Morning Commentary: Athene preferreds better; Energy Transfer rises; CHS improves

By James McCandless

San Antonio, June 10 – The preferred space opened a new week on an early upward trend as the Wells Fargo Hybrid & Preferred Securities Financial index was up 0.17%.

Leading trading early in the session, Athene Holding Ltd.’s new 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were moving higher.

The preferreds, trading under the temporary symbol “ATHDF,” were up 5 cents to $25.93 on volume of about 312,000 shares.

In oil and gas, Energy Transfer Operating, LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were also on the rise.

The preferreds (NYSE: ETPPrD) gained 7 cents to $24.35 with about 46,000 shares trading.

Meanwhile, in agriculture, CHS Inc.’s 6.75% series 3 class B reset rate cumulative redeemable preferreds were improving.

The preferreds (Nasdaq: CHSCM) rose 5 cents to $26.30 on volume of about 42,000 shares.

Insurance name AXIS Capital Holdings Ltd.’s 5.5% series E non-cumulative preferred stock declined, bucking the day’s trend.

The preferreds (NYSE: AXSPrE) were down 2 cents to $24.86 with about 40,000 shares trading.

Elsewhere, in utilities, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preference securities start off moving upward.

The preferreds (NYSE: SCEPrL) were higher by 10 cents to $20.95 on volume of about 37,000 shares.

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