Morning Commentary: AmTrust in focus; primary market silent; Aegon, RBS tick higher

By Christine Van Dusen

Atlanta, July 11 – AmTrust Financial Services Inc.’s additional issue of preferred stock saw some activity on what was mostly a quiet, slow Friday in trading in the preferred stock market.

The New York-based property and casualty insurance company on Thursday partially exercised its over-allotment option for an additional 200,000 depositary shares – at a price of $25.00 per share – of its recently closed public offering of 7.25% series B noncumulative perpetual preferred stock. This brought the total deal size to $105 million.

The new shares – listed on the New York Stock Exchange under the ticker symbol “AFSIPB” –were spotted Friday morning at $24.75.

Meanwhile, AmTrust’s existing series A preferred stock was flat on Friday morning, trading at $24.11 on light volumes.

In other trading on Friday morning, Aegon NV’s 6 3/8% perpetual capital securities ticked up 1 cent to $25.64 on just 22,457 shares traded.

Royal Bank of Scotland’s 5.75% noncumulative dollar preference shares, series L, ADR moved up 3 cents to $22.90 on 10,943 shares traded.

And Old Second Capital Trust I’s 7.8% cumulative trust preferred securities dipped a penny to $9.95 on a mere 8,333 shares traded.

“Everything is really quiet,” a trader said.

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