Sector Update: Financial Stocks Higher Pre-Bell; Morgan Stanley Restructures Commodities Division

By Staff,

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Top Financial Shares:

JPM: +0.39%

BAC: +0.83%

WFC: +0.65%

C: +0.67%

USB: flat

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 morning.

In financial stocks news, Amtrust Financial Services ( AFSI ) 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 share.

Also, Morgan Stanley ( MS ) has revamped its commodities division, the Wall Street Journal reports. MS is down 0.08% at $26.60.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: AFSI , MS

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