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Oaktree improves; U.S. Bancorp’s new preferreds decline; Barclays gains
By James McCandless
San Antonio, Aug. 10 – The end of the week in the preferred market saw a continued focus on new issues.
Oaktree Capital Group, LLC’s recent $235 million of 6.55% series B preferred units gained in Friday trading.
U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock ended lower.
Meanwhile in established issues Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares rose at the end of the week.
Oaktree rises
Oaktree’s recent $235 million of 6.55% series B preferred units continued to rise in Friday trading.
The preferreds, trading under the temporary symbol “OKTGP,” were up 6 cents to close at $24.87 on volume of about 647,000 shares.
On Thursday, the preferreds picked up 3 cents.
The deal priced on Aug. 2.
U.S. Bancorp off
U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock ended the week of trading down.
The preferreds, trading under the temporary symbol “USBLL,” were down 1 cent to close at $25.08 with about 555,000 shares trading.
On Thursday, the preferreds added 3 cents.
The deal priced on Tuesday.
Barclays gains
Barclays’ 8.125% series 5 non-cumulative callable dollar preference shares were rising at the end of trading Friday.
The preferreds (NYSE: BCSPrD) were up 2 cents to close at $26.06 on volume of about 265,000 shares.
On Thursday, the preferreds lost 51 cents.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.04% at market close after falling 0.10% in early trading Friday.
The iShares US Preferred Stock ETF was down 3 cents to $37.34. The ETF lost 8 cents on Thursday.
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