Navios’ 8.625% preferreds free to trade; JPMorgan’s 6.3% shares list; AmTrust shares jump

By Stephanie N. Rotondo

Phoenix, July 1 – Preferred stocks were firm Tuesday, though a trader said the shortened holiday week was weighing on liquidity.

Another market source said preferreds were “largely flat most of the day” but that in the last hour things moved up considerably – though on limited volume, so he questioned the accuracy of it all.

The Wells Fargo Hybrid and Preferred Securities index ended up 15 basis points. It was up 8 bps at mid-morning.

Navios Maritime Holdings Inc.’s $105 million of 8.625% series H cumulative redeemable perpetual preferreds had already freed up early in the session, according to a trader.

He quoted the issue at $24.65 bid, $24.75 offered.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC led the deal for the Athens, Greece-based shipping company. The deal priced on Monday.

Meanwhile, JPMorgan Chase & Co.’s $850 million of 6.3% series W noncumulative preferreds – a deal that came June 16 – listed on the New York Stock Exchange under the ticker symbol “JPMPE.”

The preferred stock closed the session at $25.02, up 2 cents from the par opening level.

Among other recent deals, AmTrust Financial Services Inc.’s $100 million of 7.25% series B noncumulative preferreds were seen at $24.82 bid, $24.92 offered early in the day.

By day’s end, the issue was deemed up 13 cents at $24.95.

That deal priced Wednesday.

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