Morning Commentary: Enstar’s preferreds sink; JPMorgan lower; Edison International up

By James McCandless

San Antonio, Nov. 16 – The preferred space opened weaker Friday morning with the Wells Fargo Hybrid & Preferred Securities Financial index down 0.05%.

Leading early trading, Enstar Group Ltd.’s new upsized $110 million series E perpetual non-cumulative preference shares were falling.

The preferreds, trading under the temporary symbol “ESGRL,” were down 18 cents to $24.47 on volume of about 117,000 shares.

The deal priced on Wednesday.

In the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also declining.

The preferreds (NYSE: JPMPrD) were down 3 cents to $24.60 with about 68,000 shares trading.

Morgan Stanley’s 6.375% series I fixed-to-floating rate non-cumulative preferreds were lower.

The preferreds (NYSE: MSPrI) were down 2 cents to $25.96 on volume of about 34,000 shares.

Southern California Edison Co., a subsidiary of Edison International, saw its 5.375% cumulative fixed-to-floating rate trust preference securities bouncing back from recent lows.

The preferreds (NYSE: SCEPrJ) were up $1.37 to $21.50 with about 51,000 shares trading.

The company’s equity has been moving lower over concerns of liabilities in California wildfires and the safety of its assets.

© 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.