Morning Commentary: Enstar perpetuals on tap; Cowen exercises greenshoe; MetLife declines

By James McCandless

San Antonio, June 19 – Enstar Group Ltd. said it plans to offer $25-par series D fixed-to-floating rate perpetual non-cumulative preference shares.

Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Barclays and HSBC Securities (USA) Inc. are the joint bookrunners.

The shares are callable after 10 years.

Cowen, Inc. said the underwriters for its recent offering of 7.75% $25-par senior notes due 2033 exercised their $10 million over-allotment option in full on June 13.

Cowen priced $90 million of the notes on June 6, as previously reported.

MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares led the secondary market with about 70,000 shares trading.

The preferreds (NYSE: METPrE) were down 4 cents to $25.30.

Arch Capital Group Ltd.’s 5.45% series F non-cumulative preferred shares were not far behind, shooting up with about 67,000 shares trading.

The preferreds (Nasdaq: ACGLO) were up 20 cents to $24.58.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.09% in early trading, giving back the 0.09% gain seen at the market close on Monday.

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