NiSource, Prospect Capital price; JPMorgan’s preferreds improve; Edison drops

By James McCandless

San Antonio, Nov. 28 – An active primary market was coupled with mixed trading in the secondary space in preferred stock action on Wednesday.

In the primary, NiSource Inc. priced an upsized $500 million of $25-par series B fixed-rate reset cumulative redeemable perpetual preferred stock with an initial dividend of 6.5%.

Prospect Capital Corp. priced $50 million of $25-par notes due June 15, 2029 at par with a coupon of 6.875%.

In the secondary, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock rose in the Wednesday session.

Elsewhere in financials, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds were lower.

Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds were active but ended flat.

Meanwhile, in utilities, Southern California Edison Co., a subsidiary of Edison International saw its 5.375% cumulative fixed-to-floating rate trust preferreds decline.

Insurance name Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds rose.

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