AmTrust preferreds free to trade; National General admitted to Nasdaq; Commerce to list

By Stephanie N. Rotondo

Phoenix, June 26 – In the primary preferred stock space, AmTrust Financial Services Inc.’s newly priced $100 million issue of 7.25% series B noncumulative perpetual preferreds freed to trade around noon ET on Thursday, market sources reported.

One source quoted the issue at $24.55 bid, $24.65 offered. Another source said the last market he saw was wide at $24.55 bid, $24.70 offered.

Earlier in the session, a trader saw the issue trading at $24.60.

The deal came upsized from $75 million and at the tight end of talk on Wednesday.

Morgan Stanley & Co. LLC, UBS Securities LLC, Goldman Sachs & Co. and J.P. Morgan Securities LLC are the joint bookrunners. Keefe Bruyette & Woods Inc. is the lead manager.

Meanwhile, National General Holdings Corp.’s $55 million of 7.5% series A noncumulative preferreds were admitted for trading on the Nasdaq Global Select Market on Thursday.

The ticker symbol is “NGHCP.”

The deal priced June 18, coming downsized from an expected $100 million.

The preferreds ended the day at par, which compared to opening levels of $24.85. The high of the day was $25.48.

Meanwhile, Commerce Bancshares Inc.’s $150 million of 6% series B noncumulative perpetual preferred stock and the Federal Agricultural Mortgage Corp.’s $75 million of 6% series C fixed-to-floating rate noncumulative preferred stock will begin trading on exchanges on Friday, according to a market source.

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