AIG sells $25-par preferreds; JPMorgan active, mixed; Digital Realty Trust improves

By James McCandless

San Antonio, March 7 – A new deal in the preferred market served as the backdrop for a declining secondary market.

American International Group, Inc. priced $500 million of $25-par series A non-cumulative perpetual preferred stock at par with a dividend of 5.85%.

In the secondary, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferreds closed mixed.

The series DD preferreds (NYSE: JPMPrD) were up 2 cents to close at $25.87 on volume of about 938,000 shares.

The series EE preferreds (NYSE: JPMPrC) closed down 5 cents to close at $26.32 on volume of about 577,000 shares.

Elsewhere in finance, U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock ended slightly worse off.

The preferreds (NYSE: USBPrH) declined by 2 cents to close at $19.23 with about 777,000 shares trading.

Meanwhile, real estate investment trust Digital Realty Trust, Inc.’s recent 5.85% series K cumulative redeemable preferreds improved.

The preferreds, trading under the temporary symbol “DLRPO,” added 4 cents to close at $24.97 on volume of about 632,000 shares.

And sector peer AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferred stock took the negative path.

The preferreds (Nasdaq: AGNCM) were down 2 cents to close at $24.80 with about 327,000 shares trading.

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