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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