The 10 year treasury yield is trading at 4.19% right now and close to the highest level in about 15 years–up 11 basis points today.
Income securities are taking a bit of a knock, although not severe–nickels and dimes. Unfortunately those nickels and dimes turn into real money after a few days – of course I am talking my book – I don’t like ‘red’ which is what I am seeing all week.
As mentioned on Monday (I think) I had 2 GTC sell orders in on a couple of my banking preferreds – but with a greedy sell price they have not executed and don’t think they will anytime soon given interest rates, but with these thinly traded issues one never knows when they will sell – maybe someone puts a market order in and takes them off your hands.
I did enter a GTC BUY order for the SiriusPoint 8% Resettable preferred (SPNT-A). It is trading firmly at $24.92 so of course my buy order is below that price – once again I am waiting for someone to dump a few shares and fill my order 15-20 cents below current levels–probably penny wise and pound foolish, but this one isn’t going anywhere soon–if ever.
I see that JPMorgan is hanging a 5.60% 5 year CD out there – unfortunately it is callable in 1 year – but just the same not a bad coupon.
Here is what I am showing on eTrade right now.