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NiSource, Prospect Capital price; JPMorgan’s preferreds improve; Edison drops
By James McCandless
San Antonio, Nov. 28 – An active primary market was coupled with mixed trading in the secondary space in preferred stock action on Wednesday.
In the primary, NiSource Inc. priced an upsized $500 million of $25-par series B fixed-rate reset cumulative redeemable perpetual preferred stock with an initial dividend of 6.5%.
Prospect Capital Corp. priced $50 million of $25-par notes due June 15, 2029 at par with a coupon of 6.875%.
In the secondary, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock rose in the Wednesday session.
Elsewhere in financials, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds were lower.
Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds were active but ended flat.
Meanwhile, in utilities, Southern California Edison Co., a subsidiary of Edison International saw its 5.375% cumulative fixed-to-floating rate trust preferreds decline.
Insurance name Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds rose.
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