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Prospect News home > News index > List of issuers E > Headlines for Enstar Group Ltd. > News item
Published on 11/14/2018 in the Prospect News Preferred Stock Daily.

Morning Commentary: Enstar preps offering; JPMorgan, Digital Realty, GasLog improve

By James McCandless

San Antonio, Nov. 14 – The preferred space started Wednesday higher as the Wells Fargo Hybrid & Preferred Securities Financial index rose 0.03%.

Enstar Group Ltd. plans to price a $100 million offering of $25-par series E perpetual non-cumulative preference shares with a dividend of 7% to 7.125%, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The deal was announced Wednesday morning.

Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are the joint bookrunners.

In the secondary, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was seen improving in the finance sector.

The preferreds (NYSE: JPMPrD) were up 3 cents to $24.92 on volume of about 166,000 shares.

Meanwhile, Bank of America Corp.’s 6.625% series W non-cumulative preferreds were active but flat.

The preferreds (NYSE: BACPrW) were level at $25.38 with about 32,000 shares trading.

Real estate investment trust Digital Realty Trust, Inc.’s 7.375% series H cumulative redeemable preferreds were up.

The preferreds (NYSE: DLRPrH) gained 3 cents to $25.53 on volume of about 486,000 shares.

Elsewhere, in energy, GasLog Partners LP’s $100 million 8.5% series C cumulative redeemable perpetual fixed-to-floating rate preference units were better to start the session.

The preferreds, trading under the temporary symbol “GLOUF,” were up 7 cents to $24.57 with about 120,000 shares trading.

Petroleum shipping name Tsakos Energy Navigation Ltd.’s 9.5% series F fixed-to-floating rate cumulative preferreds were gaining.

The preferreds (NYSE: TNPPrF) were up 5 cents to $24.59 on volume of about 29,000 shares.


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