JPMorgan preferreds gain; Triton tops par; Northern Trust lifted

By James McCandless

San Antonio, Nov. 1 – The preferred space closed the Friday session virtually unchanged as new issues took up much of the attention.

Leading volume in the secondary, JPMorgan Chase & Co.’s new $900 million 4.75% series GG non-cumulative perpetual preferred stock closed its first day north of par. The preferreds closed at $25.10 on volume of about 11 million shares.

Its established 5.45% series P non-cumulative preferred stock saw a slight dip, dropping 1 cent to close at $25.03 on volume of about 522,000 shares.

Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferreds declined by 3 cents to $26.38 with about 576,000 shares trading.

In the shipping space, Triton International Ltd.’s new $175 million 7375% series C cumulative redeemable perpetual preference shares ended north of par, closing at $25.10 on volume of about 2.4 million shares.

Asset manager Northern Trust Corp.’s new 4.7% series E non-cumulative perpetual preferreds were lifted by session’s end.

Meanwhile, REIT PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock also gained.

© 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.