Seaspan stable on listing; Pacific Gas & Electric improves; JPMorgan preferreds steady

By Cristal Cody

Tupelo, Miss., Sept. 28 – The preferreds secondary space ended Friday mostly flat with light trading volume with the iShares US Preferred Stock ETF improved to $37.13 and the Wells Fargo Hybrid & Preferred Securities Financial index up 0.03%.

Seaspan Corp.’s series I fixed-to-floating rate cumulative redeemable perpetual preferred shares, now trading on the New York Stock Exchange under the ticker “SSWPrI,” closed flat at $25.20.

The preferreds are continuing to trade at a premium to their issue price. Seaspan priced a $150 million offering of the $25-par 8% preferreds on Sept. 12.

Meanwhile, Pacific Gas & Electric’s preferred stock improved over Friday’s session though some issues closed off earlier highs.

The utility company’s 4.8% cumulative redeemable first preferred stock closed up 41 cents, or 1.97%, to $21.30 after trading up to $22.10 early in the session.

Pacific Gas & Electric’s 6% cumulative nonredeemable first preferred stock gained 30 cents, or 1.18%, to head out at $25.61. The 6% preferreds were down to $25.10, a decrease of 21 cents or 0.83%, over the morning.

In the financial space, JPMorgan Chase & Co.’s $25-par 5.75% series DD non-cumulative preferred stock was steady at $25.31.

The preferreds priced at par with a dividend of 5.75% on Sept. 17.

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