Tsakos’ new issue gains; Synovus rises; Enstar’s new issue improves

By James McCandless

San Antonio, June 26 – Volume in the preferred market centered largely on newer issues on an overall lateral day in the broader market.

Tsakos Energy Navigation Ltd.’s new $135 million 9.5% series F fixed-to-floating perpetual preferreds traded up.

Synovus Financial Corp.’s recent $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual stock jumped up in activity.

Enstar Group Ltd.’s new $400 million 7% series D fixed-to-floating rate perpetual preferred shares improved.

Legacy Reserves LP’s series A and B preferred units continued to make multi-percentage gains.

Tsakos up

Tsakos’ new $135 million series F fixed-to-floating rate cumulative redeemable perpetual preferred shares saw more gains as the issue makes its way back up to par.

The preferreds, trading under the temporary ticker “TSSKF,” were up 4 cents to $24.71 on volume of about 501,000 shares trading.

That added to gains of 6 cents on Monday.

The deal was priced last Thursday.

Synovus gains

Synovus’ million 6.3% series D fixed-to-floating rate non-cumulative perpetual stock regained the market’s attention, trending upward.

The preferreds (NYSE: SNVPrD) were up 7 cents to $25.67 with about 424,000 shares trading.

Enstar improves

Enstar’s new 400 million 7% series D fixed-to-floating rate perpetual preferred shares rose 8 cents to $25.32.

The preferreds, trading under the temporary ticker “ENSTF,” saw about 344,000 shares exchanged.

Tuesday’s gain more than reversed the 4 cents decline on Monday.

The deal priced on June 20.

Legacy continues climb

Legacy Reserves’ series A and B 8% fixed-to-floating rate cumulative redeemable perpetual preferred units continued to rise after Monday’s announcement that the company had reached a settlement in class-action lawsuits filed by holders of its preferred units.

The series A units (Nasdaq: LGCYP) were up 55 cents to $17.25 with about 58,000 in volume.

The series B units (Nasdaq: LGCYO) were up 57 cents to $17.26 with about 314,000 in volume.

On Monday, after the news had broken, the series A units rose $3.45 while the series B units added $5.09.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.03% at market close after falling as far as 0.08% in early trading Tuesday.

The iShares US Preferred Stock ETF was up 5 cents to close at $37.58.

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