Brighthouse taps $25-par market; OFS Credit preps offering; JPMorgan preferreds drop

By James McCandless

San Antonio, March 18 – Top traders in the preferred space were mixed as the primary market continued to churn.

Brighthouse Financial, Inc. priced $425 million of $25-par series A non-cumulative preferred stock with a dividend of 6.6%.

Also, OFS Credit Co., Inc. said it plans to price an offering of $25-par series A term preferred stock due 2024.

In the secondary, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferred stock dropped.

The series DD preferreds (NYSE: JPMPrD) were down 49 cents to close at $25.92 on volume of about 720,000 shares.

The series EE preferreds (NYSE: JPMPrC) were off 17 cents to close at $26.60 on volume of about 400,000 shares.

Meanwhile, Brookfield Property Partners LP’s new 6.5% series I class A cumulative redeemable perpetual preferred units closed slightly better.

The preferreds, trading under the temporary symbol “BRKPF,” gained 2 cents to close at $24.82 with about 677,000 shares trading.

Insurance provider American International Group, Inc.’s recent 5.85% series A non-cumulative perpetual preferreds were pushed lower.

The preferreds (NYSE: AIGPrA) declined 3 cents to close at $25.25 on volume of about 530,000 shares.

Real estate investment trust Digital Realty Trust, Inc.’s 5.85% cumulative redeemable preferreds gained.

The preferreds (NYSE: DLRPrK) added 2 cents to close at $24.89.

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