JPMorgan tops par to end week; Associated Banc-Corp improves; Bank of America trades up

By James McCandless

San Antonio, Sept. 21 – The preferred market finished Friday with a focus on newer financial issues.

JPMorgan Chase & Co.’s new $1,475,000,000 issue of $25-par 5.75% series DD non-cumulative preferred stock rose, leading secondary trading.

Associated Banc-Corp’s new $100 million of $25-par 5.875% series E non-cumulative perpetual preferred stock improved.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock gained.

JPMorgan rises

JPMorgan’s 5.75% series DD non-cumulative preferreds, which trade under the temporary symbol “JPMLL,” were up 9 cents to close at $25.08 on volume of about 3.2 million shares.

On Thursday, the preferreds lost 1 cent.

The deal priced on Sept. 17.

Associated Banc-Corp gains

Elsewhere in recently priced issues, Associated Banc-Corp’s new 5.875% series E non-cumulative perpetual preferreds, which trade under the temporary symbol “ABCCL,” were up 15 cents to close at $24.45 with about 364,000 shares trading.

On Thursday, the preferreds settled at $24.30 on their inaugural trading day.

The deal priced on Sept. 19.

Bank of America improves

Bank of America’s 5.875% series HH non-cumulative preferred stock improved, also adding to the broad positive trend in Friday trading.

The preferreds (NYSE: BACPrK) were up 9 cents to close at $25.37 on volume of about 312,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.09% at market close, tripling a 0.03% gain seen in early trading on Friday.

The iShares US Preferred Stock ETF was up 5 cents to $37.15.

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