NiSource preferreds active, little changed in trading; JPMorgan, Southern Co. weaken

By James McCandless

San Antonio, Dec. 17 – A new week for the preferred market started with broad negativity.

Leading trading volume, NiSource Inc.’s recent series B fixed-rate reset cumulative redeemable perpetual preferred stock was active but flat.

Elsewhere in utilities, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 were negative.

In finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds ended the day lower.

Goldman Sachs Group, Inc.’s series D and series A floating-rate non-cumulative preferred stocks were also declining.

U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferreds followed the negative trend.

NiSource level

NiSource’s recent series B fixed-rate reset cumulative redeemable perpetual preferred stock was active but ended flat.

The preferreds, trading under the temporary symbol “NISOP,” were level at $24.95 on volume of about 494,000 shares.

On Friday, the preferreds were also unchanged.

Elsewhere in the utilities space, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 fell in Monday’s session.

The notes (NYSE: SOJA) were down 12 cents to close at $24.95 with about 212,000 notes trading.

JPMorgan off

Meanwhile, in the finance space, JPMorgan’s 5.75% series DD non-cumulative preferred stock also declined.

The preferreds (NYSE: JPMPrD) lost 21 cents to close at $24.49 on volume of about 456,000 shares.

In other activity in finance, Goldman Sachs’ series D and series A floating-rate non-cumulative preferred stocks were falling.

The series D preferreds (NYSE: GSPrD) dropped 40 cents to close at $17.60 with about 420,000 shares trading.

On Friday, the series D preferreds fell 23 cents.

The series A preferreds (NYSE: GSPrA) were down 38 cents to close at $17.76 with about 232,000 shares trading.

Negative attention continued to plague Goldman Sachs on Monday after news broke that Goldman Sachs and two former employees were charged with money laundering by the Malaysian government, alleging that $2.7 billion was diverted from 1Malaysia Development Bhd.

U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferreds slipped.

The preferreds (NYSE: USBPrH) declined 29 cents to close at $18.61 on volume of about 417,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.34% at session’s end after opening Monday 0.20% lower.

The iShares US Preferred Stock ETF was down 20 cents to $34.36.

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