Associated Banc taps market; JPMorgan’s new preferreds edge higher; Chimera dips

By James McCandless

San Antonio, Sept. 19 – The preferred market renewed its focus on new issues in Wednesday trading.

Associated Banc-Corp priced $100 million of $25-par 5.875% series E non-cumulative perpetual preferred stock.

BofA Merrill Lynch and UBS Securities LLC are the joint bookrunners.

The preferreds are redeemable on or after Dec. 15, 2023 at par.

In secondary trading, JPMorgan Chase & Co.’s new $1,475,000,000 issue of $25-par 5.75% series DD non-cumulative preferred stock gained.

The preferreds, trading under the temporary symbol “JPMLL,” rose 2 cents to close at $25.04 on volume of about 4.9 million shares.

Chimera Investment Corp.’s new $250 million of 7.75% series C fixed-to-floating rate cumulative redeemable preferred stock declined.

The preferreds, trading under the temporary symbol “CIMPP,” were down 2 cents to close at $24.89 with about 769,000 shares trading.

Ladenburg Thalmann Financial Services Inc.’s 8% series A cumulative redeemable preferred stock plummeted.

The preferreds (NYSE: LTSPrA) were down 63 cents to close at $23.64 on volume of about 482,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.29% at market close.

The iShares US Preferred Stock ETF was down 13 cents to $37.08.

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