JPMorgan falls; DCP Midstream’s new preferreds end below par; Bank of America declines

By James McCandless

San Antonio, Oct. 3 – The preferred market saw a general decline amid active trading as a new issue took up much of the market’s focus.

DCP Midstream, LP’s new $100 million 7.95% series C fixed-to-floating rate cumulative redeemable perpetual preferred units ended below par on its first trading day.

The preferreds, trading under the temporary symbol “DCPUU,” were seen finishing the day at $24.87 with about 2 million shares trading.

JPMorgan Chase & Co.’s recent $1,696,250,000 issue of $25-par 5.75% series DD non-cumulative preferred stock headed lower, leading the secondary.

JPMorgan’s series DD non-cumulative preferred stock (NYSE: JPMPrD) was down 28 cents to close at $24.90 on volume of about 2.1 million shares.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock also declined in the financial space.

The preferreds (NYSE: BACPrK) were down 11 cents to close at $25.35 on volume of about 849,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.59% at market close after opening down 0.03% in early trading on Wednesday.

The iShares US Preferred Stock ETF was off 24 cents to $36.34.

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