Enstar prices $400 million perpetual preferreds; Synovus declines; MetLife dips

By James McCandless

San Antonio, June 20 – The preferred market saw robust volume as a new issue hits the primary market.

Enstar Group Ltd. priced $400 million of $25-par series D fixed-to-floating rate perpetual preferred shares on Wednesday.

Synovus Financial Corp.’s new $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual stock declined.

MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares slid.

Bank of America Corp.’s series W non-cumulative preferred stock jumped up in volume but traded unchanged on the day.

Enstar prices

Enstar priced $400 million of $25-par series D fixed-to-floating rate perpetual preferred shares (BB+/BB+) on Wednesday.

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

The offering was announced Monday morning (see related story elsewhere in this issue).

Synovus declines

Synovus’ new $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock saw about 400,000 shares trading.

The preferreds, which trade under the temporary ticker “SYNVP,” were down 26 cents to $25.50.

MetLife down

MetLife’s $805 million issue of 5.625% series E non-cumulative preferred stock was down with about 393,000 shares exchanged.

The preferreds (NYSE: METPrE) were down 4 cents to $25.32.

Bank of America level

Bank of America’s series W non-cumulative preferred stock saw a marked increase in volume with about 351,000 shares trading.

The preferreds (NYSE: BACPrW) were level at $26.35.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index closed down 0.18%, extending a 0.02% decline in early trading on Wednesday.

The iShares US Preferred Stock ETF was down 5 cents to close at $37.53.

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