Midday Commentary: International Shipholding plans $100-par deal; JPMorgan, Synovus price

By Stephanie N. Rotondo

Phoenix, July 23 - Preferred stocks were firming again on Tuesday and the primary market continued to show signs of life.

International Shipholding Corp. said during the day's session that it was offering $100-par series B cumulative redeemable perpetual preferreds. However, a trader said he had not seen any markets for paper as of midday.

Meanwhile, JPMorgan Chase & Co. priced a $1.5 billion sale of 6% $1,000-par series R fixed-to-floating rate noncumulative perpetual preferreds late Monday. Come Tuesday, a trader said he saw a block of the preferred shares offered at 102.5.

Synovus Financial Corp. also brought a deal late Monday, a $130 million sale of 7.875% series C fixed-to-floating rate noncumulative perpetual preferreds.

The trader saw that issue at $25.50 at midday on Tuesday.

Among other recent deals, Wells Fargo & Co.'s $1.5 billion of 5.85% series Q class A fixed-to-floating rate noncumulative perpetual preferreds were admitted to the New York Stock Exchange, as was expected.

The ticker symbol is "WFCPQ." Paper was trading at $25.13 at midday, down 12 cents from the day before.

The deal priced July 15.

In the secondary market, General Electric Capital Corp.'s 6.5% GE Capital InterNotes due 2048 (NYSE: GEPA) were off 45 cents, or 1.74%, at $25.48 as of midafternoon trading. The company called the issue late Monday.

The notes will be redeemed on Aug. 22 at a redemption price of $25 plus 31.5972 cents.

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