Brookfield Property ends at par; Allstate preferreds negative; JPMorgan Chase improves

By James McCandless

San Antonio, Aug. 14 – The preferred market saw a largely negative trend on Wednesday following broader market worries of an economic downturn.

Brookfield Property Partners LP’s new $250 million 6.375% series 2 class A cumulative redeemable perpetual preferred units closed the day at par.

The preferreds, trading under the temporary symbol “BKOYF,” were seen closing at $25.00 on volume of about 3.5 million shares.

Insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock ended negative.

The preferreds (NYSE: ALLPrH) were down 3 cents to close at $25.39 with about 510,000 shares trading.

Meanwhile, in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds saw an improvement.

The preferreds (NYSE: JPMPrC) were better by 13 cents to close at $27.85 on volume of about 274,000 shares.

Sector peer Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferreds were under pressure.

The preferreds (NYSE: CPrK) lost 2 cents to close at $28.13 with about 199,000 shares trading.

Telecom giant AT&T, Inc.’s 5.35% global notes due 2066 followed the negative shift.

The notes (NYSE: TBB) dropped 9 cents to close at $26.49 on volume of about 216,000 notes.

The Wells Fargo Hybrid & Preferred Securities Financial index finished up by 0.15%.

The iShares US Preferred Stock ETF was down 5 cents to $37.16.

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