JPMorgan prices new perpetual securities; Navios preferreds tick down; HSBC USA shares active

By Christine Van Dusen

Atlanta, Jan. 23 - JPMorgan Chase & Co. on Thursday priced an issue of fixed-rate perpetual preferred securities as the preferred stock market slid in sympathy with the equities market, a trader said.

"For most of the day the market was flat, up until 1:30 p.m. or 2:00 p.m., when it started to slide," he said. "Volumes were OK."

JPMorgan's new $850 million issue of $25-par notes came to the market with a 6.7% dividend, matching talk of 6.7%.

In trading on Thursday morning, Greece-based Navios Maritime Holdings Inc.'s new issue of $50 million 8¾% series G cumulative redeemable perpetual preferred stock that priced equivalent to $25 per American Depository Share moved to $24.75.

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.

Trading mixed

On Thursday afternoon, HSBC USA Inc.'s series F floating-rate non-cumulative preferred stock was the most popular issue, off about 15 cents to $19.70 on volume totaling 1.15 million shares, a market source said.

JPMorgan's 5½% series D non-cumulative preferred stock was off 26 cents at $21.72 on 564,000 shares traded.

Also on Thursday afternoon, Aegon's 6 7/8% perpetual capital securities traded up 3 cents at $25.36 on volume totaling 271,972.

Deutsche Bank Contingent Capital Trust III saw its 7.6% trust preferred securities drop 3 cents to $26.36 on 251,418 shares traded.

And Barclays Bank plc's 8 1/8% series 5 non-cumulative callable dollar preference shares were spotted at $25.50, up a penny on 169,539 in total volume.

"It's still pretty quiet," a trader said. "With the housing numbers and gold ran up and the numbers out of China, the Treasury market and long bonds are up almost a point, so things are just kind of creeping up, but a slow climb."

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