JPMorgan preferreds north of par; Triton tops par; Northern Trust lifted

By James McCandless

San Antonio, Nov. 1 – The preferred space closed the Friday session virtually unchanged as new issues took up much of the attention.

Leading volume in the secondary, JPMorgan Chase & Co.’s new $900 million 4.75% series GG non-cumulative perpetual preferred stock closed its first day north of par.

Its established 5.45% series P non-cumulative preferred stock saw a slight dip.

Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities finished weaker.

In the shipping space, Triton International Ltd.’s new $175 million 7375% series C cumulative redeemable perpetual preference shares ended north of par.

Asset manager Northern Trust Corp.’s new 4.7% series E non-cumulative perpetual preferreds were lifted by session’s end.

Meanwhile, REIT PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock also gained.

JPMorgan tops par

Leading activity in the secondary, JPMorgan’s new $900 million 4.75% series GG non-cumulative perpetual preferred stock closed its first day of trading above par.

The preferreds, trading under the temporary symbol “JPGGL,” closed at $25.10 on volume of about 11 million shares.

The deal priced on Thursday.

Its established 5.45% series P non-cumulative preferred stock saw a slight dip by the end of the afternoon.

The preferreds (NYSE: JPMPrA) were down 1 cent to close at $25.03 on volume of about 522,000 shares.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities finished in a weaker position.

The preferreds (NYSE: ALLYPrA) declined by 3 cents to $26.38 with about 576,000 shares trading.

On Thursday, the preferreds shed 4 cents.

Triton above par

In the shipping space, Triton’s new $175 million 7375% series C cumulative redeemable perpetual preference shares ended Friday north of par.

The preferreds, trading under the temporary symbol “TRTOF,” landed at $25.10 on volume of about 2.4 million shares.

The deal priced on Thursday.

Northern Trust lifted

Asset management name Northern Trust’s new 4.7% series E non-cumulative perpetual preferreds were lifted by the end of the session.

The preferreds, trading under the temporary symbol “NTREL,” picked up 13 cents to close at $25.18 with about 787,000 shares trading.

On Thursday, the preferreds fell 6 cents.

PS Business gains

Meanwhile, real estate investment trust PS Business Parks’ 4.875% series Z cumulative preferred stock also gained.

The preferreds, trading under the temporary symbol “PSPBZ,” improved by 4 cents to close at $24.94 on volume of about 311,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index capped the week up by 0.01%, tapering off a 0.09% rise from early Friday trading.

The iShares US Preferred Stock ETF was down 1 cent to $37.35.

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