Morning Commentary: JPMorgan sells preferreds; Triton above par; Northern Trust gains

By James McCandless

San Antonio, Nov. 1 – The preferred market started the last day of the week focused on new issues with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.09%.

In the primary market, JPMorgan Chase & Co. priced a $900 million offering of $25-par series GG non-cumulative preferred stock with a dividend of 4.75%.

There is no greenshoe.

J.P. Morgan Securities LLC is the bookrunner.

The preferreds are redeemable on or after Dec. 1, 2024 at par. Prior to that, the preferreds are redeemable within 90 days after a capital treatment event.

On its first day of trading, the preferreds, trading under the temporary symbol “JPGGL,” were above par at $25.05 on volume of about 6.1 million shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock saw positivity early.

The preferreds (NYSE: COFPrI) were adding 3 cents to $25.16 on volume of about 50,000 shares.

Meanwhile, shipping name Triton International Ltd.’s new $175 million 7.375% series C cumulative redeemable perpetual preference shares also commenced trading on Friday.

The preferreds, trading under the temporary symbol “TRTOF,” were seen moving above par at $25.04 on volume of about 925,000 shares.

Asset manager Northern Trust Corp.’s new 4.7% series E non-cumulative perpetual preferreds were improving as the session started.

The preferreds, trading under the temporary symbol “NTREL,” were gaining 6 cents to $25.12 with about 142,000 shares trading.

In the insurance space, Maiden Holdings Ltd.’s 7.125% series C non-cumulative preference shares followed the positive trend.

The preferreds (NYSE: MHPrC) were improving by 9 cents to $5.30 on volume of about 49,000 shares.

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