Morning Commentary: Maiden, Endurance preferreds trade under temporary symbols; U.S. Cellular gains

By Stephanie N. Rotondo

Seattle, Nov. 20 – New preferred stock issues from the week continued to be in focus in early Friday trading, according to a trader.

The issues were also popping “a little bit,” the trader said.

Maiden Holdings Ltd.’s $150 million of 7.125% series C noncumulative preference shares were quoted wide at $24.77 bid, $24.90 offered, which was up from a $24.65 to $24.70 context seen Thursday.

The deal came Wednesday and freed to trade on Thursday. The trader said the shares were assigned a temporary reporting symbol on Friday, “MDNHF.”

Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC were the bookrunners.

Meanwhile, Endurance Specialty Holdings Ltd.’s $200 million of 6.35% series C noncumulative preferreds were pegged at $24.85 bid, $24.90 offered.

That issue came Tuesday via Morgan Stanley and Wells Fargo.

Like Maiden, the deal has been assigned a temporary symbol, “ENHFF.”

From Monday’s business, United States Cellular Corp.’s $300 million of 7.25% $25-par senior unsecured notes due 2064 were seen at $24.87 bid, $24.90 offered.

BofA, Morgan Stanley, RBC Capital Markets and UBS Securities LLC ran the books on that issue.

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