U.S. Bancorp’s new preferreds improve; Oaktree gains; Barclays declines

By James McCandless

San Antonio, Aug. 9 – Trading in the preferred stock market continued to remain focused on new issues.

In market activity Thursday, U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock continued to push upwards of par.

Oaktree Capital Group, LLC’s new $235 million of 6.55% series B preferred units improved.

Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares lost almost 2% of its value.

U.S. Bancorp rises

U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock gained, continuing to rise past par on its second day of trading.

The preferreds, trading under the temporary symbol “USBLL,” were up 3 cents to close at $25.09 on volume of about 814,000 shares.

On Wednesday, the preferreds settled at $25.06 on its first day on the market.

The deal priced on Tuesday.

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