Midday Commentary: JPMorgan sets talk for new perpetual securities; Navios preferreds tick down

By Christine Van Dusen

Atlanta, Jan. 23 - JPMorgan Chase & Co. on Thursday morning announced price talk for a new issue of perpetual securities while trading of preferred stocks slowed on the back of economic data from the United States and China.

JPMorgan gave guidance of 6.7% for the new issue of fixed-rate perpetual preferred securities, which are expected to price Thursday night or Friday morning.

"It's trading around $24.80 in the Street, so it should be doing pretty well," a trader said. "They'll probably price it tonight or tomorrow. That's how big they want to make it."

In other trading on Thursday morning, Greece-based Navios Maritime Holdings Inc.'s new issue of $50 million 8¾% series G cumulative redeemable perpetual preferred stock with a liquidation preference of $25 per American Depository Share moved to $24.75. The offering priced at par on Tuesday.

Also on Thursday morning, Aegon NV saw its preferred stock issues gain popularity in trading.

The company's 7¼% perpetual capital securities were quoted at $25.38, down 4 cents on volume totaling 57,627.

Aegon's 6 3/8% perpetual capital securities declined 14 cents to $24.27 on 6,560 shares traded.

And the company's 6½% perpetual capital securities were seen Thursday at $24.41, down 6 cents on 5,528 in total volume.

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