Morning Commentary: JPMorgan’s 5.75% preferreds decline; Bank of America edges higher

By James McCandless

San Antonio, Oct. 1 – The preferred secondary market started a new week rising slightly on light trading volume with the Wells Fargo Hybrid & Preferred Securities Financial index gaining 0.08%.

JPMorgan Chase & Co.’s $25-par 5.75% series DD non-cumulative preferred stock declined, leading trading.

Last Thursday, the company announced that it will redeem $1.7 billion, or 169,625 of its 600,000 outstanding shares of its series I fixed-to-floating rate non-cumulative perpetual preferred stock.

The redemption price will be the liquidation preference of $10,000 per share.

The series I preferreds are not listed on any securities exchange.

The series DD preferreds (NYSE: JPMPrD) were down 8 cents to $25.23 on volume of about 256,000 shares.

Elsewhere in the financial space, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock was seen gaining.

The preferreds (NYSE: BACPrK) were up 2 cents to $25.52 with about 99,000 shares trading.

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