RenaissanceRe prices; MetLife’s new preferreds start week down; First Republic slides

By James McCandless

San Antonio, June 11 – The preferred stock market kicked off the week with muted trading volume, going back and forth before largely declining at the market close.

RenaissanceRe Holdings Ltd. tapped the primary market for $250 million of $25-par series F preference shares after the market close on Monday.

MetLife, Inc.’s recent $805 million pricing of 5.625% series E non-cumulative preferred stock started the week in the top spot in the secondary market, where it ended last week.

First Republic Bank’s new series I noncumulative perpetual preferred stock saw trading activity spike.

Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock traded down.

RenaissanceRe priced $250 million of $25-par series F preference shares on Monday after the market closed.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Investment Bank and Wells Fargo Securities LLC are the joint bookrunners.

Meanwhile, MetLife’s new $805 million issue of 5.625% series E non-cumulative preferred stock started another week on top of preferred trading with about 687,000 shares trading.

The preferreds (NYSE: METPrE), which priced on May 30, were down 13 cents to $25.25.

Separately, First Republic’s new $300 million series I noncumulative perpetual preferred stock returned to active trading with about 457,000 shares exchanged.

The preferreds, trading with a temporary ticker of “FFPPP,” lost 14 cents to $24.85.

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