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Morning Commentary: B. Riley offers $25-par notes; JPMorgan improves; Athene better
By James McCandless
San Antonio, Sept. 18 – The preferred space began Wednesday positive with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.12%.
The primary market saw B. Riley Financial, Inc. announce plans to price a $50 million offering of $25-par senior notes due Sept. 30, 2026.
B. Riley FBR, Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and Incapital LLC are the bookrunners.
The notes are redeemable on or after Sept. 30, 2022 at $25.50, on or after Sept. 30, 2023 at $25.25 and on or after Sept. 30, 2024 at par.
Leading early in the secondary, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was on the positive side of trading.
The preferreds (NYSE: JPMPrD) were up 1 cent to $27.51 on volume of about 275,000 shares.
Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were also on the move upward.
The preferreds (NYSE: COFPrI) were gaining 7 cents to $24.73 with about 222,000 shares trading.
Sector peer Wells Fargo & Co.’s 6% series V and 5.2% series N non-cumulative perpetual class A preferreds were both improving as the session started.
The series V preferreds (NYSE: WFCPrV) were better by 3 cents to $25.86 on volume of about 121,000 shares.
The series N preferreds (NYSE: WFCPrN) were higher by 10 cents to $25.09 on volume of about 75,000 shares.
Meanwhile, retirement services name Athene Holding Ltd.’s new 5.625% series B fixed-rate perpetual non-cumulative preference shares were slightly better.
The preferreds, trading under the temporary symbol “ATHHF,” were up 1 cent to $25.09 with about 171,000 shares trading.
Insurance provider Aspen Insurance Holdings Ltd.’s 5.625% non-cumulative perpetual preference shares were also following the positive trend.
The preferreds (NYSE: AHLPrE) were up 8 cents to $25.38 on volume of about 50,000 shares.
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