Morning Commentary: JPMorgan preferreds improve in secondary; SoCal Edison moves lower

By James McCandless

San Antonio, Nov. 27 – The preferred space saw mixed trading and lower volume at the start of the Tuesday session, with the Wells Fargo Hybrid & Preferred Securities Financial index slightly lower by 0.01%.

At the top of the secondary, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock saw improvement.

The preferreds (NYSE: JPMPrD) were up 5 cents to $24.69 on volume of about 79,000 shares.

Elsewhere in finance, Wells Fargo & Co.’s 5.5% series X and 5.2% series N non-cumulative perpetual class A preferreds were both rising.

The series X preferreds (NYSE: WFCPrX) edged up 1 cent to $24.23 with about 27,000 shares trading.

The series N preferreds (NYSE WFCPrN) climbed 7 cents to $22.83 with about 25,000 shares trading.

Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities started the session lower.

The preferreds (NYSE: DKT) were off 2 cents to $25.34 on volume of about 25,000 shares.

In utilities, Southern California Edison Co., a subsidiary of Edison International, saw its 5% cumulative trust preferred securities decline.

The preferreds (NYSE: SCEPrL) fell 27 cents to $18.68 with about 32,000 shares trading.

A recent report from a UBS senior credit strategist said that despite any potential losses of assets in recent active wildfires in California, the company would still be able to pay dividends on its preferred stock.

In telecom, AT&T Inc.’s 5.35% global notes due 2066 were also trending downward.

The notes (NYSE: TBB) were down 2 cents to $23.14 on volume of about 21,000 notes.

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