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Allstate taps $25-par market; JPMorgan preferreds negative; Triton drops
By James McCandless
San Antonio, Nov. 4 – The preferred market ended the first day of the week with mixed activity, with the highest-volume traders trending lower.
In the primary market, Allstate Corp. priced a $300 million offering of $25-par series I fixed-rate non-cumulative perpetual preferred stock at par with a dividend of 4.75%.
Leading the day’s trading activity, JPMorgan Chase & Co.’s new 4.75% series GG non-cumulative perpetual preferred stock saw negativity.
The preferreds were down 11 cents to close at $25.00 on volume of about 2.4 million shares.
Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended slightly higher, picking up 2 cents to close at $26.40 with about 413,000 shares trading.
Sector peer Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferred stock was under pressure.
Shipping company Triton International Ltd.’s new 7375% series C cumulative redeemable perpetual preference shares dropped.
Meanwhile, REIT PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock ended in a better position.
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