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JMP's new notes move up; JPMorgan paper heads down; Cousins, M&T Capital preferreds fall
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 preferreds were spotted between $24.80 and $24.90.
The $850 million issue of $25-par paper 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.
Aegon NV's 6.375% perpetual capital securities were seen at $24.40, up 8 cents.
And Barclays Bank plc's 6 5/8% non-cumulative callable dollar preference shares, series 2, ADR traded at $24.94, down 2 cents.
"It's been pretty quiet," the trader said.
Later in the day, RBS Capital Funding Trust VII's 6.08% noncumulative guaranteed trust preferred securities received some attention, dropping 11 cents to $21.89 on 280,333 shares traded.
M&T Capital Trust IV's 8.5% enhanced trust preferred securities fell 24 cents to $25.51 on volume totaling 178,612.
And UBS Preferred Funding Trust IV's floating-rate non-cumulative trust preferred securities rose 8 cents to $16.10 on 178,366 shares traded.
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