GE calls baby bonds, sends series D preferreds up; Qwest volatile; Jernigan listed on NYSE

By Abigail W. Adams

Portland, Me., Feb. 1 – General Electric Co. submitted redemption notices for two of its baby bonds after the market close Tuesday. The company’s 5% preferred stock and outstanding baby bond have been making gains since the redemption notices.

The company’s 5% preferred stock soared, gaining 1.5 points on Wednesday, due to the news. However, there is no clear connection between GE’s 5% preferred stock and the redemption of the baby bonds, a market source said.

Qwest Corp.’s baby bonds made large gains early in Thursday’s session. However, the Denver, Colo.-based communications company’s 6.875% notes due 2054, 7% notes due 2052, 6.125% notes due 2053, and 6.625% notes due 2055 were unable to hold onto those gains as the day progressed.

The securities are volatile as a result of the company’s credit, a market source said.

Jernigan Capital, Inc.’s recently priced 7% series B cumulative redeemable preferred stock is now listed on the New York Stock Exchange under the ticker “JCAPPrB.” The 7% preferreds made gains their first day on the exchange.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.