JPMorgan sells preferreds; RBS, Duke Realty, Vornado active in trading; Costamare 'quiet'

By Christine Van Dusen and Aleesia Forni

Atlanta, Jan. 14 - JPMorgan Chase & Co. priced $2 billion of fixed-to-floating rate preferred stock on Tuesday in a mixed day of trading for the broader market.

"The market started off flat to up slightly in the morning and then closed down slightly, about 7 basis points, or 2 cents a share," a market source said. "The volumes were OK but a little toward the light side."

In trading among preferreds on Tuesday, Deutsche Bank Contingent Capital Trust II's 6.55% trust preferred securities were among the most active, up a penny to $25.07 on 772,000 shares.

Also somewhat active on Tuesday were Royal Bank of Scotland's 7¼% non-cumulative dollar preference shares, series T ADR, which was quoted up 4 cents at $24.96 on volume totaling 381,541.

Duke Realty Corp.'s 6½% series K cumulative preferred shares were also a little bit busy on Tuesday, trading at $23.75, up 16 cents on volume totaling 307,939.

And Vornado Realty Trust's 6 5/8% series G cumulative redeem preferred shares moved down 3 cents to trade at $24.08 on volume totaling 261,606.

Meanwhile, Monday's $100 million issue of 8.5% series C cumulative redeemable perpetual preferred stock from Costamare Inc. was seen offered at $24.65 early Tuesday.

"It's quiet today," a trader said of the issue at mid-morning.

The Athens-based containership company had priced the preferreds at par of $25.00 to yield 8.5% on Monday. There is a $15 million greenshoe.

JPMorgan paper ticks up

Taking a closer look at JPMorgan Chase's new deal, the New York City-based bank sold $1,000-par fixed-to-floating rate perpetual preferred stock on Tuesday, a market source said.

The series S preferreds carried a 6¾% dividend and were priced at par, matching price talk.

The securities, which are callable on Feb. 1, 2024, were spotted at the end of the session up at 100 5/8, the source said.

Other details of the issuance were not immediately disclosed.

This news followed the company's earnings release on Tuesday, which showed fourth-quarter earnings of $5.28 billion and a 7.3% drop in profits.

© 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.