Navios preferreds tick down; Old Second Capital, Morgan Stanley, Goldman Sachs trade up

By Christine Van Dusen

Atlanta, Jan. 22 - A new issue from Greece-based Navios Maritime Holdings Inc. dipped to $24.73 in trading on Wednesday as companies began to emerge from their earnings-related blackout periods.

On Tuesday the Athens-based seaborne shipping and logistics company priced $50 million of 8¾% series G cumulative redeemable perpetual preferred stock. The notes have a liquidation preference of $2,500 per share, equivalent to $25.00 per American Depositary Share.

Morgan Stanley, J.P. Morgan Securities and Credit Suisse Securities were the bookrunners for the deal, which was made under an effective shelf registration statement, according to a company press release.

But other issuers didn't follow suit on Wednesday morning, a trader said.

"We haven't seen any other new issues coming to market," he said. "Once earnings are complete, we should see some deals."

In trading on Wednesday morning, Old Second Capital Trust I's 7.8% cumulative trust preferred securities traded at $12.60, up 60 cents on volume totaling 428,822.

Aegon NV's 6 7/8% perpetual capital securities moved up 15 cents to $25.27 on 52,533 shares traded.

And Deutsche Bank Contingent Capital Trust V's 8.05% trust preferred securities rose 10 cents to $26.95 on volume totaling 46,478 shares.

"People were thinking they were going to see a rise in interest rates, and then - with the movements and comments out of Europe - people were more worried about deflation than inflation," the trader said. "So that's what's kept things quiet and caused the slow grind up in prices of preferreds."

Mixed afternoon

Later on Wednesday, Barclays Bank plc's 8 1/8% non-cumulative callable dollar preference shares, series 5, ADR traded at $25.50, down a penny on 524,739 shares traded.

Morgan Stanley's floating-rate series A non-cumulative preferred stock rose 7 cents to $19.71 on 417,512 in total volume.

And Goldman Sachs Group Inc.'s floating-rate non-cumulative preferred stock, series D, traded at $19.62, up 6 cents, on 176,930 in total volume.

JMP Group plans offering

In other news on Wednesday, JMP Group Inc. announced plans to sell an offering of senior notes due January 2021, according to a 424B5 filed with the Securities and Exchange Commission.

Keefe, Bruyette & Woods Inc., Jefferies LLC and JMP Securities LLC are the joint bookrunners. Sterne, Agee & Leach, Inc. is a lead manager.

Gilford Securities Inc. is the co-manager.

The $25-par notes will be callable beginning in January 2017 at par plus accrued interest.

Interest will be payable quarterly.

Proceeds will be used for general corporate purposes.

The notes are expected to be listed on the New York Stock Exchange.

JMP Group is a San Francisco-based investment banking and alternative asset management firm.

Aleesia Forni contributed to this article

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