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Morning Commentary: NiSource preferreds move lower; AIG edges higher; JPMorgan improves
By James McCandless
San Antonio, March 11 – The new week in the preferred space kicked off mixed as the Wells Fargo Hybrid & Preferred Securities Financial index started lower by 0.01%.
Leading early secondary trading volume, utilities name NiSource Inc.’s 6.5% series B fixed-rate reset cumulative redeemable perpetual preferreds were moving downward early Monday.
The preferreds (NYSE: NIPrB) were down 8 cents to $26.60 on volume of about 609,000 shares.
Elsewhere in the sector, Southern California Edison, a subsidiary of Edison International, saw its 5.375% fixed-to-floating rate cumulative trust preference securities also trending lower.
The preferreds (NYSE: SCEPrJ) started down by 10 cents to $21.75 with about 39,000 shares trading.
Meanwhile, in the insurance space, American International Group, Inc.’s new 5.85% series A non-cumulative perpetual preferred stock was on the positive side.
The preferreds, trading under the temporary symbol “AIGGZ,” rose 3 cents to $25.13 on volume of about 89,000 shares.
In finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were slightly higher.
The preferreds (NYSE: JPMPrD) were better by 1 cent to $25.95 with about 72,000 shares trading.
Sector peer Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were falling at the session’s open.
The preferreds (NYSE: DKT) sank 14 cents to $25.87 on volume of about 30,000 shares.
Early Monday, news broke that the company is inching closer to a merger with Commerzbank amid continuing financial difficulties.
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