Morning Commentary: NiSource preferreds move lower; AIG edges higher; JPMorgan improves

By James McCandless

San Antonio, March 11 – The new week in the preferred space kicked off mixed as the Wells Fargo Hybrid & Preferred Securities Financial index started lower by 0.01%.

Leading early secondary trading volume, utilities name NiSource Inc.’s 6.5% series B fixed-rate reset cumulative redeemable perpetual preferreds were moving downward early Monday.

The preferreds (NYSE: NIPrB) were down 8 cents to $26.60 on volume of about 609,000 shares.

Elsewhere in the sector, Southern California Edison, a subsidiary of Edison International, saw its 5.375% fixed-to-floating rate cumulative trust preference securities also trending lower.

The preferreds (NYSE: SCEPrJ) started down by 10 cents to $21.75 with about 39,000 shares trading.

Meanwhile, in the insurance space, American International Group, Inc.’s new 5.85% series A non-cumulative perpetual preferred stock was on the positive side.

The preferreds, trading under the temporary symbol “AIGGZ,” rose 3 cents to $25.13 on volume of about 89,000 shares.

In finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were slightly higher.

The preferreds (NYSE: JPMPrD) were better by 1 cent to $25.95 with about 72,000 shares trading.

Sector peer Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were falling at the session’s open.

The preferreds (NYSE: DKT) sank 14 cents to $25.87 on volume of about 30,000 shares.

Early Monday, news broke that the company is inching closer to a merger with Commerzbank amid continuing financial difficulties.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.