Apollo, Goldman Deals Thaw Preferred Shares’ Post-SVB Freeze (2)

The market for new preferred shares in the US is reopening after a near half-year freeze, raising hopes that this crucial source of capital — especially for the nation’s major lenders — is returning to normal.

Money manager Apollo Global Management Inc. is offering $600 million of preferreds on Wednesday — which is boosted from its initial target of $250 million — following Goldman Sachs Group Inc., which raised $1.5 billion of its own on Monday, and Wells Fargo & Co., which recently replaced a divisive security.

The new issues mark the return of sizable deals in the primary ...