Morning Commentary: Preferreds start week soft; DynaGas admitted to NYSE; JPMorgan slips

By Stephanie N. Rotondo

Phoenix, July 27 – Preferred stocks were following the broader markets lower early Monday.

The weakness in the straight equities was due to a slide in Chinese stocks, as well as continued softness in commodities.

The Wells Fargo Hybrid and Preferred Securities index was off 10 basis points at mid-morning.

DynaGas LNG Partners LP’s $75 million of 9% series A cumulative redeemable preferred units – a deal priced July 13 – listed on the New York Stock Exchange on Monday.

The units were trading at $23.90 early in the session.

Morgan Stanley & Co. LLC ran the books on the non-rated deal. Other joint bookrunners included Credit Suisse Securities (USA) LLC, Stifel Nicolaus & Co. and DNB Markets.

Meanwhile, a trader said JPMorgan Chase & Co.’s $1.1 billion of 6.15% series BB noncumulative preferreds – a deal priced Wednesday via J.P. Morgan Securities LLC – had been assigned a temporary trading symbol, “JMPRP.”

The trader quoted that issue at $24.75 bid, $24.80 offered at mid-morning. The OTCBB had the issue trading around $24.80, off 10 cents from Friday but up a penny from the open.

As for the coming week’s calendar, the trader said that “we kind of heard about a new deal being in the works this week, but no real names or anything.”

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