Morning Commentary: CAI and Prudential plan deals; Oaktree’s new preferreds up; KeyCorp flat

By James McCandless

San Antonio, Aug. 6 – Two new offerings were announced on Monday morning, one a sale of preferred stock, the other a $25-par note transaction.

CAI International, Inc. plans to price an offering of $25-par series B fixed-to-floating rate cumulative redeemable perpetual preferred stock with an initial size of $25 million and talk for a dividend of 8.5%.

The deal was announced on Monday morning.

RBC Capital Markets, LLC, B. Riley FBR, Inc., Janney Montgomery Scott LLC, Oppenheimer & Co. Inc. and William Blair & Co., LLC are the joint bookrunners.

Prudential Financial, Inc. plans to price an offering of $25-par junior subordinated notes due 2058 in another deal announced Monday.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.

Meanwhile in trading Oaktree Capital Group, LLC’s new $235 million of 6.55% series B preferred units improved as the week started.

The preferreds, trading under the temporary symbol “OKTGP,” were up 2 cents to $24.82 on volume of about 263,000 shares.

The deal was priced on Aug. 2.

KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock was active but level on early Monday trading.

The preferreds (NYSE: KEYPrJ) were at $24.67 with about 112,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.08% in early trading, adding to the 0.13% increase at market close Friday.

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