Oaktree’s new preferreds end under par; Bank of America improves; Energy Transfer rises

By James McCandless

San Antonio, Aug. 3 – The preferred market ended the week with new issues in focus.

Oaktree Capital Group, LLC’s new $235 million of 6.55% series B preferred units ended below par.

The preferreds, trading under the temporary symbol “OKTGP,” were seen ending at $24.80 on volume of about 4.2 million shares.

The deal was priced on Thursday.

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

The preferreds (NYSE: BACPrK) were up 2 cents to close at $25.27 with about 472,000 shares trading.

On Thursday, the preferreds gained 6 cents.

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

The preferreds (NYSE: ETPPrD) were up 13 cents to close at $25.97 on volume of about 420,000 shares.

In the broader market, the Wells Fargo Hybrid & Preferred Securities Financial index was up 0.13% at market close after rising 0.15% in early trading on Friday.

The iShares US Preferred Stock ETF was up 10 cents to $37.47. The ETF gained 2 cents on Thursday.

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