Enstar’s new issue continues to lead volume; Tsakos’ new issue trades; Energy Transfer up

By James McCandless

San Antonio, June 22 – The preferred market closed out the week dominated by new issues as the broader market improved.

Enstar Group Ltd.’s new $400 million 7% series D fixed-to-floating rate perpetual preferred shares led volume again and added to their gains.

Tsakos Energy Navigation Ltd.’s new $135 million 9.5% par series F fixed-to-floating perpetual preferreds saw high volume on its first day of trading but was changing hands below par.

Energy Transfer Partners, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units retained a top spot in activity as the preferred moved higher.

Enstar’s new $400 million series D fixed-to-floating rate perpetual preferred shares led volume for a second day in a row with about 1,309,000 shares trading.

The deal was announced Monday morning.

The preferreds, trading under the temporary ticker “ENSTF,” were up 7 cents Friday to $25.28.

Tsakos’ new $135 million series F fixed-to-floating rate cumulative redeemable perpetual preferred shares saw about 706,000 shares trading on its first full day on the market.

The deal was announced Thursday morning.

The preferreds, trading under the temporary ticker “TSSKF,” were spotted trading below par at $24.61.

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