Navios Maritime plans new preferreds; AmTrust trades up; most shares ‘lifted’; volumes light

By Christine Van Dusen

Atlanta, June 30 – Greece’s Navios Maritime Holdings Inc. announced plans for new preferreds as most issues got a boost on a mostly quiet Monday for the preferred stock market.

“The market closed up 4 basis points on the day,” a market source said at the close. “Light volume.”

In trading on Monday morning, New York-based AmTrust Financial Services Inc.’s issue of 7¼% series B noncumulative perpetual preferred stock that priced at par of $25 on Wednesday was spotted at $24.80 to $24.85, a trader said.

“Everything else is lifted and on the run,” he said. “It is very, very quiet.”

Also in the morning, Barclays Bank plc’s 8.125% noncumulative callable dollar preference shares series 5 ticked up a penny to $25.83 on 39,509 shares traded.

RBS Capital Funding Trust V’s 5.9% noncumulative guaranteed trust preferred securities were seen at $24.12, up 12 cents on volume totaling 31,849 shares.

And Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities moved up 13 cents to $28.51 on 24,947 shares traded.

By the afternoon, UBS Preferred Funding Trust IV’s floating-rate noncumulative trust preferred securities were flat at $19.57 on 848,378 shares traded.

Goldman Sachs Group, Inc.’s floating-rate noncumulative preferred stock series D moved up 7 cents to $20.41 on 606,110 shares of total volume.

And Royal Bank of Scotland’s 6.35% noncumulative dollar preference shares series N ADR rose 3 cents to close at $2.401 on 139,055 shares traded.

Navios on deck

For its new deal, Navios is offering a new series of H cumulative redeemable perpetual preferred stock at par, according to a company announcement.

The securities will be issued as $25 depositary shares each representing a 1/100th interest in a preferred.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the bookrunners for the deal.

The preferreds have been approved for listing on the New York Stock Exchange under the symbol “NMPrH.”

The proceeds will be used for general corporate purposes, including the acquisition of vessels.

“They have an existing one out there that is at 8¾%,” the trader said. “My guess is they can push the price of this new one a bit to 8½% or 8 5/8%. But it’s hard when it’s summer and everyone is pretty quiet.”

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