Oaktree Capital declines; U.S. Bancorp’s new preferreds slide; Barclays adds to gains

By James McCandless

San Antonio, Aug. 13 – The preferred market saw activity focused on newer issues to start the week.

Oaktree Capital Group, LLC’s recent $235 million of 6.55% series B preferred units edged lower on Monday.

U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock declined again.

Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares gained again to begin the week.

Oaktree down

Oaktree’s recent $235 million of 6.55% series B preferred units declined.

The preferreds, trading under the temporary symbol “OKTGP,” were down 2 cents to close at $24.85 on volume of about 478,000 shares.

On Friday, the preferreds picked up 6 cents.

U.S. Bancorp loses

U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock extended its negative trend in Monday trading.

The preferreds, trading under the temporary symbol “USBLL,” were down 2 cents to close at $25.06 with about 403,000 shares trading.

On Friday, the preferreds lost 1 cent.

The deal priced on Aug. 7.

Barclays gains

Barclays’ 8.125% series 5 non-cumulative callable dollar preference shares continued to rise.

The preferreds (NYSE: BCSPrD) were up 33 cents to close at $26.39 on volume of about 231,000 shares.

On Friday, the preferreds gained 2 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.09% at the market close, increasing from a 0.02% gain in early trading on Monday.

The iShares US Preferred Stock ETF was down 2 cents to $37.32. The ETF fell 3 cents on Friday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.