Morning Commentary: JPMorgan’s preferreds improve; Energy Transfer rises; Maiden gains

By James McCandless

San Antonio, Dec. 11 – Preferreds opened higher on Tuesday as the Wells Fargo Hybrid & Preferred Securities Financial index rose 0.32%.

Leading secondary trading volume, JPMorgan Chase & Co.’s 6.125% series Y non-cumulative preferreds were improving.

The preferreds (NYSE: JPMPrF) were up 21 cents to $25.34 on volume of about 69,000 shares.

Elsewhere in finance, State Street Corp.’s 5.35% series G fixed-to-floating rate non-cumulative preferred stock was also positive.

The preferreds (NYSE: STTPrG) were gaining 4 cents to $24.25 with about 38,000 shares trading.

Meanwhile, in the energy space, Energy Transfer Partners LP’s 7.375% series C and 7.625% series D fixed-to-floating rate cumulative preferred units were rising early Tuesday.

The series C preferreds (NYSE: ETPPrC) started higher by 26 cents to $22.45 on volume of about 66,000 shares.

The series D preferreds (NYSE: ETPPrD) were up 18 cents to $22.75 on volume of about 58,000 shares.

Insurance name Maiden Holdings Ltd.’s 7.125% series C non-cumulative preference shares joined the early trend upward.

The preferreds (NYSE: MHPrC) were rising 15 cents to $6.60 with about 57,000 shares trading.

MetLife Inc.’s series A floating-rate non-cumulative preferreds were also improving.

The preferreds (NYSE: METPrA) saw a 10 cent boost to $21.76 on volume of about 43,000 shares.

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