Spire sells $250 million preferreds; JPMorgan tranches gain; SoCal Edison improves

By James McCandless

San Antonio, May 14 – The preferred market was gaining throughout the Tuesday session, reversing Monday’s losses.

The primary market saw Spire Inc. price a $250 million offering of $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 5.9% on Tuesday.

Leading secondary trading volume, JPMorgan Chase & Co.’s 6.125% series Y and 5.75% series DD non-cumulative preferred stock were both gaining.

The series Y preferreds (NYSE: JPMPrF) were up 7 cents to close at $25.59 on volume of about 298,000 shares.

The series DD preferreds (NYSE: JPMPrD) rose 10 cents to close at $26.23 on volume of about 213,000 shares.

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

The preferreds (NYSE: ALLYPrA) declined by 3 cents to close at $25.90 with about 286,000 shares trading.

Sector peer Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds saw a positive trend.

The preferreds (NYSE: RFPrC) picked up 10 cents to close at $25.38 on volume of about 273,000 shares.

Meanwhile, utilities name Southern California Edison, a subsidiary of Edison International, saw its 5.45% cumulative fixed-to-floating rate trust preferred securities also carried upward.

The preferreds (NYSE: SCEPrK) added 4 cents to close at $23.30 with about 278,000 shares trading.

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