Midday Commentary: New Navios notes dip; Old Second Capital, Aegon, Deutsche Bank fairly active

By Christine Van Dusen

Atlanta, Jan. 22 - The new issue from Greece-based Navios Maritime Holdings Inc. dipped to $24.73 in trading on Wednesday as companies began to emerge from their earnings-related blackout periods.

On Tuesday the Athens-based seaborne shipping and logistics company priced $50 million of 8.75% series G cumulative redeemable perpetual preferred stock. The notes have a liquidation preference of $2,500 per share, equivalent to $25.00 per American Depositary Share.

Morgan Stanley, J.P. Morgan Securities and Credit Suisse Securities were the bookrunners for the deal, which was made under an effective shelf registration statement, according to a company press release.

But other issuers didn't follow suit on Wednesday morning, a trader said.

"We haven't seen any other new issues coming to market," he said. "Once earnings are complete, we should see some deals."

In trading, Old Second Capital Trust I's 7.8% cumulative trust preferred securities traded at $12.60, up 60 cents on volume totaling 428,822.

Aegon NV's 6 7/8% perpetual capital securities moved up 15 cents to $25.27 on 52,533 shares traded.

And Deutsche Bank Contingent Capital Trust V's 8.05% trust preferred securities rose 10 cents to $26.95 on volume totaling 46,478 shares.

"People were thinking they were going to see a rise in interest rates, and then - with the movements and comments out of Europe - people were more worried about deflation than inflation," the trader said. "So that's what's kept things quiet and caused the slow grind up in prices of preferreds."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.