Midday Commentary: JMP preferreds move up, JPMorgan's move down; Cousins drops 32 cents

By Christine Van Dusen

Atlanta, Jan. 27 - The new issue of $25-par notes from JMP Group Inc. inched up on Monday while the new preferred securities from JPMorgan Chase & Co. again ticked down in trading as investors focused more on currency trades.

San Francisco-based investment banking and alternative asset management firm JMP's $42 million 7.25% senior notes due January 2021 - $25-par notes callable in 2017 - traded at about $24.85 on Monday morning, a trader said.

The notes were quoted at $24.90 on Friday.

And the recent issue of fixed-rate perpetual preferred securities from JPMorgan Chase traded Monday at about $24.85. On Friday the notes were spotted between $24.80 and $24.90.

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

In other trading among preferreds on Monday morning, Cousins Properties Inc.'s 7.5% series B cumulative redeemable preferred stock was quoted down 32 cents at $24.95 on volume totaling 104,770.

Aegon NV's 6.375% perpetual capital securities were seen at $24.40, up 8 cents on 21,956 shares traded.

And Barclays Bank plc's 6.625% non-cumulative callable dollar preference shares, series 2, ADR traded at $24.94, down 2 cents on volume totaling 21,778.

"It's been pretty quiet," the trader said.

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