AIG’s new preferreds above par; JPMorgan preferreds improve; SoCal Edison heads lower

By James McCandless

San Antonio, March 8 – The preferred market closed the week on a positive trend as top traders were mixed.

Leading volume, American International Group, Inc.’s new $500 million 5.85% series A non-cumulative perpetual preferred stock ended above par.

The preferreds, trading under the temporary symbol “AIGGZ,” were seen closing at $25.10 on volume of about 4.2 million shares.

The deal priced on Thursday.

In the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferreds improved on Friday.

The series DD preferreds (NYSE: JPMPrD) were up 7 cents to close at $25.94 with about 405,000 shares trading.

The series EE preferreds (NYSE: JPMPrC) picked up 3 cents to close at $26.35 with about 358,000 shares trading.

Sector peer U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferreds ended negative.

The preferreds (NYSE: USBPrH) dropped 3 cents to close at $19.20 on volume of about 223,000 shares.

Meanwhile, electric utility Southern California Edison, a subsidiary of Edison International, saw its 5.75% and 5.375% fixed-to-floating rate cumulative trust preference securities weaken.

The 5.75% preferreds (NYSE: SCEPrH) dropped 37 cents to close at $23.81 on volume of about 221,000 shares.

The 5.375% preferreds (NYSE: SCEPrJ) lost 54 cents to close at $21.85 on volume of about 199,000 shares.

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