Morning Commentary: Barclays, JPMorgan lead preferred space lower amid broad decline

By James McCandless

San Antonio, Oct. 4 – The preferred market opened with moderate volume, moving lower to start Thursday as the Wells Fargo Hybrid & Preferred Securities Financial index lost 0.74%.

Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares were seen losing as the market opened.

The preferreds (NYSE: BCSPrD) were down 17 cents to $25.71 on volume of about 140,000 shares.

Elsewhere, JPMorgan Chase & Co.’s recent $1,696,250,000 issue of $25-par 5.75% series DD non-cumulative preferred stock also declined.

The preferreds (NYSE: JPMPrD) were down 20 cents to $24.70 with about 138,000 shares trading.

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