Morning Commentary: JPMorgan’s latest deal gets temporary ticker; Triangle to list on NYSE

By Stephanie N. Rotondo

Phoenix, Feb. 9 – The preferred stock market started Monday’s session with a positive tone.

The Wells Fargo Hybrid and Preferred Securities index was up 4 basis points at mid-morning.

In the primary, JPMorgan Chase & Co.’s new $1.2 billion issue of 6.125% series Y noncumulative preferreds were trading under a temporary symbol, a trader reported.

The deal came Feb. 5. The temporary ticker is “JPQMP.”

The trader quoted the issue at $24.85 bid, $24.90 offered.

J.P. Morgan Securities LLC ran the books on the upsized deal. Joint lead managers were BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC.

Meanwhile, Triangle Capital Corp.’s $75 million of 6.375% $25-par notes due March 15, 2022 are slated to list on the New York Stock Exchange on Tuesday, according to a source.

The deal came Feb. 4. The ticker symbol will be “TCCB.”

The source said he had not seen any markets for the baby bonds, which priced via Keefe Bruyette & Woods Inc., Raymond James & Associates Inc., BB&T Capital Markets and Janney Montgomery Scott LLC.

© 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.