The Hund's rule exchange interaction promotes a second-order phase transition to a coupled spin and orbital density wave state in the underscreened Anderson Lattice Model. The spin-flip part of the Hund's rule coupling stabilizes a spontaneous spin-dependent mixing of 5f quasiparticle bands that, in the normal state, have pure orbital characters. The transition breaks the spin-rotational invariance and leads to an asymmetric pseudo-gap which forms in the density of states. When a magnetic field is applied, the electronic dispersion relations become dependent on the relative orientation of the field and the spontaneously-chosen quantization axis. We argue that this may result in the magnetic susceptibility of the low-temperature phase becoming anisotropic, but without the development of a static magnetization.