Morning Commentary: JPMorgan preferreds mixed; ING improves; Energy Transfer down

By James McCandless

San Antonio, Oct. 17 – Wednesday trading in the preferred market saw a low-volume start as the Wells Fargo Hybrid & Preferred Securities Financial index rose 0.06% in early trading.

Leading the secondary for the third day this week, JPMorgan Chase & Co.’s recent 5.75% series DD non-cumulative preferred stock and its 6.15% series BB non-cumulative preferred stock were mixed to start Wednesday.

The 5.75% preferreds (NYSE: JPMPrD) were up 4 cents to $25.02 on volume of about 71,000 shares.

The 6.15% preferreds (NYSE: JPMPrH) were down 2 cents to $25.58 on volume of about 25,000 shares.

ING Groep NV’s 6.375% perpetual hybrid capital securities were moving higher elsewhere in the financial space.

The preferreds (NYSE: ISF) were up 3 cents to $25.31 with about 31,000 securities trading.

Meanwhile, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock opened higher.

The preferreds (NYSE: BACPrK) were up 2 cents to $25.08 on volume of about 18,000 shares.

In the energy sector, Energy Transfer Partners, LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were seen trading down.

The preferreds (NYSE: ETPPrD) were off 2 cents to $25.81 with about 23,000 shares trading.

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