Ladenburg Thalmann prices $25-par senior notes; Spire preferreds jump; SoCal Edison up

By James McCandless

San Antonio, May 21 – The preferred space saw a recovery on Tuesday after stumbling out of the gate a day earlier.

In the primary market, Ladenburg Thalmann Financial Services Inc. priced a $50 million offering of $25-par senior notes due June 30, 2029 at par with a coupon of 7.75%. There is a $7.5 million greenshoe.

Leading in the secondary, Spire Inc.’s recent 5.9% series A cumulative redeemable perpetual preferred stock jumped higher.

The preferreds, trading under the temporary symbol “SIPRY,” gained 14 cents to close at $25.75 on volume of about 337,000 shares.

Elsewhere in utilities, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities rise.

The preferreds (NYSE: SCEPrL) picked up 8 cents to close at $21.33 with about 185,000 shares trading.

Meanwhile, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: ETPPrE) added 5 cents to close at $24.88.

In the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferred stock followed the positive trend.

The series DD preferreds (NYSE: JPMPrD) gained 14 cents to close at $26.37, and the series EE preferreds (NYSE: JPMPrC) rose 14 cents to close at $26.46.

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