Sachem preps $25-par notes; First Horizon preferreds reach higher; AT&T positive

By James McCandless

San Antonio, Aug. 26 – The preferred market saw a positive push as the Wednesday session concluded.

In afternoon primary activity, Sachem Capital Corp. said it plans to price an offering of $25-par notes due 2025.

Leading the secondary market, First Horizon National Corp.’s 6.5% series E non-cumulative perpetual preferreds were up 12 cents to close at $26.50 on volume of about 756,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred shares gained 4 cents to close at $26.72 with about 300,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities shed 3 cents to close at $24.72 on volume of about 261,000 shares.

Telecom services company AT&T, Inc.’s 4.75% series C perpetual preferreds improved by 4 cents to close at $25.54 with about 377,000 shares trading.

Meanwhile, REIT DiamondRock Hospitality Co.’s 8.25% series A cumulative redeemable preferreds were docked 1 cent to close at $24.77 on volume of about 275,000 shares trading.

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