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AmTrust preferreds in focus; primary market silent; Aegon, RBS, Deutsche Bank tick upward
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 depository 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 preferreds – listed on the New York Stock Exchange under the ticker symbol “AFSIPB” – were spotted Friday morning at $24.75. At the close the notes were quoted at $24.80.
Meanwhile, AmTrust’s existing series A preferred stock was flat on Friday morning, trading at $24.11 on light volumes. The stock moved to $24.28 by the end of the day.
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 5¾% 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.
At the close on Friday, RBS Capital Funding Trust VII’s 6.08% noncumulative guaranteed trust preferred securities were up 4 cents at $24.14 on 181,622 shares traded.
And Deutsche Bank Capital Funding Trust VIII’s 6 3/8% noncumulative trust preferred securities were up 4 cents to $25.66 on 138,489 shares traded.
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