Morning Commentary: RenaissanceRe’s new issue dominates trading; MetLife active

By James McCandless

San Antonio, June 12 – RenaissanceRe Holdings Ltd.’s new series F preference shares were the volume-leader in early trading on Monday with about 1,490,000 shares changing hands.

The deal priced on Monday.

The securities, trading under the temporary ticker of “RNREF,” were up 3 cents to $24.93.

In other activity, MetLife, Inc.’s recent $805 million issue of 5.625% series E non-cumulative preferred stock traded actively and lower in the secondary market with about 159,000 shares trading.

The deal priced on May 30 at $700 million and was lifted to $805 million in a greenshoe exercise.

The preferreds (NYSE: METPrE) were down 9 cents at $25.16.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.06% in early trading, adding to the 0.02% decline at the market close on Monday.

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