| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Review > Headlines for 2018 > News item |
JPMorgan improves after starting week flat; Citigroup moves lower; U.S. Bancorp gains
By James McCandless
San Antonio, Sept. 26 – Activity in the preferred market continued to focus on financial names.
JPMorgan Chase & Co.’s recent $1,696,250,000 issue of $25-par 5.75% series DD non-cumulative preferred stock improved.
Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities declined on increased trading in the shares.
U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock rose.
JPMorgan improves
JPMorgan’s 5.75% series DD non-cumulative preferred stock improved, leading the secondary market again.
The preferreds, trading under the temporary symbol “JPMLL,” were up 11 cents to close at $25.19 on volume of about 2.1 million shares.
The preferreds were level at $25.08 on Monday and Tuesday.
On Monday, the issue’s $221.25 million over-allotment option was fully exercised by the underwriters. The deal originally priced on Sept. 19 at $1,475,000,000.
Citigroup off
Elsewhere in the financial space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities declined in Wednesday trading.
The preferreds (NYSE: CPrN) were down 3 cents to close at $26.85 with about 634,000 shares trading.
U.S. Bancorp gains
Meanwhile, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock gained.
The preferreds (NYSE: USBPrP) were up 13 cents to close at $25.19 on volume of about 484,000 shares.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.09% at market close, hovering around the 0.07% gain seen in early trading on Wednesday.
The iShares US Preferred Stock ETF was down 3 cents to $37.02.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.