JPMorgan preferreds decline; Athene fixed-to-floaters improve; Qwest $25-par notes gain

By James McCandless

San Antonio, July 26 – The preferred space ended the week on a positive note, spending much of Friday improving.

Leading trading volume on the day, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds both declined.

Elsewhere in finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were on the rise.

Sector peer Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds followed the day’s trend.

Meanwhile, retirement services name Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preferreds improved.

Communications name Qwest Corp.’s 6.5% notes due 2056 also gained.

JPMorgan down

JPMorgan’s 6% series EE and 5.75% series DD non-cumulative preferreds were both seen declining.

The series EE preferreds (NYSE: JPMPrC) were down 9 cents to close at $27.25 on volume of about 350,000 shares.

On Thursday, the preferreds dropped 33 cents.

The series DD preferreds (NYSE: JPMPrD) were down 5 cents to close at $27.22 on volume of about 196,000 shares.

Elsewhere in the finance space, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities were on the rise during the session.

The preferreds (NYSE: CPrN) added 4 cents to close at $27.34 with about 245,000 shares trading.

On Thursday, the preferreds picked up 5 cents.

Sector peer Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds followed Friday’s positive trend.

The preferreds (NYSE: MSPrK) gained 7 cents to close at $27.46 on volume of about 215,000 shares.

Athene improves

Meanwhile, Athene’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares improved.

The preferreds (NYSE: ATHPrA) were better by 7 cents to close at $27.00 with about 143,000 shares trading.

Qwest gains

In the communications space, Qwest’s 6.5% notes due 2056 were also gaining.

The notes (NYSE: CTBB) were up 13 cents to close at $24.31 on volume of about 133,000 notes.

On Thursday, the notes fell 19 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week up by 0.09%, softening from a 0.17% gain in early Friday trading.

The iShares US Preferred Stock ETF was up 6 cents to $37.32.

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