Morning Commentary: Bank of America preferreds lead early trading; Oaktree Capital preferreds slide

By James McCandless

San Antonio, May 15 – Bank of America Corp.’s new $1.2 billion issue of 6% series GG non-cumulative preferred stock continued to lead the market in early trading Tuesday with about 1,449,000 shares changing hands.

The preferreds were down 2 cents at $25.13.

Oaktree Capital Group, LLC’s new $180 million series A perpetual non-cumulative preferred units declined early Tuesday with about 269,000 shares trading.

The new deal, coming to market last Thursday, has a dividend of 6.625%.

The units were down 5 cents to $24.53.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.34% in early trading, adding to the 0.08% decline at the market close on Monday.

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