Ready Capital sells add-on; JPMorgan positive; Fortress preferreds under par

By James McCandless

San Antonio, Nov. 25 – The preferred space began a short week leaning in a positive direction.

In the primary market, Ready Capital Corp. priced an additional $45 million of its $25-par 6.2% senior notes due July 30, 2026.

Leading secondary activity, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative perpetual preferred shares were up 2 cents to close at $25.19 on volume of about 1.7 million shares.

Elsewhere in finance, AXA Equitable Holdings, Inc.’s new 5.25% series A fixed-rate non-cumulative perpetual preferred stock was active but rigid.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds were lifted.

Leasing name Fortress Transportation & Infrastructure Investors LLC’s new $100 million 8% series B fixed-to-floating rate cumulative perpetual redeemable preferreds closed under par. The preferreds, trading under the temporary symbol “FTABP,” were seen closing at $24.93 with about 1.1 million shares trading.

Meanwhile, REIT Public Storage’s 4.7% series J cumulative preferred shares were pushed higher.

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