Morning Commentary: Oaktree’s new preferreds below par; KeyCorp perpetuals improve

By James McCandless

San Antonio, Aug. 3 – Oaktree Capital Group, LLC’s new $235 million of 6.55% series B preferred units were seen trading below par on their first day on the market, dominating volume in early trading.

The preferreds, trading under the temporary symbol “OKTGP,” were spotted at $24.95 on volume of about 1.2 million shares.

The deal was priced on Thursday.

Meanwhile, KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock improved toward the end the week’s trading.

The preferreds (NYSE: KEYPrJ) were up 3 cents to $24.70 with about 95,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.15% in early trading, adding to the 0.21% gain at the market close on Thursday.

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