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Midday Commentary: New preferred issues stay busy; Maiden Holdings plans sale of series A paper
By Stephanie N. Rotondo
Phoenix, Aug. 22 - Maiden Holdings Ltd. announced plans to sell series A noncumulative perpetual preference shares.
"It's doing well," a trader said, seeing the paper at $24.70 bid in the gray market at midday Wednesday.
Price talk is around 8.25%, the trader said.
Bank of America Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used for general corporate purposes, including possible common share buybacks or trust preferred redemptions.
Also, American Financial Group Inc.'s new $125 million of 5.75% $25-par senior notes due Aug. 25, 2042 freed from the syndicate, according to a trader. The deal priced Tuesday.
On the break, a trader said the issue was trading in a range between $24.98 and $25.05.
Bank of America Merrill Lynch, UBS Securities LLC and Wells Fargo are the bookrunners.
Proceeds will be used to redeem all $115 million of the company's 7.125% senior debentures due 2034 at par plus accrued interest. Any remaining proceeds will be used for general corporate purposes.
JPMorgan Chase & Co.'s $1.1 billion 5.5% series O noncumulative preferreds were seen rising to just under par, a trader reported. He pegged the securities at "$24.99-ish."
The deal priced Monday and freed to trade on Tuesday.
JPMorgan is the bookrunner.
The bank will apply to list the new series of preferreds on the New York Stock Exchange. Settlement is expected Tuesday.
Proceeds will be used for general corporate purposes, including the repayment of debt, investments in or extensions of credit to subsidiaries, redemptions or possible acquisitions.
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