U.S. Bancorp’s new preferreds finish above par; Energy Transfer declines; KeyCorp level

By James McCandless

San Antonio, Aug. 8 – Preferred stock trading centered on a new issue in Wednesday trading.

U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock ended above par on its first trading day.

Energy Transfer Partners, LP’s recent 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units fell.

KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock was flat, despite heavy trading.

U.S. Bancorp above par

U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock traded above par on its first day on the market.

The preferreds, trading under the temporary symbol “USBLL,” were seen ending at $25.06 on volume of about 3.3 million shares.

The deal priced on Tuesday.

Energy Transfer down

Energy Transfer’s 7.625% series D preferred units declined.

The preferreds (NYSE: ETPPrD) were down 10 cents to close at $25.66 with about 451,000 shares trading.

Recently the company said it would be acquired by Energy Transfer Equity, LP in a transaction to simplify the corporate structure of the two related companies.

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