Morning Commentary: Navios’ new 8.625% preferreds free to trade; JPMorgan’s 6.3% shares list

By Stephanie N. Rotondo

Phoenix, July 1 – Preferred stocks were firm on Tuesday, though a trader said the shortened holiday week was weighing on liquidity.

“I think things will pick up next week when everyone gets back,” he said.

The Wells Fargo Hybrid and Preferred Securities index was up 8 basis points at mid-morning.

Navios Maritime Holdings Inc.’s $105 million of 8.625% series H cumulative redeemable perpetual preferreds had already freed up early in the session, according to a trader.

He quoted the issue at $24.65 bid, $24.75 offered.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC led the deal for the Athens, Greece-based shipping company. The deal priced on Monday.

Meanwhile, JPMorgan Chase & Co.’s $850 million of 6.3% series W noncumulative preferreds – a deal that came June 16 – listed on the New York Stock Exchange under the ticker symbol “JPMPE.”

Paper was trading around par at mid-morning.

Among other recent deals, AmTrust Financial Services Inc.’s $100 million of 7.25% series B noncumulative preferreds were seen at $24.82 bid, $24.92 offered.

That deal priced Wednesday.

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