JPMorgan plans sale of $1,000-par fixed-to-floating rate preferreds; Costamare preferreds quiet

By Aleesia Forni

Virginia Beach, Jan. 14 - JPMorgan Chase & Co. announced plans to price new preferred stock on Tuesday, while the preferred stock space was mostly muted overall to open the session.

Meanwhile, Monday's $100 million issue of 8.5% series C cumulative redeemable perpetual preferred stock from Costamare Inc. was seen offered at $24.65 early Tuesday.

"It's quiet today," a trader said of the issue at mid-morning.

The Athens-based containership company had priced the preferreds at par of $25.00 to yield 8.5% on Monday. There is a $15 million greenshoe.

In other market news, JPMorgan Chase is planning to price $1,000-par fixed-to-floating rate perpetual preferred stock following its earnings release on Tuesday.

The company reported a drop in profits of 7.3% and fourth-quarter earnings of $5.28 billion.

Price talk for the planned preferred issue is set at 6.75%, the source added.

JPMorgan is based in New York City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.