Morning Commentary: Enstar plans offering; Deutsche Bank improves; Wells Fargo level

By James McCandless

San Antonio, June 18 – Enstar Group Ltd. plans to offer $25-par series D fixed-to-floating rate perpetual non-cumulative preference shares.

Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Barclays and HSBC Securities (USA) Inc. are the joint bookrunners.

The preference shares are callable after 10 years (see related story elsewhere in this issue).

Deutsche Bank AG’s 8.05% trust preferred securities gained to start the week with about 95,000 shares trading.

Its preferreds cratered last week as several law firms filed class action lawsuits against the company, alleging that the bank misled investors when the Federal Reserve designated the bank’s American operations to be in “troubled condition” last year.

The securities (NYSE: DKT) were up 9 cents to $25.66.

Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred stock saw 58,000 shares exchanged in early trading.

The preferreds (NYSE: WFCPrJ) were level at $25.88.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.02% in early trading, adding to the 0.15% gain at the market close on Friday.

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