Oaktree Capital improves; U.S. Bancorp’s new preferreds gain; Bank of America rises

By James McCandless

San Antonio, Aug. 14 – Secondary trading in the preferred market continued its trend of focusing on newer issues.

Oaktree Capital Group, LLC’s recent $235 million of 6.55% series B preferred units gained, leading the market.

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

Bank of America Corp.’s 5.875% series HH non-cumulative perpetual preferred stock rose.

Oaktree up

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

The preferreds (NYSE: OAKPrB) were up 12 cents to close at $24.97 on volume of about 505,000 shares.

On Monday, the preferreds lost 2 cents.

U.S. Bancorp rises

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

The preferreds, trading under the temporary symbol “USBLL,” were up 5 cents to close at $25.11 with about 375,000 shares trading.

On Monday, the preferreds fell 2 cents.

The deal priced on Aug. 7.

Bank of America gains

Bank of America’s 5.875% series HH non-cumulative perpetual preferred stock rose in Tuesday trading.

The preferreds (NYSE: BACPrK) were up 2 cents to close at $25.33 on volume of about 331,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.01% at market close after climbing 0.03% in early trading on Tuesday.

The iShares US Preferred Stock ETF was up 8 cents to $37.40. On Monday, the ETF lost 2 cents.

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