JPMorgan prices $1.26 billion preferreds; National Storage slips; Annaly Capital gains

By Cristal Cody

Tupelo, Miss., Oct. 13 – JPMorgan Chase & Co. sold $1,257,500,000 of perpetual fixed-to-floating rate non-cumulative preferred shares on Friday.

The issuer sold the 4.625% perpetual fixed-to-floating rate non-cumulative preferred shares (Baa3/BBB-/BBB-) at par, according to market sources. After an initial period, the coupon converts to a floating rate at Libor plus a spread.

The securities are non-callable for five years.

Meanwhile, preferreds overall were strong on the day, a source said.

The Wells Fargo Hybrid and Preferred Securities index closed up 17 basis points.

The U.S. iShares Preferred Stock ETF climbed 10 bps.

National Storage Affiliates Trust listed its 6% series A cumulative redeemable preferred stock for trading on the New York Stock Exchange on Friday.

The preferreds were to be listed under the ticker symbol “NSAPrA,” according to a previous announcement. The company priced $150 million of the preferreds at par of $25.00 on Oct. 3 and underwriters fully exercised the $22.5 million over-allotment option on Oct. 10 for a total deal size of $172.5 million.

The Greenwood Village, Colo.-based real estate investment trust’s 6% preferreds closed 3 cents weaker at $25.06.

In other trading on Friday, Annaly Capital Management Inc.’s 6.95% series F cumulative redeemable preferreds (NYSE: NLYPrF) ended 19 cents, or 0.73%, better on the day at $26.21.

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