JPMorgan preferreds dip in trading; volumes thin; Aegon's preferreds among most active

By Christine Van Dusen

Atlanta, Jan. 28 - The new issue of preferred securities from JPMorgan Chase & Co. on Tuesday ticked down in trading as the preferred stock market stayed mostly quiet and investors remained in wait-and-see mode.

JPMorgan's recent $850 million issue of $25-par fixed-rate perpetual preferred securities came to the market with a 6.7% dividend. On Tuesday the preferreds traded between $24.65 and $24.75, a trader said.

On Monday the notes were quoted between $24.80 and $24.90.

In other trading among preferred securities on Tuesday, Countrywide Capital V's 7% capital securities dipped 2 cents to $25.46 on 37,766 shares traded.

And Morgan Stanley Capital Trust VII's 6.6% capital securities rose 2 cents to $25.00 on just 27,640 shares traded.

"It's really quiet," the trader said.

Later in the day, RBS Capital Funding Trust VII's 6.08% non-cumulative guaranteed trust preferred securities traded down a penny at $21.88 on 343,904 shares.

Aegon NV's 6.875% perpetual capital securities were flat at $25.37 on volume totaling 204,003.

And Aegon's 6.5% perpetual capital securities ended the day up 12 cents at $24.44 on volume totaling 155,787.

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