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AIG’s new preferreds above par; JPMorgan preferreds improve; SoCal Edison heads lower
By James McCandless
San Antonio, March 8 – The preferred market closed the week on a positive trend as top traders were mixed.
Leading volume, American International Group, Inc.’s new $500 million 5.85% series A non-cumulative perpetual preferred stock ended above par.
The preferreds, trading under the temporary symbol “AIGGZ,” were seen closing at $25.10 on volume of about 4.2 million shares.
The deal priced on Thursday.
In the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferreds improved on Friday.
The series DD preferreds (NYSE: JPMPrD) were up 7 cents to close at $25.94 with about 405,000 shares trading.
The series EE preferreds (NYSE: JPMPrC) picked up 3 cents to close at $26.35 with about 358,000 shares trading.
Sector peer U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferreds ended negative.
The preferreds (NYSE: USBPrH) dropped 3 cents to close at $19.20 on volume of about 223,000 shares.
Meanwhile, electric utility Southern California Edison, a subsidiary of Edison International, saw its 5.75% and 5.375% fixed-to-floating rate cumulative trust preference securities weaken.
The 5.75% preferreds (NYSE: SCEPrH) dropped 37 cents to close at $23.81 on volume of about 221,000 shares.
The 5.375% preferreds (NYSE: SCEPrJ) lost 54 cents to close at $21.85 on volume of about 199,000 shares.
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