JPMorgan preferreds edge higher; DCP Midstream lower; Medical Transcription weakens

By James McCandless

San Antonio, Oct. 11 – The preferred market saw the primary space buzzing as the secondary largely followed the equity market sell-off.

Leading the secondary was JPMorgan Chase & Co.’s recent issue of 5.75% series DD non-cumulative preferred stock, which ended slightly higher.

The preferreds (NYSE: JPMPrD) were up 1 cent to close at $24.90 on volume of about 821,000 shares.

Elsewhere in the financial space, Wells Fargo & Co.’s 5.5% series X non-cumulative perpetual class A preferred stock dropped as U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock gained.

DCP Midstream, LP’s 7.875% series B fixed-to-floating rate cumulative redeemable perpetual preferred units fell.

The series B preferreds (DCPPrB) were down 2 cents to close at $24.52 with about 598,000 shares trading.

In the health care space, Medical Transcription Billing Corp.’s 11% series A cumulative redeemable perpetual preferred stock dropped more than 2 points after the company announced an additional $15 million offering of the preferreds.

Insurance provider Enstar Group Ltd.’s 7% series D non-cumulative fixed-to-floating rate perpetual preferred shares traded down.

The preferreds (Nasdaq: ESGRP) were down 1 cent to close at $25.75.

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