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Wells Fargo preferreds dip, JPMorgan climbs after stress tests; National General eyed
By Christine Van Dusen
Atlanta, June 30 – Trading of preferreds from U.S. banks was mixed on Thursday, following the results of the Federal Reserve’s latest round of stress tests for the financial institutions.
Wells Fargo & Co.’s 5.5% series X class A noncumulative preferreds (NYSE: WFCPX) traded Thursday morning down 5 cents to $25.85, then closed down 12 cents at $25.78.
Bank of America Corp.’s 6% series EE noncumulative preferreds (NYSE: BACPA) moved up a penny to $25.82 on Thursday morning. At the end of the day, the notes were up 23 cents at $26.04.
JPMorgan Chase & Co.’s 6.15% series BB noncumulative preferreds (NYSE: JPMPH) rose 11 cents to $26.84 on Thursday morning. At the close the notes were seen at $26.75, up 2 cents.
Last week, the Fed said that all of the 33 banks that were tested passed the stress review. The first round looks at a firm’s capital reserves and how it will fare if there’s another financial crisis.
Wednesday saw the release of the second round results, which take into account a bank’s capital plan. Deutsche Bank Trust, Santander Holdings USA and Morgan Stanley were flagged.
Also on Thursday, investors were eyeing National General Holdings Corp. after the New York-based insurance company sold $175 million of series C noncumulative preferreds at par to yield 7.5%, following price talk at 7.625%.
Morgan Stanley & Co. LLC, UBS Securities LLC and Keefe Bruyette & Woods Inc. ran the books for the deal, the proceeds of which will be used for general corporate purposes.
On Thursday morning, the company’s 7.5% series B noncumulative preferreds (Nasdaq: NGHCO) were trading at $25.55, up 13 cents. The stock closed at $25.46, up 4 cents. The 7.625% $25-par subordinated notes due 2055 (Nasdaq: NGHCZ) were seen at $25.30, up 3 cents, and closed there.
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