American Equity loses; Athene preferreds better; Ally Financial positive

By James McCandless

San Antonio, June 12 – While the overall preferred space weakened on Friday, top traders skewed higher.

As the volume leader for a second day, American Equity Investment Life Holding Co.’s new 6.625% series B fixed-rate reset non-cumulative preferred stock lost ground.

Elsewhere, retirement name Athene Holding Ltd.’s recent 6.375% series C fixed-rate reset perpetual non-cumulative preference shares ended the day better.

Meanwhile, in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also saw positivity.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferreds rose by the end of the afternoon.

Associated Banc-Corp’s new 5.625% series F non-cumulative perpetual preferred stock was seen trailing.

American Equity loses

As the secondary volume leader for a second straight day, insurance company American Equity’s new 6.625% series B fixed-rate reset non-cumulative preferred stock lost ground.

The preferreds, trading under the temporary symbol “AEIHL,” were down 2 cents to close at $24.55 on volume of about 976,000 shares.

On Thursday, the preferreds closed below par.

Athene better

Elsewhere, retirement services name Athene’s recent 6.375% series C fixed-rate reset perpetual non-cumulative preference shares ended the day in a better position.

The preferreds, trading under the temporary symbol “ATHHL,” picked up 15 cents to close at $24.80 with about 405,000 shares trading.

Ally up

Meanwhile, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities also saw positivity as the session ended.

The preferreds (NYSE: ALLYPrA) tacked on 5 cents to close at $22.62 on volume of about 370,000 shares.

Sector peer Bank of America’s 5% series LL non-cumulative preferreds rose by the end of the afternoon.

The preferreds (NYSE: BACPrN) gained 6 cents to close at $24.75 with about 240,000 shares trading.

On Thursday, the preferreds dropped by 50 cents.

Associated Banc-Corp’s new 5.625% series F non-cumulative perpetual preferred stock was seen trailing as the day wound down.

The preferreds, trading under the temporary symbol “ABBCL,” chalked off 31 cents to close at $24.67 on volume of about 236,000 shares.

On Thursday, the preferreds picked up 11 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index capped the week down by 0.32%, reversing a 0.61% rise from early Friday trading.

The iShares US Preferred Stock ETF was down 7 cents to $34.40.

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