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After 13 or 14 green days in a row in income issues one hates to see share prices sell off, but nothing moves in one direction forever. The S&P500 was off 6/10% yesterday. Income issues were off 1/2%, on average, as the 10 year treasury yield rose…

Below are press releases from company’s with preferred stock or baby bonds outstanding–or just general news of interest. DTE Energy customers experienced 21% fewer power interruptions in 2022 and outage duration time decreased by more than 40% FAT Bran…

REIT CorEnergy Infrastructure Trust has suspended the dividend today on the 7.375% perpetual preferred (CORR-A). The share price has been butchered–from $17.xx down to $8.08 The press release is here. J mentioned this in the Readers Alerts section ear…

I normally have smaller capital gains and smaller capital losses than maybe the typical perpetual preferred investor–and I give up some higher potential coupons in doing so. Closed end funds (CEF’s) can typically sell lower coupon preferreds because s…

All in all a decent week for the Standard and Poor’s 500 with a gain of 1.6% over the previous Friday close. The range for the weeks was over 4% as we had a couple high importance economic news items – the FOMC rate hike decision and the release of a v…

As might be expected when you have a ‘blow-out’ new jobs number (over 500,000 new jobs) interest rates have taken a pretty big jump higher–up 12 basis points on the 10 year treasury yield to 3.52%. While in years past a 12 basis point move higher woul…

Below is the pricing information on the new Ellington Financial (EFC) fixed-rate reset perpetual preferred. The issue should be trading on the OTC market today under ticker EFCRP. The pricing term sheet can be found here.

Another great week is nearly in the books–and now we wait for the employment numbers to send us into the weekend. Forecasts are for 187,000 new jobs and an unemployment rate of 3.6%. Given that Powell continues to focus on employment as an important p…

Below are press releases from company’s with preferred stock or baby bonds outstanding–or just general news of interest. Brookfield Infrastructure Reports Strong 2022 Year-End Results Brunswick Corporation Releases Fourth Quarter and Full Year 2022 Ear…

mREIT Ellington Financial (EFC) has announced they are selling a new issue of fixed rate reset preferred. The coupon will be fixed until 4/2028 and after that point will be reset at the 5 year treasury plus a yet to be announced ‘spread’. The company h…

Party On S&P500 and NASDAQ!! The DJIA is lagging, but it really no longer represents the real market which is why I always specify the S&P500. I just added to a position–UMH-D 6.375% perpetual preferred from UMH Properties. The current yield i…

The 10 year treasury yield is now at 3.39%–obviously the debt markets see something ‘scary’ on the horizon, while equity markets are partying–the S&P500 futures are up 1/2% as big tech announces earnings. Yesterday ended up being a ‘green’ day fo…