Schwab deal firm; JPMorgan nearing par; IberiaBank gets temporary symbol; RBS mixed

By Stephanie N. Rotondo

Phoenix, July 30 – The preferred stock market ended Thursday’s session with a positive tone, given that “long treasuries were up a bunch and economic data showed slow and steady progress,” a market source said.

The Wells Fargo Hybrid and Preferred Securities index finished 18 basis points higher.

Investors continued to play around in recently priced deals. The Charles Schwab Corp.’s $600 million of 6% series C noncumulative perpetual preferreds – a deal priced Monday – ended at $25.18.

The closing price was 13 cents better than Wednesday’s close.

JPMorgan Chase & Co.’s $1.1 billion of 6.15% series BB noncumulative preferreds were meantime getting closer to par.

A trader pegged that latter issue – priced July 22 – at $24.90 bid, par offered.

The preferreds ultimately ended unchanged at $24.90.

IberiaBank Corp.’s $75 million of 6.625% series B fixed-to-floating rate noncumulative preferreds also got a boost by the end of the day.

The issue, which came Wednesday, closed at $24.72, up from opening levels of $24.52.

Also, the new Iberia issue was already assigned a temporary trading symbol, according to one source. The ticker is “IBBRP.”

Away from new deals, Royal Bank of Scotland Group plc released its latest quarterly results, showing a larger profit due to increased mortgage demand.

On the news, a source said that RBS’ preferreds were “generally up if the issue traded at a discount, but down if it traded at a premium.”

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