B. Riley Financial sells $25-par notes; U.S. Bancorp better; Duke Energy improves

By James McCandless

San Antonio, May 2 – The preferred secondary market ended the day mixed again as a new deal came to the primary market.

B. Riley Financial, Inc. priced an upsized $87 million offering of $25-par five-year senior notes at par with a coupon of 6.75%.

In the secondary, U.S. Bancorp’s 6.5% series F fixed-to-floating rate non-cumulative perpetual preferred stock closed slightly better.

The preferreds (NYSE: USBPrM) were up 2 cents to close at $26.85 on volume of about 766,000 shares trading.

Elsewhere in finance, KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds moved in the opposite direction.

The preferreds (NYSE: KEYPrK) lost 2 cents to close at $25.04 with about 418,000 shares trading.

Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock saw an uptick.

The preferreds, trading under the temporary symbol “RXFCL,” added 10 cents to close at $25.50 on volume of about 372,000 shares.

Meanwhile, in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock (NYSE: DUKPrA) rose by 10 cents to close at $26.04 with about 265,000 shares trading.

In oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: ETPPrE) were down 3 cents to close at $24.85.

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