Morning Commentary: Enstar’s new issues improve; Morgan Stanley rises

By James McCandless

San Antonio, June 22 – Enstar Group Ltd.’s new $400 million series D fixed-to-floating rate perpetual preferred shares gained further in trading on Friday morning and saw another day in top position with about 168,000 shares trading.

The preferreds, trading under the temporary ticker “ENSTF,” were up 2 cents to $25.23.

The offering was announced Monday morning and priced on Wednesday at par of $25.00.

Among existing issues, Morgan Stanley’s 7.125% series E fixed-to-floating rate non-cumulative preferred stock gained, with about 158,000 shares trading.

The preferreds (NYSE: MSPrE) were up 3 cents to $28.60.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.01% in early trading, adding to the 0.18% drop at market close Thursday.

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