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U.S. Bancorp’s new preferreds improve; Oaktree gains; Barclays declines
By James McCandless
San Antonio, Aug. 9 – Trading in the preferred stock market continued to remain focused on new issues.
In market activity Thursday, U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock continued to push upwards of par.
Oaktree Capital Group, LLC’s new $235 million of 6.55% series B preferred units improved.
Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares lost almost 2% of its value.
U.S. Bancorp rises
U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock gained, continuing to rise past par on its second day of trading.
The preferreds, trading under the temporary symbol “USBLL,” were up 3 cents to close at $25.09 on volume of about 814,000 shares.
On Wednesday, the preferreds settled at $25.06 on its first day on the market.
The deal priced on Tuesday.
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