DCP Midstream, THL Credit tap $25-par market; JPMorgan rises; Citigroup moves lower

By James McCandless

San Antonio, Oct. 2 – The preferred space saw two new issues in the primary market while the secondary trended negative again.

DCP Midstream, LP priced a $100 million offering of 7.95% $25-par series C fixed-to-floating rate cumulative redeemable perpetual preferred units (B1/B/BB-).

In the secondary market, DCP Midstream’s existing 7.875% series B fixed-to-floating rate perpetual preferreds (NYSE: DCPPrB) lost 19 cents to close at $24.99 on volume of about 416,000 shares.

THL Credit Inc. sold $50 million of 6.125% $25-par notes due Oct. 30, 2023.

In the secondary, JPMorgan Chase & Co.’s recent $1,696,250,000 issue of $25-par 5.75% series DD non-cumulative preferred stock rose.

The preferreds (NYSE: JPMPrD) were up 2 cents to close at $25.18 with about 705,000 shares trading.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities moved lower.

The preferreds (NYSE: CPrN) were down 2 cents to close at $26.83 on volume of about 345,000 shares.

The PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferred stock gained.

The preferreds (NYSE: PNCPrP) were up 4 cents to close at $26.73 with about 303,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.13% at market close, reversing a 0.07% gain in early trading Tuesday.

The iShares US Preferred Stock ETF was off 10 cents to $36.58.

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