Morning Commentary: DCP Midstream, THL prep offerings; JPMorgan preferreds trade mixed

By James McCandless

San Antonio, Oct. 2 – The preferred market started Tuesday trading on lighter volume, edging higher as the Wells Fargo Hybrid & Preferred Securities Financial index rose 0.07%.

DCP Midstream, LP plans to price an offering of $25-par series C fixed-to-floating rate cumulative redeemable perpetual preferred units.

RBC Capital Markets, LLC, BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.

The preferreds are redeemable on or after a certain period. Prior to that, they are redeemable upon a change-of-control triggering event.

THL Credit, Inc. plans to price an offering of $25-par notes due Oct. 30, 2023.

Keefe, Bruyette & Woods, Inc. is the bookrunner.

Janney Montgomery Scott LLC, B. Riley FBR, Inc., BB&T Capital Markets, D.A. Davidson & Co., Ladenburg Thalmann & Co. Inc. and William Blair & Co., LLC are the lead managers.

The notes are redeemable after two years.

In the secondary, two series of JPMorgan Chase & Co.’s non-cumulative preferred stock traded mixed.

The recent $1,696,250,000 issue of 5.75% series DD non-cumulative preferreds (NYSE: JPMPrD) was up 3 cents to $25.19 on volume of about 92,000 shares.

The 6.15% series BB non-cumulative preferreds (NYSE: JPMPrH) were down 3 cents to $25.75 on volume of about 49,000 shares.

Meanwhile, Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares were moving higher.

The preferreds (NYSE: BCSPrD) were up 11 cents to $25.95 with about 51,000 shares trading.

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