The hunt for yield: A JPMorgan (JPM) plan to issue $500M in preferred stock is scrapped in favor...

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

The hunt for yield: A JPMorgan (JPM) plan to issue $500M in preferred stock is scrapped in favor of a $1.1B sale. The shares were priced to yield 5.5% vs. an expected range of 5.5-5.625%. The bank wrote last week (via Michael Sedacca) it was seeing evidence the search for yield was spilling over into dividend/preferred stocks. Indeed.