Morgan Stanley’s 6.375% preferreds decline; JPMorgan flat after greenshoe exercised

By James McCandless

San Antonio, Sept. 24 – The preferred market started the week with a renewed focus on financial names.

Morgan Stanley’s 6.375% series I fixed-to-floating rate cumulative preferred stock declined, leading secondary activity.

JPMorgan Chase & Co.’s recent issue of 5.75% $25-par series DD non-cumulative preferred stock was flat after the greenshoe on the issue was exercised, lifting the deal to $1,696,250,000.

Meanwhile, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock improved.

Morgan Stanley down

Morgan Stanley’s 6.375% series I fixed-to-floating rate cumulative preferred stock fell in Monday trading.

The preferreds (NYSE: MSPrI) were down 4 cents to close at $26.94 on volume of about 838,000 shares.

JPMorgan flat

JPMorgan’s 5.75% series DD non-cumulative preferred stock ended the day unchanged.

On Monday, underwriters fully exercised the issue’s $221.25 million over-allotment option. The deal priced on Sept. 19 at $1,475,000,000.

The preferreds, trading under the temporary symbol “JPMLL,” were level at $25.08 with about 637,000 shares trading.

On Friday, the preferreds gained 9 cents.

U.S. Bancorp rises

U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock improved.

The preferreds (NYSE: USBPrP) were up 3 cents to close at $25.12 on volume of about 343,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.09% at market close, rising past a 0.04% gain in early trading on Monday.

The iShares US Preferred Stock ETF was down 4 cents to $37.11.

© 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.