JPMorgan taps preferred market; Qwest $25-par notes active; Northern Trust weakens

By James McCandless

San Antonio, July 25 – The preferred space saw an overall negative trend take hold in the Thursday session.

In primary activity, JPMorgan Chase & Co. priced a $2.25 billion offering of $1,000-par series FF fixed-to-floating rate non-cumulative preferred stock with an initial dividend of 5%.

The secondary saw its existing 6% series EE non-cumulative preferreds drop during the day’s trading.

The preferreds (NYSE: JPMPrC) gave up 33 cents to close at $27.34 on volume of about 421,000 shares.

Sector peer PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds (NYSE: PNCPrP) were down 12 cents to close at $26.93.

Also in finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities (NYSE: CPrN) picked up 5 cents to close at $27.87.

Meanwhile, in communications, Qwest Corp.’s 6.5% notes due 2056 and its 6.125% notes due 2053 diverged in trading.

The 6.5% notes (NYSE: CTBB) fell 19 cents to close at $24.18 with about 189,000 notes trading.

The 6.125% notes (NYSE: CTY) added 4 cents to close at $23.47 with about 185,000 notes trading.

Asset manager Northern Trust Corp.’s 5.85% series C non-cumulative perpetual preferred stock was weaker as the session ended.

The preferreds (Nasdaq: NTRSP) were down 2 cents to close at $25.37 on volume of about 175,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.