Tsakos exercises partial greenshoe; Stifel active but level; Bank of America improves

By James McCandless

San Antonio, July 10 – The preferred market saw an increase in activity in an overall mixed market.

Tsakos Energy Navigation Ltd. saw its 9.5% fixed-to-floating rate perpetual preferreds lifted to $150 million following the partial exercise of a greenshoe.

Stifel Financial Corp.’s 6.25% series A non-cumulative preferred stock saw increased attention as it led the secondary market.

The preferreds (NYSE: SFPrA) were level at $26.20 on volume of 1,138,000 shares.

Bank of America Corp.’s 6% series GG non-cumulative preferred stock improved.

The preferreds (NYSE: BACPrB) were up 13 cents to close at $26.52 with about 421,000 shares trading.

MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares added to Monday’s decline.

The preferreds (NYSE: METPrE) were down 1 cent to close at $25.73 with about 286,000 shares exchanged.

On Monday, the preferreds were down 4 cents.

Underwriters for Tsakos’ 9.5% $25-par series F fixed-to-floating rate cumulative redeemable perpetual preferred shares exercised a $15 million portion of their over-allotment option, lifting the deal size to $150 million.

The company priced $135 million of the preferred shares on June 21.

The greenshoe was for up to $20.25 million.

The preferreds (NYSE: TNPPrF) were up 1 cent to close at $24.98 with about 77,000 shares trading.

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