Ford Motor taps $25-par market; JPMorgan preferreds lower; Teekay Offshore weakens

By James McCandless

San Antonio, May 20 – The first trading day in a new week for the preferred market was marked by widespread weakness.

In secondary activity, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferred stock moved lower.

The series DD preferreds (NYSE: JPMPrD) were down 1 cent to close at $26.23 on volume of about 960,000 shares.

The series EE preferreds (NYSE: JPMPrC) were off 11 cents to close at $26.32 on volume of about 217,000 shares.

Utilities name Spire Inc.’s recent 5.9% series A cumulative redeemable perpetual preferreds followed the negative trend.

The preferreds, trading under the temporary symbol “SIPRY,” lost 9 cents to close at $25.61 on volume of about 637,000 shares.

Meanwhile, shipping name Teekay Offshore Partners LP’s 8.875% series E fixed-to-floating rate cumulative redeemable perpetual preferred units and its 7.25% series A cumulative redeemable preferred units both took a dive.

The series E preferreds (NYSE: TOOPrE) dropped $2.89 to close at $15.71 with about 383,000 shares trading.

The series A preferreds (NYSE: TOOPrA) fell $1.78 to close at $15.63 with about 323,000 shares trading.

In the primary market, Ford Motor Co. priced $750 million of $25-par notes due June 1, 2059 at par with a coupon of 6.2% on Monday.

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