Morning Commentary: U.S. Bancorp’s new preferreds at par; KeyCorp improves

By James McCandless

San Antonio, Aug. 8 – U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock was seen trading around par on its first day on the market.

The preferreds, trading under the temporary symbol “USBLL,” were spotted sitting at $25.00 on volume of about 1.2 million shares.

The deal priced on Tuesday.

KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock gained in early trading Wednesday.

The preferreds (NYSE: KEYPrJ) were up 3 cents to $24.60 with about 82,000 shares exchanged.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.04% in early trading, adding to the 0.04% drop in Tuesday’s session.

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