Ardmore Shipping cancels $25-par notes; Morgan Stanley, SoCal Edison preferreds weaken

By James McCandless

San Antonio, Nov. 19 – The preferred space saw a largely negative day at the start of the holiday week.

The primary market saw Ardmore Shipping Corp. cancel its plans for $25-par notes due 2023 due to market conditions later in the day after the deal was announced Monday morning.

In the secondary, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds led the market lower.

The preferreds (NYSE: MSPrK) were down 18 cents to close at $26.38 on volume of about 423,000 shares.

Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock (NYSE: JPMPrD) was off 13 cents to close at $24.45 with about 422,000 shares trading.

Goldman Sachs Group, Inc.’s 5.5% fixed-to-floating rate non-cumulative perpetual preferreds and its floating rate non-cumulative preferreds were mixed.

The 5.5% preferreds (NYSE: GSPrJ) were down 20 cents to close at $24.50 on volume of about 390,000 shares.

The floating-rate preferreds (NYSE: GSPrD) were up 30 cents to close at $20.56 on volume of about 309,000 shares.

In utilities, Southern California Edison Co., a subsidiary of Edison International, saw its 5% cumulative trust preferred securities trend negative.

The preferreds (NYSE: SCEPrL) were down 71 cents to close at $18.63 with about 359,000 shares trading.

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