| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Review > Headlines for 2019 > News item |
Morning Commentary: JPMorgan sells $1.85 billion of preferreds; Goldman Sachs lower
By James McCandless
San Antonio, Jan. 17 – Preferreds saw activity in the primary space with JPMorgan Chase & Co.’s upsized $1.85 billion of $25-par 6% series EE non-cumulative preferred stock, which priced late Wednesday.
In the secondary, the Wells Fargo Hybrid & Preferred Securities Financial index started higher by 0.11%.
JPMorgan’s offering, announced Wednesday morning, was upsized from an initial $500 million and came in below talk for a dividend of 6.125%
J.P. Morgan Securities LLC is the bookrunner.
In the secondary, JPMorgan’s existing 5.75% series DD non-cumulative preferreds opened lower at the start of the session.
The preferreds (NYSE: JPMPrD) were down 1 cent to $24.86 on volume of about 50,000 shares.
Elsewhere in finance, Goldman Sachs Group, Inc.’s 6.375% series K fixed-to-floating rate perpetual non-cumulative preferred stock also started moving lower.
The preferreds (NYSE: GSPrK) was down 4 cents to $26.07 with about 156,000 shares trading.
Morgan Stanley’s series A floating-rate non-cumulative preferred stock followed the negative trend.
The preferreds (NYSE: MSPrA) started down 4 cents to $19.86 on volume of about 24,000 shares.
Real estate investment trust Chimera Investment Corp.’s new $25-par series D fixed-to-floating rate cumulative redeemable preferred stock started the day better.
The preferreds, trading under the temporary symbol “CMIMP,” were up 1 cent to $24.81 with about 51,000 shares trading.
In the insurance sector, Allstate Corp.’s 5.625% series G fixed rate non-cumulative perpetual preferred stock was falling at the open.
The preferreds (NYSE: ALLPrG) were down 16 cents to $24.16 on volume of about 34,000 shares.
© 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.