Capital One, Public Storage new preferreds top par; JPMorgan improves

By James McCandless

San Antonio, Sept. 6 – The preferred space saw positivity to close the week, anchored by new issues.

Capital One Financial Corp.’s new $1.5 billion 5% series I fixed-rate non-cumulative perpetual preferred stock finished the day above par.

Elsewhere in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock improved.

Meanwhile, REIT Public Storage’s new $275 million 4.875% series I cumulative preferred shares also closed pushing past par.

Sector peer American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferred stock received a boost.

Transport name Fortress Transportation and Infrastructure Investors LLC’s new $75 million 8.25% series A fixed-to-floating rate cumulative redeemable perpetual preferreds were positive.

Capital One tops par

Leading Friday’s activity in the secondary, Capital One’s new $1.5 billion 5% series I fixed-rate non-cumulative perpetual preferred stock finished its first day above par.

The preferreds, trading under the temporary symbol “COFOL,” were seen closing at $25.09 on volume of about 4.3 million shares.

The deal priced on Thursday.

Elsewhere in the finance space, JPMorgan’s 6% series EE non-cumulative preferred stock improved throughout the session.

The preferreds (NYSE: JPMPrC) picked up 12 cents to close at $28.23 with about 306,000 shares trading.

On Thursday, the preferreds rose 4 cents.

Public Storage rises

Meanwhile, real estate investment trust Public Storage’s new $275 million 4.875% series I cumulative preferred stock was another new issue to end up above par by the close.

The preferreds, trading under the temporary symbol “PBSSP,” ended at $25.25 on volume of about 3.2 million shares.

The deal priced on Thursday.

Sector peer American Finance’s 7.5% series A cumulative redeemable perpetual preferred stock received a boost.

The preferreds (Nasdaq: AFINP) tacked on 16 cents to close at $25.39 on volume of about 277,000 shares.

On Thursday, the preferreds lost 6 cents.

Fortress positive

Transport infrastructure name Fortress Transportation’s new $75 million 8.25% series A fixed-to-floating rate cumulative redeemable perpetual preferreds followed the positive trend.

The preferreds, trading under the temporary symbol “FRTRP,” shot up to $25.40 on volume of about 907,000 shares.

The deal priced on Thursday.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the week up by 0.17%, enhancing a 0.03% rise from early Friday trading.

The iShares US Preferred Stock ETF was up 7 cents to $37.45.

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