Chicken Soup sells add-on; Signature Bank dips; Athene preferreds rise

By James McCandless

San Antonio, Dec. 18 – The preferred space closed out Friday on a downward trend, giving back some of the gains made previously this week.

In primary activity, Chicken Soup for the Soul Entertainment, Inc. sold a $9,387,750 add-on to its $25-par notes due July 31, 2025 with a coupon of 9.5%.

Leading secondary trading, Signature Bank’s recent 5% series A non-cumulative perpetual preferreds were down 5 cents to close at $25.44 on volume of about 997,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds improved by 12 cents to close at $25.75 with about 519,000 shares trading.

Sector peer Bank of America Corp.’s 4.375% series NN non-cumulative preferreds eked out a small gain, tacking on 1 cent to close at $26.42 on volume of about 284,000 shares.

Retirement services name Athene Holding Ltd.’s new 4.875% series D fixed-rate perpetual non-cumulative preference shares rose 6 cents to close at $25.08 with about 394,000 shares.

Meanwhile, real estate company Sachem Capital Corp.’s 7.75% notes due 2025 declined by 30 cents to close at $24.77 on volume of about 338,000 notes.

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