Athene preferreds top par; Atlantic Union declines; Pennsylvania REIT better

By James McCandless

San Antonio, June 5 – The preferred market ended the week climbing with a focus on newer issues.

On top of secondary activity, Athene Holding Ltd.’s new $600 million 6.375% series C fixed-rate reset perpetual non-cumulative preference shares closed above par.

Elsewhere, in the finance space, Atlantic Union Bankshares Corp.’s new 6.875% series A perpetual non-cumulative preferred stock declined.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities pushed higher.

United Community Banks, Inc.’s new 6.875% series I non-cumulative preferred stock finished the session active but unchanged.

Meanwhile, property name Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferreds shifted into a better position.

Athene tops par

On top of Friday secondary activity, retirement services provider Athene’s new $600 million 6.375% series C fixed-rate reset perpetual non-cumulative preference shares closed its first day above par.

The preferreds, trading under the temporary symbol “ATHHL,” closed at $25.40 on volume of about 7.8 million shares.

The deal priced on Thursday.

Atlantic Union down

Elsewhere, in the finance space, Atlantic Union’s new 6.875% series A perpetual non-cumulative preferred stock declined by the end of the afternoon.

The preferreds, trading under the temporary symbol “AUBKL,” were down 14 cents to close at $25.00 with about 525,000 shares trading.

On Thursday, the preferreds shaved off 1 cent.

Sector peer Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities pushed higher.

The preferreds (NYSE: ALLYPrA) picked up 29 cents to close at $23.90 on volume of about 517,000 shares.

United Community’s new 6.875% series I non-cumulative preferred stock finished the session relatively active but unchanged.

The preferreds, trading under the temporary symbol “UCBKL,” held level to close at $25.00 with about 473,000 shares.

Penn REIT better

Meanwhile, real estate investment trust Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferreds shifted into a better position.

The preferreds (NYSE: PEIPrC) jumped up $2.03 to close at $8.18 on volume of about 339,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week up by 0.17%, lower than the 0.50% gain from early Friday trading.

The iShares US Preferred Stock ETF was up 31 cents to $35.61.

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