New Triton preferreds trade under par; Energy Transfer better; Athene active, flat

By James McCandless

San Antonio, June 18 – At the Tuesday close, the preferred space shifted higher though top traders were mixed.

Leading activity, Triton International Ltd.’s new $125 million 8% series B cumulative redeemable perpetual preference shares finished their first day below par.

Meanwhile, oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units closed better.

Retirement name Athene Holding Ltd.’s recent 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were active but flat.

Insurance provider Brighthouse Financial, Inc.’s 6.6% series A non-cumulative perpetual preferred stock dropped.

In finance, Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds saw a boost.

Triton under par

Leading the day’s activity, Triton’s new $125 million 8% series B cumulative redeemable perpetual preference shares were seen closing their first trading day below par.

The preferreds, trading under the temporary symbol “TTONF,” were spotted closing at $24.88 on volume of about 914,000 shares.

The deal priced on Monday.

Energy Transfer better

Meanwhile, in the oil and gas space, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units ended the session better.

The preferreds (NYSE: ETPPrE) picked up 4 cents to close at $24.82 with about 590,000 shares trading.

Athene flat

Despite relatively high activity, retirement name Athene’s recent 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares finished flat.

The preferreds, trading under the temporary symbol “ATHDF,” closed level at $25.95 on volume of about 575,000 shares.

On Monday, the preferreds gained 6 cents.

Brighthouse drops

Insurance provider Brighthouse’s 6.6% series A non-cumulative perpetual preferred stock saw a drop by the session’s end.

The preferreds (Nasdaq: BHFAP) gave up 27 cents to close at $26.74 with about 561,000 shares trading.

Regions jumps

In the finance space, Regions Financial’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds saw a boost.

The preferreds (NYSE: RFPrC) rose 16 cents to close at $25.75 on volume of about 518,000 shares.

On Monday, the preferreds gained 7 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.38% after an afternoon boost, doubling a 0.19% gain from early Tuesday trading.

The iShares US Preferred Stock ETF was up 7 cents to $36.96.

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