Priority Income Fund preps offering; JPMorgan slightly worse; Qwest $25-par notes lower

By James McCandless

San Antonio, Feb. 19 – High volume traders in the preferred market closed mixed again as the broader market improved.

In the primary market, Priority Income Fund, Inc. plans to offer $25-par series C term preferred stock due 2024.

Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, B. Riley FBR, Inc. and Incapital LLC are the joint bookrunners.

In the secondary, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock ended the session slightly worse off.

The preferreds (NYSE: JPMPrC) were down 3 cents to close at $25.99 on volume of about 707,000 shares.

Elsewhere in finance, People’s United Financial, Inc.’s 5.625% series A fixed-to-floating rate non-cumulative perpetual preferred stock (NYSE: PBCTP) gained 16 cents to close at $24.35 with about 190,000 shares trading.

In telecom, Qwest Corp.’s 6.5% notes due 2056 and its 6.125% notes due 2053 sustained a decline from early trading.

The 6.5% notes (NYSE: CTY) lost 10 cents to close at $23.24 on volume of about 514,000 notes.

The 6.125% notes (NYSE: CTBB) dropped 47 cents to close at $22.05 on volume of about 313,000 notes.

Meanwhile, Southern California Edison saw its 5.375% fixed-to-floating rate trust preferred securities jump higher.

The preferreds (NYSE: SCEPrJ) rose 47 cents to close at $23.37 with about 507,000 shares trading.

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