Morning Commentary: Preferreds firm as week starts; Wintrust bringing new deal; AmTrust lists

By Stephanie N. Rotondo

Phoenix, June 22 – The preferred stock market was ticking up in early Monday trading as a deal between Greece its creditors looked to be on the way.

However, E.U. leaders warned that a deal might not be inked on Monday.

The Wells Fargo Hybrid and Preferred Securities index was up 4 basis points at mid-morning.

The week’s calendar kicked off with an offering announced by Wintrust Financial Corp., an offering of series D fixed-to-floating rate noncumulative perpetual preferreds.

A trader said price talk was in a 6.5% to 6.625% context.

The deal is coming via Incapital LLC and U.S. Bancorp Investments Inc.

“There’s not much happening in the gray,” the trader noted, adding that many deals from Incapital tend to be done “almost like a best-efforts deal.”

He saw a $24.60 bid in the early gray market but no trades.

Meanwhile, AmTrust Financial Services Inc.’s 7.25% $25-par junior subordinated notes due June 15, 2055 – a $150 million deal priced June 11 – listed on the New York Stock Exchange on Monday.

The ticker symbol is “AFSS.”

Paper was trading at $24.82 at mid-morning, down from opening levels of $24.85.

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