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Priority Income plans offering; JPMorgan’s 5.75% preferreds weaken; Dynagas ends lower
By James McCandless
San Antonio, Oct. 18 – A downturn in the equity markets led to mixed trading in the preferred space on Thursday.
JPMorgan Chase & Co.’s recent 5.75% series DD non-cumulative preferred stock weakened.
The preferreds (NYSE: JPMPrD) were down 1 cent to close at $25.01 on volume of about 745,000 shares.
In other financial trading, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock and Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferreds improved.
Elsewhere, Dynagas LNG Partners LP’s new $55 million 8.75% series B fixed-to-floating rate cumulative redeemable perpetual preferred units traded lower.
The preferreds, trading under the temporary symbol “DGAGF,” were down 3 cents to close at $24.62 with about 489,000 shares trading.
Meanwhile, Energy Transfer Partners, LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units slid.
The preferreds (NYSE: ETPPrD) were down 18 cents to close at $25.65 on volume of about 237,000 shares.
In the primary market, Priority Income Fund, Inc. said it plans to price a $25 million offering of $25-par series B term preferred stock due 2023.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.17% at the end of trading, bouncing back from a 0.07% decline at Thursday’s open.
The iShares US Preferred Stock ETF was up 8 cents to $36.08.
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