Navios Maritime plans new issue; AmTrust trades up; most shares ‘lifted’; volumes light

By Christine Van Dusen

Atlanta, June 30 – Greece’s Navios Maritime Holdings Inc. announced plans for new preferreds as most issues got a boost on a mostly quiet Monday for the preferred stock market.

The company plans to offer a new series of H cumulative redeemable perpetual preferred stock via Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC.

“The market closed up 4 basis points on the day,” a market source said at the close. “Light volume.”

In trading on Monday morning, New York-based AmTrust Financial Services Inc.’s issue of 7¼% series B noncumulative perpetual preferred stock that priced at par of $25 on Wednesday was spotted at $24.80 to $24.85, a trader said.

“Everything else is lifted and on the run,” he said. “It is very, very quiet.”

Also in the morning, Barclays Bank plc’s 8.125% noncumulative callable dollar preference shares series 5 ticked up a penny to $25.83 on 39,509 shares traded.

RBS Capital Funding Trust V’s 5.9% noncumulative guaranteed trust preferred securities were seen at $24.12, up 12 cents on volume totaling 31,849 shares.

And Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities moved up 13 cents to $28.51 on 24,947 shares traded.

By the afternoon, UBS Preferred Funding Trust IV’s floating-rate noncumulative trust preferred securities were flat at $19.57 on 848,378 shares traded.

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