JPMorgan Chase New Preferred Stock to Trade–UPDATE

The new preferred stock issue from JPMorgan Chase (JPM) will trade immediately under OTC temporary ticker JPMMV.

The issue priced at 4.20%–but in this Covid world the official documents have not been filed with the SEC. razorbackea has this pricing yesterday.

I will post details when they becomes available.

UPDATED detail Below-

The pricing term sheet is here.

17 thoughts on “JPMorgan Chase New Preferred Stock to Trade–UPDATE”

  1. Bought 100 shares yesterday…..today it doesn’t seem to exist. Anyone else having the same problem both with the symbol and purchase?

      1. Rob in TX,

        Thanks for the source…I did not know/realize that area existed on the OTC.

        Cheers!!!

    1. Today, Fidelity is displaying yesterday’s purchase as:
      48128b929 (instead of as a ticker), neither price nor basis, and it’s in a weird limbo such that I can’t view the position. MIght your broker be Fidelity?

      1. I’ve spoken to Fidelity several times today…they say the symbol hasn’t changed and are trying to figure out why nothing is reporting properly. Same with the Capital One Preferred,
        I got the same impression, that the symbol is JPMML

      2. Still can’t touch ‘48128b929’, but I was able to place an order for JPMML.

          1. Same here. It has disappeared entirely from my account. But I still have what looks like the correct account balance so it is being counted as cash instead of the shares showing up.

            I like Fidelity because of how much their site can do, but it is down and has hiccups mores often than the others it seems. I will take that trade-off.

            1. It looks like 4 million shares were traded that day….under the wrong symbol or a symbol that changed before the day was over. How is that even possible?
              And it looks like the new Capital One Preferred has a similar posting problem.

              1. Last few weeks, several new issues have started off with a temp ticker ending with an “L” that has switched to a “P” first day (and they will change to a permanent ticker later). Has to do with “when traded”. I don’t think the brokerages saw it coming, and it seems schwab and fidelity are having trouble with it – maybe others.

                I went through this with the new Stifel preferred at schwab earlier this month. ended up on the phone for several hours over a couple of days. Phone reps said it would just fix itself eventually.
                Finally got someone in trade support (back office) who figured out that the temp. symbol had changed, so he had to make a manual change to the system for it to be resolved (i.e. it would never have “fixed itself”). I suspect you will have to do the same thing with Fidelity. Hardest part was getting the level one phone reps to actually dig deeper and get to trade support.

  2. Georges and Leo – Are you buying this to flip? This low yield really concerns me in a , what I believe will occur, rising rate environment. It seems to me the risk would be a falling stock price and probable chance of never being called. Just curious as to what others are thinking with the way things have continued to reach lower and lower returns.

    1. In that case, I will try my best to live another 25 years, then I am fine.
      The bottom line is I believe JMP can survive another 25 years. LOL
      Just kidding. I believe it will be easy to reach $25.50 in one month or two and Fed won’t raise interest before the end of the year for sure.

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