreds were active but closed flat.

Sector peer BB&T Corp.’s 5.85% series D non-cumulative perpetual preferred stock also ended the session unchanged.

Oil and gas name Energy Transfer Operating, LP’s 7.375% series C and 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred stock were mixed.

Elsewhere, REIT Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferreds trended negative.

Athene lower

Placing at the top of activity, retirement name Athene’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares traded lower.

The preferreds (NYSE: ATHPrA) were down 13 cents to close at $26.53 on volume of about 361,000 shares.

Synovus flat

Meanwhile, in the finance space, Synovus’ 5.875% series E fixed rate reset non-cumulative perpetual preferreds were active but closed the day flat.

The preferreds (NYSE: SNVPrE) ended level at $25.61 with about 286,000 shares trading.

Sector peer BB&T’s 5.85% series D non-cumulative perpetual preferred stock also ended the Friday session relatively active but unchanged.

The preferreds (NYSE: BBTPrD) finished flat at $25.39 on volume of about 204,000 shares.

Energy Transfer mixed

Oil and gas name Energy Transfer’s 7.375% series C and 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred stock saw mixed movement by the end of trading.

The series C preferreds (NYSE: ETPPrC) gained 22 cents to close at $24.14 with about 260,000 shares trading.

The series E preferreds (NYSE: ETPPrE) closed rigid at $25.03 with about 236,000 shares trading.

On Thursday, the preferreds picked up 3 cents.

Annaly Capital negative

Elsewhere, real estate investment trust Annaly Capital’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferreds trended negative.

The preferreds (NYSE: NLYPrI) fell 2 cents to close at $25.17 on volume of about 190,000 shares.

On Thursday, the preferreds gained 2 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the week up by 0.07%, rising from a 0.01% loss in early Friday trading.

The iShares US Preferred Stock ETF was up 9 cents to close at $37.00.

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