New Chimera preferreds trade under par; JPMorgan declines; PG&E rebounds off lows

By James McCandless

San Antonio, Jan. 16 – Negativity was rampant in the preferred space on Wednesday with the focus on a new issue.

Chimera Investment Corp.’s new $185 million 8% series D fixed-to-floating rate cumulative redeemable preferred stock closed the session under par.

The preferreds, trading under the temporary symbol “CMIMP,” were seen ending the session at $24.65 on volume of about 3.2 million shares.

Another REIT, AGNC Investment Corp., saw its 7% series C fixed-to-floating rate cumulative redeemable preferreds head lower.

The preferreds (Nasdaq: AGNCN) were down 9 cents to close at $25.40 with about 411,000 shares trading.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock declined.

The preferreds (NYSE: JPMPrD) lost 6 cents to close at $24.87 on volume of about 1.4 million shares.

In utilities, PG&E Corp.’s 6% cumulative nonredeemable first preferred stock was rising after a recent sell-off.

The preferreds (NYSE: PCGPrA) were up 49 cents to close at $14.81 with about 543,000 shares trading.

On Tuesday, the preferreds dropped $1.38.

The company’s preferreds have been under pressure over the past week as the company signaled it would file for Chapter 11 bankruptcy due to potential liabilities related to recent California wildfires.

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