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Morning Commentary: Preferred stocks firm ahead of bank earnings; Tsakos, Global Indemnity list
By Stephanie N. Rotondo
Seattle, April 10 – Preferred stocks were trending upward as the week began, and investors were gearing up for bank earnings.
The Wells Fargo Hybrid and Preferred Securities index was up 13 basis points at mid-morning. The U.S. iShares Preferred Stock ETF was up 34 bps.
Tsakos Energy Navigation Ltd.’s $115 million of 9.25% series E fixed-to-floating rate cumulative redeemable preferred stock began trading on the New York Stock Exchange on Monday under the ticker symbol “TNPPrE.”
The preferreds were seen at $25.29 in early dealings, which compared to $25.73 at the open.
The initial $100 million deal came March 29, upsized from $50 million and in line with the 9.25% area price talk. On April 3, it was reported that a $15 million greenshoe had been exercised, bringing the total amount outstanding to $115 million.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, UBS Securities LLC, Citigroup Global Markets Inc. and Stifel Nicolaus & Co. Inc. ran the books.
Meanwhile, Global Indemnity Ltd.’s $130 million of 7.875% $25-par subordinated notes due 2047 were admitted to the Nasdaq Global Select Market under the ticker symbol “GBLIL.”
That paper was trading at $24.97 at mid-morning, down from $25.05 at the open.
The company initially sold $120 million of the notes on March 16. On March 30, it was announced that $10 million of an $18 million greenshoe had been exercised.
The deal came upsized from $75 million and at the tight end of the 7.875% to 8% price talk.
Morgan Stanley, UBS Securities and RBC Capital Markets were the joint bookrunners.
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