Midday Commentary: RenaissanceRe plans issuance of preference shares; Ladenburg offering on tap

By Stephanie N. Rotondo

Phoenix, May 20 - RenaissanceRe Holdings Ltd. kicked the week off by announcing a new issue of preference shares on Monday.

Price talk on the deal is around 5.375%, according to a trader.

"It's trading strong," he said, seeing the paper moving between less 15 cents and less a nickel.

He remarked that he was not hearing any chatter regarding a price revision.

Meanwhile, Ladenburg Thalmann Financial Services Inc.'s proposed new issue of at least $50 million series A cumulative perpetual preferreds was expected to price after the market closed on Monday.

"I heard they're closing the books later this afternoon," a trader said. Price talk on the issue -which was first announced on Tuesday - was around 8%, he said.

"Oversubscribed is the word," the trader added.

As for the coming week's calendar, the trader said he expected things would be "pretty busy," even with an upcoming three-day weekend.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.