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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.