Chicken Soup to sell more preferreds; Hartford’s preferreds end above par; JPMorgan up

By James McCandless

San Antonio, Oct. 31 – The preferred market’s attention was fixed on a new issue from Hartford Financial Services Group, Inc., which topped par on its debut in secondary trading.

Hartford’s new $300 million 6% series G non-cumulative perpetual preferred stock ended north of par.

The preferreds, trading under the temporary symbol “HIGJL,” ended the day at $25.08 on volume of about 2.1 million shares.

Chicken Soup for the Soul Entertainment, Inc. said it plans to sell more of its $25-par series A cumulative redeemable perpetual preferred stock with a 9.75% dividend at par.

The existing preferreds (Nasdaq: CSSEP) were up 36 cents at Wednesday’s close to $25.50.

In the financial space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock improved.

The preferreds (NYSE: JPMPrD) were up 6 cents to close at $24.88 with about 688,000 shares trading.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock and Citigroup, Inc.’s 7.125% series J fixed-to-floating rate non-cumulative preferreds were also rising.

Natural gas transportation company Energy Transfer Partners, LP’s 7.375% series C fixed-to-floating rate preferreds (NYSE: ETPPrC) were up 4 cents to close at $25.05 on volume of about 235,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.12% at the end of the session.

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