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Oaktree’s new preferreds end level; Morgan Stanley improves; KeyCorp slips
By James McCandless
San Antonio, Aug. 6 – Trading in the preferred market focused on new issues to start the week.
Oaktree Capital Group, LLC’s new $235 million of 6.55% series B preferred units were level despite high trading volume.
Morgan Stanley’s 6.375% series I fixed-to-floating rate non-cumulative preferred stock gained.
KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock declined.
Oaktree level
Oaktree’s new $235 million of 6.55% series B preferred units ended unchanged despite trading in high volume.
The preferreds, trading under the temporary symbol “OKTGP,” finished up where they started the day at $24.80 on volume of about 2 million shares.
On Friday, the preferreds ended below par on their first day on the market.
The deal priced on Aug. 2.
Morgan Stanley improves
Morgan Stanley’s 6.375% series I fixed-to-floating rate non-cumulative preferred stock gained Monday, outpacing its average volume and fueling speculation about a potential call for redemption among traders
The preferreds (MSPrI) were up 5 cents to close at $26.92 with about 416,000 shares trading.
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