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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.
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’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock improved.
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.
Bank of America Corp.’s 5.875% series HH non-cumulative perpetual preferred stock rose.
The preferreds (NYSE: BACPrK) were up 2 cents to close at $25.33 on volume of about 331,000 shares.
Meanwhile, 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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