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Morning Commentary: Oaktree declines in slow start to trading; Bank of America preferreds rise
By James McCandless
San Antonio, May 16 – Oaktree Capital Group, LLC’s new $180 million series A perpetual non-cumulative preferred units fell in early trading with around 86,000 shares exchanged.
The new deal, which priced on Thursday, has a dividend of 6.625%. The units will be callable after five years.
The units were down 12 cents at $24.45.
Bank of America Corp.’s new $1.2 billion issue of 6% series GG non-cumulative preferred stock bounced back up with about 67,000 shares trading hands.
The preferreds rose 5 cents to $25.10 on Wednesday morning after declining by 10 cents a day earlier.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.02% in early trading after declining 0.35% at the market close on Tuesday.
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