Wintrust taps $25-par market; AXA preferreds drop; Athene improves

By James McCandless

San Antonio, May 6 – The preferred space finished the Wednesday session in decline after a seesaw day.

The primary market saw Wintrust Financial Corp. price a $250 million offering of $25-par series E fixed-rate reset non-cumulative perpetual preferred stock with an initial dividend of 6.875% at par.

Leading secondary trading, AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferreds were down 50 cents to close at $23.00 on volume of about 915,000 shares.

Elsewhere in finance, Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferreds shaved off 8 cents to close at $24.06 with about 295,000 shares trading.

Meanwhile, retirement services name Athene Holdings Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares shot up 20 cents to close at $24.70 on volume of about 287,000 shares.

Insurance provider Aspen Insurance Holdings Ltd.’s 5.625% non-cumulative perpetual preference shares saw negativity.

Sector peer Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds saw a modest rise.

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