JPMorgan preferreds positive; Qwest $25-par notes decline; Northern Trust better

By James McCandless

San Antonio, Nov. 13 – The preferred market finished the midpoint of the week with a positive shift.

The primary market saw Compass Diversified Holdings LLC price a $100 million offering of $25-par series C cumulative preferred shares at par with a dividend of 7.875%.

At the top of the secondary, JPMorgan Chase & Co.’s recent 4.75% series GG non-cumulative perpetual preferred stock saw positivity.

The preferreds, trading under the temporary symbol “JPGGL,” were up 15 cents to close at $25.01 on volume of about 617,000 shares.

Elsewhere in finance, Synchrony Financial’s new 5.625% series A non-cumulative perpetual preferred shares gained 12 cents to close at $25.22 with about 346,000 shares trading.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds moved higher.

In the communications space, Qwest Corp.’s 6.5% notes due 2056 declined.

Meanwhile, asset manager Northern Trust Corp.’s recent 4.7% series E non-cumulative perpetual preferred stock ended on better footing.

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