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JPMorgan Chase to Offer New Preferred Issue

Giant banker JPMorgan Chase (JPM) will be selling a new issue of preferred stock in what is a ‘refi’ transaction.

The company has 6 $25 issues outstanding of which 2 are currently redeemable. The 6.10% JPM-G and 6.15% JPM-H issues were both called on 4/30/2021 for redemption on 6/1/2021 (thanks PTrader for the catch).

Of course the new issue will be non-cumulative, qualified and investment grade.

The preliminary prospectus can be read here.

EarlyBird was on top of this one.

17 thoughts on “JPMorgan Chase to Offer New Preferred Issue”

    1. the talk is 4.375-4.5%. All these guys are typically non callable for 5 years, then anytime after that. This one is callable on any dividend payment date on or after September 1 2026.

    1. Would be nice if the SEC data would be posted on pricing. Ever since Covid stuff happens very slowly.

  1. I stay away from TBTF banks in general, so not much interest here. However, TFC-H is under par right now and may be interested if it continues to drift lower. YMMV

  2. Someone said yield talk was 4.75%. That would be shocking as the 4.55% JPM-K closed at 25.75 yesterday and was above 26 as recently as Monday. This will be a very importance issuance as it could reset benchmarks for IG yields higher. OPP-A probably isn’t going to trade at a lower yield than a JPM preferred with 5 years of call protection.

  3. My crystal ball says this one just might set the record for : “ How Low Can We Go” & the public will still lap it up like a puppy. LOL

    1. The bottom for rates may be in already. Inflation fears could mean investors start demanding more.

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