Iberiabank sells fixed-to-floating preferreds; Duke Energy, JPMorgan preferreds improve

By James McCandless

San Antonio, March 28 – Top traders in the preferred market were mostly higher against a mixed overall day.

Iberiabank Corp. priced $100 million of $25-par series D fixed-to-floating rate non-cumulative perpetual preferred stock at par with an initial dividend of 6.1% on Thursday.

In the secondary, Duke Energy Corp.’s new 5.75% series A cumulative redeemable perpetual preferred stock closed slightly positive.

The preferreds, trading under the temporary symbol “DUEKL,” picked up 2 cents to close at $25.42 on volume of about 1.1 million shares.

Elsewhere, in the banking and finance space, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferreds both improved.

The series DD preferreds (NYSE: JPMPrD) rose 9 cents to close at $26.24 with about 488,000 shares trading.

The series EE preferreds (NYSE: JPMPrC) also gained 9 cents to close at $26.75 with about 321,000 shares trading.

Insurance provider American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferred stock pushed higher.

The preferreds (NYSE: AIGPrA) were up 15 cents to close at $25.44 on volume of about 445,000 shares trading.

Sector peer Brighthouse Financial, Inc.’s 6.6% series A non-cumulative perpetual preferreds declined.

The preferreds (Nasdaq: BHFAP) lost 19 cents to close at $26.00 with about 316,000 shares trading.

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