Endurance Specialty deal lists on NYSE; Safe Bulkers rises; National Bank of Greece down

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 finished 30 basis points higher. The index was up 20 bps 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. However, the issue regained some territory by the bell, closing at $24.91.

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 strengthened.

National Bank of Greece SA’s $2.25 series A noncumulative preference shares (NYSE: NBGPA) bucked the day’s upward trend, ending the session off 55 cents, or 5.39%, at $9.65.

The Greek bank, which is in the process of a capital raise in an effort to make up a capital shortfall, announced that it is also planning to sell off its stake in its Turkish subsidiary Finansbank.

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