Sachem to tap $25-par market; Northern Trust tops par; Energy Transfer unchanged

By James McCandless

San Antonio, Oct. 30 – The preferred space ended the Wednesday session with miniscule movements for the day.

In primary rumblings, Sachem Capital Corp. plans to price an offering of $25-par notes due Dec. 30, 2024

The secondary saw Northern Trust Corp.’s new $400 million 4.7% series E non-cumulative perpetual preferred stock land above par. The preferreds finished the day at $25.10 on volume of about 4.3 million shares.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units ended flat. The preferreds went unchanged to close at $25.61 with about 641,000 shares trading.

Meanwhile, in finance, Bank of America Corp.’s 5% series LL non-cumulative preferreds declined by 3 cents to close at $25.83 on volume of about 594,000 shares.

Sector peer Synovus Financial Corp.’s 5.875% series E fixed-rate reset non-cumulative perpetual preferreds closed level.

Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferred stock improved slightly.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.