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JMP Group, JPMorgan issues edge lower; Aegon's preferreds move up, Deutsche Bank's dip
By Christine Van Dusen
Atlanta, Jan. 24 - A new issue of $25-par notes from JMP Group Inc. ticked down in trading on an otherwise mostly quiet Friday as investors remained concerned about the struggling equities market.
"People are still looking at the stock market getting pounded again," a trader said.
San Francisco-based investment banking and alternative asset management firm JMP's $42 million 7.25% senior notes due January 2021 - $25-par notes callable in 2017 - traded at about $24.90 on Friday.
And the recent issue of fixed-rate perpetual preferred securities from JPMorgan Chase & Co. was trading between $24.80 and $24.90 on Friday.
The $850 million issue of $25-par preferreds came to the market with a 6.7% dividend, matching talk of 6.7%.
"We were thinking we would see another deal this week or next, but probably not," the trader said. "We may see a deal on Monday, but if not it's going to be pretty quiet for the rest of the month."
Trading mixed
In other trading on Friday morning, Aegon NV's 6.875% perpetual capital securities were spotted at $25.36, up 3 cents on volume totaling 271,972.
Deutsche Bank Contingent Capital Trust III's 7.6% trust preferred securities ticked down 3 cents to $26.36 on 251,418 shares traded.
Barclays Bank plc's 8.125% non-cumulative callable dollar preference shares, series 5, ADR moved up 1 cent to trade at $25.50 on Friday on volume totaling 169,539.
On Friday afternoon, ING Groep NV's 6.375% perpetual hybrid capital securities were quoted down a penny at $24.25 on 356,211 shares traded.
Aegon's 6.875% perpetual preferreds remained somewhat active during the later part of the day, trading up a penny at $25.37 on volume totaling 279,055.
And Merrill Lynch Capital Trust II's 6.45% trust preferred securities fell 5 cents to $24.91 on total volume of 162,030.
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