Morning Commentary: Preferreds giving up gains in early trading; JPMorgan rises; Triangle lists

By Stephanie N. Rotondo

Phoenix, Feb. 10 – A trader said the preferred stock market was “moving sideways” as the “long bond whipped back and forth” and oil prices were in retreat.

The Wells Fargo Hybrid and Preferred Securities Index was off 5 basis points at mid-morning after rising 18 bps in the previous session.

With all the uncertainty in the broader market, the new issue space continued to be quiet.

“It’s hard to say if [issuers are] trying to get a better feel for the market or what,” a trader said.

Among recent deals, JPMorgan Chase & Co.’s $1.2 billion of 6.125% series Y noncumulative preferreds – an offering priced on Feb. 5 – was quoted at $24.90 bid, $24.92 offered.

The New York-based bank said in a regulatory filing on Monday that its $180 million greenshoe had been exercised, lifting the total amount outstanding to $1.38 billion.

Also, Triangle Capital Corp.’s $75 million of 6.375% $25-par notes due March 15, 2022 began trading on the New York Stock Exchange Tuesday under the ticker symbol “TCCB.”

That issue priced on Feb. 4.

The notes were trading at $25.10 early in the session, up from a par open, but down from the intraday high of $25.20.

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