Rexford taps market; Fifth Third ends under par; JPMorgan preferreds sink

By James McCandless

San Antonio, Sept. 13 – At the end of the week, the preferred market saw a dive that sustained throughout the Friday session.

Rexford Industrial Realty, Inc. priced a $75 million offering of $25-par series C cumulative redeemable preferred stock with a dividend of 5.625%.

Fifth Third Bancorp’s new $250 million 4.95% series K non-cumulative perpetual preferred stock ended its first day under par.

The preferreds were seen closing at $24.35 on volume of about 3.7 million shares.

Elsewhere in finance, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds both sank.

The series EE preferreds were down 39 cents to close at $27.98 with about 1.8 million shares.

The series DD preferreds were down 33 cents to close at $27.62 with about 820,000 shares.

Sector peer Capital One Financial Corp.’s recent 5% series I fixed-rate non-cumulative perpetual preferred stock also declined.

REIT AG Mortgage Investment Trust, Inc.’s recent 8% series C fixed-to-floating rate cumulative redeemable preferred stock was a bright spot.

Public Storage’s recent 4.875% series I cumulative preferred shares trailed with the market.

Rexford prices

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