Top Financial Shares:
Financial shares are higher in today's pre-market session as
Japan stocks make large gains on likely corporate tax cuts. German
confidence data is also lifting stocks as investors await retail
sales data from the National Retail Federation later this
In financial stocks news, Amtrust Financial Services (
) said it is selling $250 million aggregate principal amount of its
6.125% senior notes due 2023 to qualified institutional buyers. The
offering is expected to close on August 15, 2013, subject to
customary closing conditions.
The senior notes will be the senior, unsecured obligations of
AmTrust and will bear interest at a rate of 6.125% per annum,
payable semi-annually in arrears on August 15 and February 15 of
each year, beginning on February 15, 2014. The senior notes will
mature on August 15, 2023.
AmTrust estimates that the net proceeds it will receive from the
offering will be approximately $247.3 million, after deducting the
initial purchasers' discounts and commissions and estimated
offering expenses payable by AmTrust. AFSI is flat at $43.24 per
Also, Morgan Stanley (
) has revamped its commodities division, the Wall Street Journal
reports. MS is down 0.08% at $26.60.
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