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 closing at $25.09 on volume of about 4.3 million shares.

Elsewhere in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock picked up 12 cents to close at $28.23 with about 306,000 shares trading.

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.

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