Morning Commentary: Athene shoots upward; BB&T preferreds gain; Maiden Holdings better

By James McCandless

San Antonio, June 7 – Preferreds started on a positive note on Friday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.10%.

Leading early trading, Athene Holding Ltd.’s new $750 million 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were shooting upward.

The preferreds, trading under the temporary symbol “ATHDF,” were up 17 cents to $25.70 on volume of about 370,000 shares.

The deal priced on Wednesday.

Meanwhile, in finance, BB&T Corp.’s 5.625% series E non-cumulative perpetual preferreds were also gaining at the start of the session.

The preferreds (NYSE: BBTPrE) rose 3 cents to $25.22 with about 54,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds followed the positive trend.

The preferreds (NYSE: JPMPrD) started up 4 cents to $26.47 on volume of about 30,000 shares.

Elsewhere, in the insurance space, Maiden Holdings Ltd.’s 7.75% notes due 2043 strengthened.

The notes (NYSE: MHNC) gained 10 cents to $19.31 with about 48,000 notes trading.

Arch Capital Group Ltd., another insurer, saw its 5.45% series F non-cumulative preferred stock begin the day slightly higher.

The preferreds (Nasdaq: ACGLO) edged up 1 cent to $24.63 on volume of about 25,000 shares.

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