Sachem to tap $25-par market; Signature Bank higher; Athene preferreds rise

By James McCandless

San Antonio, Dec. 17 – Heading into the second half of the week, the preferred market’s top traders were again robust on Thursday.

In the primary space, Sachem Capital Corp. plans to price more of its $25-par notes due Sept. 30, 2025 with a coupon of 7.75%.

At the top of the day’s activity, Signature Bank’s recent 5% series A non-cumulative perpetual preferreds were up 43 cents to close at $25.48 on volume of about 1 million shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds pushed up 16 cents to close at $25.63 with about 630,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.7% series AA non-cumulative perpetual class A preferred stock followed the trend.

Retirement services provider Athene Holding Ltd.’s new 4.875% series D fixed-rate perpetual non-cumulative preference shares rose.

Meanwhile, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock finished the day on the negative side.

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