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Algonquin Power taps market; JPMorgan ends lower; U.S. Bancorp falls
By James McCandless
San Antonio, Oct. 10 – Preferred stocks followed the lead of common stocks, moving lower in Wednesday trading.
In primary news, Algonquin Power & Utilities Corp. priced $250 million of $25-par 6.875% series 2018-A fixed-to-floating rate subordinated notes due Oct. 17, 2078 (BB+/BB+).
There is a $37.5 million greenshoe.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC are the joint bookrunners.
The notes are redeemable on or after Oct. 17. 2023 at par.
In trading, JPMorgan Chase & Co.’s recent issue of 5.75% series DD non-cumulative preferred stock led the market lower.
Elsewhere in the financial sector, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock also declined.
Goldman Sachs Group, Inc.’s 5.5% series J fixed-to-floating rate perpetual non-cumulative preferred stock also dropped.
Meanwhile, insurance provider MetLife, Inc.’s 5.625% series E non-cumulative preferred stock was another name trading down.
However DCP Midstream, LP’s new $100 million 7.95% series C fixed-to-floating rate cumulative redeemable perpetual preferred units rose, going against the day’s trend.
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