NextEra Energy sells $25-par debentures; JPMorgan up; Southern California Edison sinks

By James McCandless

San Antonio, March 6 – Top traders in the preferred market were mixed but leaning positive as a new issue priced.

NextEra Energy Capital Holdings, Inc., a subsidiary of NextEra Energy, Inc., priced $600 million of $25-par 60-year series N junior subordinated debentures at par with a coupon of 5.65%. There is a $90 million greenshoe.

The company’s existing 5.25% series K junior subordinated debentures due 2076 dropped precipitously.

The debentures (NYSE: NEEPrK) fell 71 cents to close at $24.71 on volume of about 339,000 debentures.

Elsewhere, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds both closed better.

The series EE preferreds (NYSE: JPMPrC) added 2 cents to close at $26.37 with about 1.3 million shares trading.

The series DD preferreds (NYSE: JPMPrD) picked up 5 cents to close at $25.85 with about 595,000 shares trading.

In utilities, Southern California Edison, a subsidiary of Edison International, saw its 5.375% fixed-to-floating rate cumulative trust preferred securities and its 5% cumulative trust preferred securities sink.

The 5.375% preferreds (NYSE: SCEPrJ) shaved off 77 cents to close at $22.05 with about 745,000 shares trading.

The 5% preferreds (NYSE: SCEPrL) fell 34 cents to close at $21.07 with about 318,000 shares trading.

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