Banker JPMorgan Chase (JPM) has priced their new preferred stock issue.
The issue prices at 4.625% for 74 million shares.
The issue is non-cumulative, qualified and investment grade.
The issue trades immediately under OTC grey market ticker of JPMLP
The pricing term sheet can be seen here.
10 thoughts on “JPMorgan Chase Prices New Preferred”
Thanks for posting Tim – picked up 100 @ $25.33. Slightly squeaks out the K issue some mos back (4.55% coupon), while both have the same first call date of 6/1/2026.
If you feel inflation is in the tea leaves, an issue like this may be hard to bite on, as you wouldn’t expect a 100 bp jump to trade on with this coupon, nor is a call inevitable.
I’m far less concerned about meaningful, sustained inflation. My take is that it’s hard to have genuine inflation where wealth is so concentrated. With credit increasingly tapped out, the average American has squat to take on new price increases. Even a $15/hr raise, which may force Subway owners to make the sandwiches themselves, will only allow folks to pay down X% of their credit debt. I like the direct payment to people that Trump and Biden did, but those payouts will hold the ship for only so long.
In that light I’m happy picking up this issue, and to bump up the quality of my preferred holdings a squeak.
I saw it trading well all day. Could see where it was trading in accounts but couldn’t use the symbol that was showing. It did open right away.
Can’t pull up the symbol yet. Tried Schwab, Fidelity, and Yahoo.
As usual this started trading way above $25…another one you can’t buy.
I agree with DaddyDollars…
There seems to be last minute manipulation before it gets to the market…
Thought this was a desirable offering from JPM. I feel that this should trade at parity with JPM-J over the next month or two. What do you think of this deal Tim?
New guy question, what do folks think about JPM.PRG vs. this offering?
If it can be bought below $25.00 is the expectation that is is about to be called? Paying ~6.10%
JPM-G has been called for June 1 and right now is 1 penny under par.
got it, makes sense, thank you!
Already past ex-div date, so will make one cent.