Oaktree’s new preferreds end level; Morgan Stanley improves; KeyCorp slips

By James McCandless

San Antonio, Aug. 6 – Trading in the preferred market focused on new issues to start the week.

Oaktree Capital Group, LLC’s new $235 million of 6.55% series B preferred units were level despite high trading volume.

Morgan Stanley’s 6.375% series I fixed-to-floating rate non-cumulative preferred stock gained.

KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock declined.

Oaktree level

Oaktree’s new $235 million of 6.55% series B preferred units ended unchanged despite trading in high volume.

The preferreds, trading under the temporary symbol “OKTGP,” finished up where they started the day at $24.80 on volume of about 2 million shares.

On Friday, the preferreds ended below par on their first day on the market.

The deal priced on Aug. 2.

Morgan Stanley improves

Morgan Stanley’s 6.375% series I fixed-to-floating rate non-cumulative preferred stock gained Monday, outpacing its average volume and fueling speculation about a potential call for redemption among traders

The preferreds (MSPrI) were up 5 cents to close at $26.92 with about 416,000 shares trading.

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