Aegon, Barclays, ING preferreds go ex-dividend; State Street's 5.25% preferreds list on NYSE

By Stephanie N. Rotondo

Phoenix, Aug. 29 - The secondary preferred market continued to absorb the recent onslaught of new issues on Wednesday.

"There's no signs of any new issues [this week]," a trader said. "I think it will be quiet the rest of the week."

He also noted that several issues went ex-dividend on Wednesday, though that didn't do much to affect volume or prices.

Aegon NV, Barclays plc and ING Groep NV issues were among those that went ex-dividend.

In recent issues, State Street Corp.'s $500 million of 5.25% series C noncumulative perpetual preferreds listed on the New York Stock Exchange, as expected. The deal priced Aug. 14.

Securities go ex-dividend

A trader said that preferred price movement was mainly in issues that went ex-dividend on Wednesday.

Aegon's 7.25% perpetual capital securities (NYSE: AEF) were one of the ex-dividend issues, falling 7 cents at midday to $25.08. By the end of the day, the issue had lost 9 cents, ending at $25.06.

The 6.375% perpetual capital securities (NYSE: AEH) also went ex-dividend during the midweek session, falling 3 cents to $25.21.

The dividends are payable on Sept. 15.

Barclays' 8.125% series 5 noncumulative callable dollar preference shares (NYSE: BCSPD) will be paying a dividend on Sept. 15 as well, so that paper also went ex-dividend. However, the shares improved 2 cents to $25.65.

In ING preferreds, the 6.375% perpetual hybrid capital securities (NYSE: ISF) declined a nickel to $23.12. Dividends will be paid Sept. 15.

And MetLife Inc.'s 6.5% series B noncumulative preferreds (NYSE: METPB) went ex-dividend for its upcoming Sept. 15 payment. The issue closed down 6 cents at $25.48.

State Street lists

State Street's recent 5.25% series C preferreds listed on the NYSE Wednesday under the ticker symbol "STTPC."

At midday, the issue was trading down 6 cents from the previous close at $24.98. Earlier in the session, the paper had hit highs around $25.04.

"It's not really doing much," a trader said.

After the bell, the preferreds were down a nickel at $24.99.

Meanwhile, JPMorgan Chase & Co.'s $1.1 billion of 5.5% series O noncumulative perpetual preferreds fell back down below par after breaching that level on Tuesday.

A trader pegged the issue, which priced Aug. 20, just below par. There was still no word on when that deal will list on the NYSE, though it is expected to be soon.

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