Duke Energy preferreds improve; JPMorgan declines; Brookfield Property units rise

By James McCandless

San Antonio, April 10 – Wednesday trading in the preferred market saw a broad positive swing, though top-trading issues were mixed.

Leading trading volume, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock improved.

Meanwhile, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds were both negative.

Sector peer Bank of America Corp.’s 6.5% series Y non-cumulative preferred stock was also falling.

Elsewhere, real estate developer Brookfield Property Partners LP’s 6.5% series 1 class A cumulative redeemable perpetual preferred units were on the rise.

In telecom, Qwest Corp.’s 6.5% notes due 2056 saw a boost late in the session.

Duke energy improves

Leading the preferred secondary for the third day in a row, Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock improved.

The preferreds (NYSE: DUKPrA) were up 6 cents to close at $25.71 on volume of about 480,000 shares.

On Tuesday, the preferreds dropped 5 cents.

JPMorgan declines

Meanwhile, in the banking and finance space, JPMorgan’s 6% series EE and 5.75% series DD non-cumulative preferreds both declined on Wednesday.

The series EE preferreds (NYSE: JPMPrC) lost 6 cents to close at $26.54 with about 329,000 shares.

The series DD preferreds (NYSE: JPMPrD) fell 5 cents to close at $25.97 with about 252,000 shares trading.

On Tuesday, the series DD preferreds gave back 4 cents.

Sector peer Bank of America’s 6.5% series Y non-cumulative preferred stock was also trailing.

The preferreds (NYSE: BACPrY) declined by 6 cents to close at $25.59 on volume of about 214,000 shares.

Brookfield rises

Elsewhere, real estate development name Brookfield Property’s 6.5% series 1 class A cumulative redeemable perpetual preferred units were rising.

The preferreds (Nasdaq: BPYPP) added 19 cents to close at $25.10 with about 236,000 shares trading.

Qwest higher

Telecom name Qwest’s 6.5% $25-par notes due 2056 also saw a positive push.

The notes (NYSE: CTBB) added 24 cents to close at $22.56 on volume of about 211,000 notes.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended Wednesday up by 0.18%, more than doubling the 0.07% positive start from early trading.

The iShares US Preferred Stock ETF was up 5 cents to $36.65.

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