JPMorgan preferreds flat; JMP notes move up; market quiet as Fed releases statements

By Aleesia Forni

Virginia Beach, Jan. 29 - JPMorgan Chase & Co.'s recent preferred stock issue was flat in trading on Wednesday as the market focused on the conclusion of the two-day Federal Open Market Committee meeting.

JPMorgan Chase sold its $850 million issue of $25-par fixed-rate perpetual preferred securities on Thursday with a 6.7% dividend.

The issue was quoted at $24.75 bid early Wednesday.

"I have not seen any offerings," a trader noted at midday.

On Tuesday, the notes traded between $24.65 and $24.75, a trader said.

The recent issue of $25-par notes from JMP Group Inc. moved up on Wednesday to $24.72 bid, $24.90 offered.

The $42 million 7.25% senior notes due January 2021 traded at about $24.85 on Monday morning.

JMP is a San Francisco-based investment banking and alternative asset management firm.

Also on Wednesday, RBC Capital Funding Trust VII's 6.08% non-cumulative guaranteed trust preferred securities were among the day's most active issues.

The securities traded down 20 cents at $21.69 on 256,474 shares.

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