THL Credit to redeem notes; JPMorgan improves; Bank of America, U.S. Bancorp level

By James McCandless

San Antonio, Oct. 5 – The preferred space saw active trading on Friday with most of the attention focused on the financial sector.

THL Credit, Inc. announced that it will redeem its outstanding 6.75% notes due 2021.

Meanwhile, JPMorgan Chase & Co.’s recent issue of $25-par 5.75% series DD non-cumulative preferred stock improved.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock ended flat despite increased trading volume.

Elsewhere, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock was also level at the end of the session.

THL Credit sets redemption

THL Credit said it will redeem its outstanding 6.75% notes due 2021.

The notes will be redeemed on Nov. 5 at par plus accrued interest to the redemption date.

The redemption will be funded using proceeds from the issuer’s recently completed offering of $50 million of 6.125% notes due 2023.

The 6.75% notes (NYSE: TCRX) were last traded on Oct. 4 at $25.09.

JPMorgan rises

At the top of the secondary, JPMorgan’s recent $1,696,250,000 5.75% series DD non-cumulative preferred stock improved.

The preferreds (NYSE: JPMPrD) were up 17 cents to close at $25.00 with about 1.5 million shares trading.

On Thursday, the preferreds lost 7 cents.

Bank of America flat

Elsewhere in the financial space, Bank of America’s 5.875% series HH non-cumulative preferred stock rose in early trading but ended flat at the close.

The preferreds (NYSE: BACPrK), rising as high as $25.19 in early trading, were level at $25.10 on volume of about 943,000 shares

U.S. Bancorp level

U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock also ended level in Friday trading.

The preferreds (NYSE: USBPrP), reaching $24.39 in the afternoon, ended back at $24.30 with about 884,000 shares trading.

On Thursday, the preferreds lost 43 cents.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.16% at market close after a 0.39% drop in early trading on Friday.

The iShares US Preferred Stock ETF was level at $36.05.

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