Morning Commentary: Endurance Specialty’s new deal lists on NYSE; Safe Bulkers on the rise

By Stephanie N. Rotondo

Seattle, Nov. 25 – The preferred stock market was gaining momentum right out of the gate on Wednesday, despite it being the last trading session before Thanksgiving.

The Wells Fargo Hybrid and Preferred Securities index was up 20 basis points at mid-morning.

“I think a lot of places are on half staff right now,” one trader noted.

Among recently priced issues, Endurance Specialty Holdings Ltd.’s $200 million of 6.35% series C noncumulative perpetual preferred shares began trading on the New York Stock Exchange on Wednesday.

The ticker symbol is “ENHPC.” The deal priced Nov. 17.

Paper was trading at $24.88 at mid-morning, down from opening levels of $24.93.

Away from new deals, Safe Bulkers Inc. announced late Tuesday that it had given the go-ahead for a $20 million repurchase program of its outstanding preferred stock.

Any repurchases will be made on the open market.

On the news, all three of the company’s preferred stock issues were popping.

The 8% series B cumulative redeemable perpetual preferreds (NYSE: SBPB) jumped $3.00, or 23.08%, to $16.00. The 8% series C preferreds (NYSE: SBPC) improved $1.17, or 14.9%, to $9.02, while the 8% series D preferreds (NYSE: SBPD) gained $1.07, or 14.13%, to $8.64.

Safe Bulkers is an Athens, Greece-based provider of marine drybulk transportation services.

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