JPMorgan’s 6.125% series Y noncumulative preferreds to begin trading on NYSE on Monday

By Stephanie N. Rotondo

Phoenix, Feb. 19 – JPMorgan Chase & Co.’s $1.38 billion of 6.125% series Y noncumulative preferreds will list on the New York Stock Exchange on Monday, according to a market source.

The deal priced Feb. 5, with $1.2 billion shares sold. A $180 million greenshoe was exercised Feb. 9.

The preferreds’ ticker symbol will be “JPMPF.”

The preferreds were issued as depositary shares representing a 1/400th interest.

J.P. Morgan Securities LLC was the bookrunner. Joint lead managers were BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC.

Dividends will be payable on a quarterly basis. The New York-based bank can redeem the preferreds on or after March 1, 2020 or upon a regulatory capital treatment event at par plus accrued dividends.

Proceeds will be used for general corporate purposes.

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