Midday Commentary: No symbols yet for State Street, JPMorgan; American Financial, others do list

By Stephanie N. Rotondo

Phoenix, Aug. 28 - Preferred stocks remained subdued Tuesday, much to the chagrin of one trader.

"Everyone is on vacation," he said. "Nothing is moving."

The trader was also surprised that neither State Street Corp.'s $500 million of series C preferreds nor JPMorgan Chase & Co.'s $1.1 billion of 5.5% series O noncumulative preferreds listed on the New York Stock Exchange, especially given that the first settlement for the JPMorgan deal was Monday.

"Maybe tomorrow," he said.

Though State Street and JPMorgan failed to hit the NYSE, three other recent deals did list Tuesday.

American Financial Group Inc.'s 5.75% senior notes due 2042 listed under the symbol "AFA." The $125 million deal priced Aug. 21.

The issue was trading unchanged at $25.17 at midday.

The company said Monday that it will redeem all $115 million of its 7.125% senior debentures due 2034 on Sept. 28 at par plus accrued interest. The issue (NYSE: AFE) was unchanged at $25.21 come Tuesday.

Hatteras Financial Corp. meantime listed its recent 7.625% series A cumulative redeemable preferreds under the ticker symbol "HTSPA." Paper was trading up 4 cents at $25.06 in midafternoon trading. The issue priced Aug. 16.

Also, Regency Centers Corp.'s $75 million of 6% series 7 cumulative redeemable preferreds - an issue that priced Aug. 14, the same day as State Street - hit the NYSE under the symbol "REGPG."

The preferred shares were up 3 cents at midday at $24.99.

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