Sachem Capital sells $25-par notes; Truist positive; Just Energy preferreds jump

By James McCandless

San Antonio, Aug. 28 – Closing out the week in the preferred market, top traders were seen varying in direction.

In primary activity, Sachem Capital Corp. priced a $13 million offering of $25-par notes due Sept. 30, 2025 with a coupon of 7.75%.

The secondary space was led by positivity from Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred shares were under water.

Utilities provider Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares jumped higher.

REIT Public Storage’s 5.2% series W cumulative preferred shares lost ground at the end of the session.

Meanwhile, telecom services name AT&T, Inc.’s 4.75% series C perpetual preferred stock was also seen dropping.

Sachem prices

In Friday afternoon primary activity, Sachem Capital priced a $13 million offering of $25-par notes (Egan-Jones: BBB+) due Sept. 30, 2025 with a coupon of 7.75%.

There is a $1.95 million greenshoe.

Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and National Securities Corp. are the bookrunners.

The notes are redeemable on or after Sept. 4, 2022 at par.

Truist positive

The Friday secondary space was led by positivity from Truist’s 4.75% series R non-cumulative perpetual preferred stock.

The preferreds (NYSE: TFCPrR) were up 7 cents to close at $26.52 on volume of about 941,000 shares.

On Thursday, the preferreds rose 7 cents.

Elsewhere in the finance space, Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred shares were under water.

The preferreds (NYSE: WFCPrZ) were docked 8 cents to close at $24.81 with about 331,000 shares trading.

Just Energy jumps

Utilities provider Just Energy’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares jumped higher as afternoon activity concluded.

The preferreds (NYSE: JEPrA) launched up $1.02 to close at $2.22 on volume of about 764,000 shares.

Public Storage loses

Real estate investment trust Public Storage’s 5.2% series W cumulative preferred shares lost ground at the end of the session.

The preferreds (NYSE: PSAPrW) shaved off 1 cent to close at $25.29 with about 364,000 shares trading.

On Thursday, the preferreds closed level.

AT&T drops

Meanwhile, telecom services name AT&T’s 4.75% series C perpetual preferred stock was also seen dropping.

The preferreds (NYSE: TPrC) declined by 11 cents to close at $25.42 on volume of about 343,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index finished the week down by 0.18%, drifting from a 0.07% rise from early Friday trading.

The iShares US Preferred Stock ETF was level at $36.69.

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