Southern California Edison weakens; new Spire preferreds flat in secondary; JPMorgan up

By James McCandless

San Antonio, May 16 – Most volume leaders in the preferred market strengthened in secondary trading on Thursday, following the broader trend.

In the primary market, Prospect Capital Corp. entered into an agreement to sell up to $300 million more total of its $25-par 6.25% notes due 2024, 6.25% notes due 2028 and 6.875% notes due 2029.

Algonquin Power & Utilities Corp. priced a $350 million offering of series 2019-A $25-par fixed-to-floating rate subordinated notes due July 1, 2079 with an initial coupon of 6.2%.

Leading secondary activity, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preference securities go negative.

The preferreds (NYSE: SCEPrL) were down 5 cents to close at $21.38 on volume of about 591,000 shares.

Elsewhere, in utilities Spire Inc.’s new 5.9% series A cumulative redeemable perpetual preferred stock was active but level.

The preferreds, trading under the temporary symbol “SIPRY,” closed unchanged at $25.70 with about 307,000 shares trading.

Meanwhile, in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was on the rise.

The preferreds (NYSE: JPMPrC) picked up 3 cents to close at $26.48 on volume of about 441,000 shares.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds

(NYSE: WFCPrQ) gained 3 cents to close at $26.48.

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