U.S. Bancorp prices new preferreds; Oaktree improves; CAI International finishes under par

By James McCandless

San Antonio, Aug. 7 – The preferred space remained fixed on newer issues as more came to the primary market Tuesday.

U.S. Bancorp priced $575 million of $25-par series K non-cumulative perpetual preferred stock with a dividend of 5.5%.

Oaktree Capital Group, LLC’s new $235 million of 6.55% series B preferred units gained in Tuesday trading.

CAI International’s new $42.5 million 8.5% series B fixed-to-floating rate cumulative redeemable perpetual preferred stock ended below par

Among established issues, Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferred stock also ended flat.

U.S. Bancorp priced $575 million of $25-par series K non-cumulative perpetual preferred stock with a dividend of 5.5%.

The deal was announced Tuesday morning.

There is no greenshoe.

Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc., BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.

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