Iberiabank preferreds top par; AIG moves lower; Duke Energy preferreds push higher

By James McCandless

San Antonio, March 29 – Against a broad market increase, top-volume names trading in the preferred space were mostly lower on Friday.

Iberiabank Corp.’s new $100 million 6.1% series D fixed-to-floating rate non-cumulative perpetual preferred stock closed above par.

Elsewhere, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities closed the week down.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were similarly lower.

Meanwhile, insurance name American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferred stock followed the negative path.

Electric utility Duke Energy Corp.’s new 5.75% series A cumulative redeemable perpetual preferred stock ended better.

Iberiabank tops par

On its first trading day, Iberiabank’s new $100 million 6.1% series D fixed-to-floating rate non-cumulative perpetual preferred stock closed above par.

The preferreds, trading under the temporary symbol “IBBRL,” were seen closing at $25.09 on volume of about 899,000 shares.

The deal priced on Thursday.

Elsewhere, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities ended the week negative.

The preferreds (NYSE: CPrN) were down 8 cents to close at $27.35 with about 1.6 million shares trading.

JPMorgan’s 5.75% series DD non-cumulative preferreds moved similarly lower in the Friday session.

The preferreds (NYSE: JPMPrD) dropped 51 cents to close at $25.73 on volume of about 1.1 million shares.

On Thursday, the preferreds picked up 9 cents.

AIG lower

Meanwhile, insurance provider AIG’s 5.85% series A non-cumulative perpetual preferred stock followed top traders’ negative path.

The preferreds (NYSE: AIGPrA) declined by 13 cents to close at $25.31 with about 907,000 shares trading.

On Thursday, the preferreds gained 15 cents.

Duke Energy better

Electric utility Duke Energy’s new 5.75% series A cumulative redeemable perpetual preferred stock pushed higher.

The preferreds, trading under the temporary symbol “DUEKL,” added 5 cents to close at $25.47 on volume of about 578,000 shares.

On Thursday, the preferreds rose 2 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index closed the last session of the week 0.13% higher, pushing past the 0.08% gain from early Friday trading.

The iShares US Preferred Stock ETF was up 15 cents to $36.55.

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