Preferred stocks begin week with firm tone; JPMorgan’s new issue lists on NYSE; Schwab up

By Stephanie N. Rotondo

Phoenix, Aug. 10 – Preferred stocks were following the positive broad market trend in Monday trading.

The Wells Fargo Hybrid and Preferred Securities index ended up 16 basis points, or 4 cents on average for $25-par paper. The index was up 5 bps at mid-morning.

The gains came amid an oil rally and comments from Federal Reserve members touting a recovering economy and the probability of a September interest rate hike.

Though the market was firm, a trader noted that overall liquidity remained constrained.

Among recent deals, JPMorgan Chase & Co.’s $1.1 billion of 6.15% series BB noncumulative perpetual preferreds were admitted to the New York Stock Exchange as the session opened.

The ticker symbol is “JPMPH.” The deal came July 22 via J.P. Morgan Securities LLC.

The issue was the day’s most actively traded security, closing at $24.99. That compared to opening levels of $24.95.

A trader quoted the issue at $24.96 bid, $24.98 offered early in the session.

Meanwhile, the Charles Schwab Corp.’s $600 million of 6% series C noncumulative preferreds (NYSE: SCHWPC) – a deal priced July 27 – were also on the active side, ending up a penny at $25.26.

From last week’s business, Global Indemnity plc’s $100 million of 7.75% $25-par subordinated notes due 2045 were pegged at $24.80 bid, $24.82 offered.

© 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.