GM Financial taps market; Chimera’s new issue moves lower; Seaspan improves

By James McCandless

San Antonio, Sept. 17 – The preferred market began the week with new supply from the financial sector while secondary trading focused on recent new issues.

General Motors Financial Co., Inc. priced a $500 million offering of $1,000-par 6.5% series B fixed-to-floating rate cumulative perpetual preferred stock (//BB+).

The deal was announced Monday morning, matching size talk of $500 million and coming in below initial talk for an initial dividend of 6.625% to 6.75%.

JPMorgan Chase & Co. announced plans to sell $25-par non-cumulative preferred stock.

In the secondary market, Chimera Investment Corp.’s new $250 million of 7.75% series C fixed-to-floating rate cumulative redeemable preferred stock declined.

The preferreds, trading under the temporary symbol “CIMPP,” were down 4 cents to close at $24.81 on volume of about 799,000 shares.

Seaspan Corp.’s new $150 million of 8% series I fixed-to-floating rate cumulative redeemable perpetual preferred shares gained.

The preferreds, trading under the temporary symbol “SSWPP,” were up 8 cents to close at $24.88 with about 765,000 shares trading.

AllianzGI Convertible & Income Fund II’s new $109 million of 5.5% series A cumulative preferred shares were flat but actively traded.

The preferreds, trading under the temporary symbol “NCZIP,” were level at $24.75 on volume of about 613,000 shares.

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