Morning Commentary: AmTrust’s recent issue begins trading on NYSE; Huntington could list soon

By Stephanie N. Rotondo

Seattle, March 17 – Recently priced preferred stock deals continued to be the main focus in early Thursday trading.

“These new issues should get cleaned up before they start bringing more,” a trader said.

AmTrust Financial Services Inc.’s $125 million of 7.75% series E noncumulative perpetual preferred stock – a deal priced on March 8 – listed on the New York Stock Exchange on Thursday, as was expected.

The ticker symbol is “AFSIPE.”

A trader said the paper hit an early high of $25.10, though it was at par bid, $25.02 offered at mid-morning.

From Monday, Huntington Bancshares Inc.’s $350 million of 6.25% series D noncumulative perpetual preferreds were pegged at $25.04 bid, $25.07 offered.

That issue could begin trading on the Nasdaq Global Select Market in the next couple of days, a trader noted.

The ticker is expected to be “HBANO.”

Meanwhile, Entergy New Orleans Inc.’s $110 million of 5.5% $25-par first mortgage bonds due 2066 “moved up nicely,” a trader said, seeing the notes trading around $25.40.

The utility’s deal came Tuesday.

Rounding out the recent issues, KKR & Co. LP’s $300 million of 6.75% series A noncumulative perpetual preferred units were seen trading around par.

That deal came on March 10.

As for the broader secondary space, a trader said things were generally quiet. He speculated that March Madness was keeping people away.

“It seems like every year at this time, people run off,” he said.

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