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Morning Commentary: Navios plans new preferreds; AmTrust trades up; most offers ‘lifted’
By Christine Van Dusen
Atlanta, June 30 – Greece’s Navios Maritime Holdings Inc. announced plans for an offering of new preferreds as most issues got a boost on a mostly quiet Monday morning for the preferred stock market.
In trading, New York-based AmTrust Financial Services Inc.’s issue of 7¼% series B noncumulative perpetual preferred stock that priced at par of $25 on Wednesday was spotted at $24.80 to $24.85, a trader said.
“Everything else is lifted and on the run,” he said. “It is very, very quiet.”
Also on Monday, Barclays Bank plc’s 8 1/8% non-cumulative callable dollar preference shares series 5 ticked up a penny to $25.83 on 39,509 shares traded.
RBS Capital Funding Trust V’s 5.9% noncumulative guaranteed trust preferred securities were seen at $24.12, up 12 cents on volume totaling 31,849.
And Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities moved up 13 cents to $28.51 on 24,947 shares traded.
For its new deal, Navios is offering a new series of H cumulative redeemable perpetual preferred stock at par of $25.00, according to a company announcement.
Morgan Stanley, Credit Suisse, Deutsche Bank and JPMorgan are the bookrunners for the deal.
The shares have been approved for listing on the New York Stock Exchange under the symbol “NMPrH.”
The proceeds will be used for general corporate purposes, including the acquisition of vessels.
“They have an existing one out there that is at 8¾%,” the trader said. “My guess is they can push the price of this new one a bit, to 8½% or 8 5/8%. But it’s hard when it’s summer and everyone is pretty quiet.”
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