Premier Financial sells notes; Just Energy preferreds gain; JPMorgan trades better

By James McCandless

San Antonio, Sept. 25 – After most of the week was marked by losses, the preferred market saw gains on Friday.

In late-week primary activity, Premier Financial Corp. priced a $50 million offering of fixed-to-floating rate subordinated notes due 2030 with a coupon of 4%.

Leading the secondary at the end of the week, utilities name Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares gained.

Meanwhile, in the banking and finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock ended on better footing.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds jumped upward.

Synchrony Financial’s 5.625% series A fixed-rate non-cumulative perpetual preferred stock finished the afternoon shooting higher.

Meanwhile, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were under pressure.

Premier prices

In late-week primary activity, Premier Financial priced a $50 million offering of fixed-to-floating rate subordinated notes due 2030 with a coupon of 4%.

The company plans to use the proceeds for general corporate purposes.

Just Energy gains

Leading the secondary space at the end of the week, utilities provider Just Energy’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares gained.

The preferreds (NYSE: JEPrA) were up 48 cents to close at $3.36 on volume of about 566,000 shares.

JPMorgan better

Meanwhile, in the finance space, JPMorgan’s 6% series EE non-cumulative preferred stock ended the session on better footing.

The preferreds (NYSE: JPMPrC) improved by 7 cents to close at $27.44 with about 371,000 shares trading.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferreds jumped upward.

The preferreds (NYSE: WFCPrZ) garnered 20 cents to close at $24.87 on volume of about 290,000 shares.

On Thursday, the preferreds shed 8 cents.

Synchrony Financial’s 5.625% series A fixed-rate non-cumulative perpetual preferred stock finished Friday afternoon shooting higher.

The preferreds (NYSE: SYFPrA) rose 37 cents to close at $24.52 with about 261,000 shares trading.

Energy Transfer down

Meanwhile, in oil and gas, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were under pressure.

The preferreds (NYSE: ETPPrE) sank 44 cents to close at $18.01 on volume of about 186,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week up by 1.10%.

The iShares US Preferred Stock ETF was up 46 cents to $36.22.

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