Morning Commentary: Legacy units continue climb; RenaissanceRe improves

By James McCandless

San Antonio, June 26 – Legacy Reserves LP’s series A and B 8% fixed-to-floating rate cumulative redeemable perpetual preferred units continued to make gains after a multi-point rise on Monday.

The company announced Monday that it had settled class-action lawsuits filed by holders of its preferred units.

The series A units (Nasdaq: LGCYP) were up 80 cents to $17.50 on Tuesday morning with about 20,000 shares trading.

The series B units (Nasdaq: LGCYO) were up 52 cents to $17.21 with about 117,000 shares trading.

RenaissanceRe Holdings Ltd.’s recent $250 million 5.75% series F preference shares continued to make their way back up to par.

The preferreds (NYSE: RNRPrF) were up 3 cents to $24.92 on Tuesday morning with about 72,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.08% in early trading, adding to its 0.06% decline on Monday.

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