Midday Commentary: JMP Group, JPMorgan issues slip in trading; Aegon preferreds improve

By Christine Van Dusen

Atlanta, Jan. 24 - JMP Group Inc.'s new $25-par notes ticked down in trading on an otherwise mostly quiet Friday morning as investors remained concerned about the struggling equities market.

On Thursday, San Francisco-based investment banking and alternative asset management firm JMP priced $42 million 7.25% senior notes due January 2021. The $25-par notes will be callable beginning in January of 2017.

On Friday morning the notes were seen at about $24.90.

JPMorgan Chase & Co.'s recent issue of fixed-rate perpetual preferred securities was trading between $24.80 and $24.90 on Friday morning.

The $850 million issue of $25-par preferreds came to the market with a 6.7% dividend, matching talk of 6.7%.

Trading mixed

In other trading on Friday morning, Aegon NV's 6.875% perpetual capital securities were spotted at $25.36, up 3 cents on volume totaling 271,972.

Deutsche Bank Contingent Capital Trust III's 7.6% trust preferred securities ticked down 3 cents to $26.36 on 251,418 shares traded.

Barclays Bank plc's 8.125% non-cumulative callable dollar preference shares, series 5, ADR moved up 1 cent to trade at $25.50 on Friday on volume totaling 169,539.

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