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The S&P500 moved lower last week by about 1.5%. Of course the movement was an up and down affair with no conviction in either direction. Futures tonight are up 1/2%, but we will have to see if that holds. The 10 year treasury tumbled last week clos…

So we have hot inflation with the Fed tapering (and threatening a higher level of taper) and then we have a jobs report today that was extremely soft. 210,000 new jobs?? It is crazy, but I seldom believe these reports anyway–but folks act on them so w…

So in spite of the Jay Powell accelerated taper talk equities took off today with the S&P500 closing at 4577–up 1.42%. Guess we’ve decided that the Omicron variant is no big deal. In spite of stocks taking off the 10 year treasury rose by just 1 b…

Canadian healthcare services and technology company Skylight Health (SLHG) has sold a small new issue of perpetual preferred stock. The $25/share issue prices at 9.25% at $21/share for 275,000 shares with another 41,250 shares available for over-allotm…

OFS Credit Company (OCCI) has priced the previously announced term preferred stock issue. The issue has been priced at 5.25%. They are selling 1.22 million shares, plus another 180,000 available for over-allotments. The shares will have a mandatory red…

Eagle Point Credit Company (ECC) has announced a partial call on the 7.75% term preferred stock (ECCB). They will redeem 1.078 million shares or about 50% of the outstanding shares. The call date is 12/31/2021. The press release is here. Gary was on th…

Wow–what a crazy day it was in equities–up 600 and then down 400 or so–over a 1000 point range, ending down 462 Dow points. Guess chairman Powell didn’t back off the potential for a quicker taper today so we had to have a little tantrum–oh well–ge…

Last Friday I posted a note that Greenidge Generation (GREE), a crypto miner, had filed a registration statement for sales of additional baby bonds. The original 8.50% issue (GREEL) was sold on 10/11/2021 and after peaking at $25.40 has now turned lowe…

Prospect Capital (PSEC) has call a baby bond issue. The issue called is the 6.875% PBC issue which will be called on 12/30/2021–they become redeemable on 12/15/202. Shares had run up to $26 just a few days ago and today have plunged to $25.16 The fili…

CLO owner OFS Credit Company (OCCI) has announced they will be selling a new issue of term preferred stock. The company has 2 other issues outstanding which can be seen here. The company has stated they may redeem all or a portion of the series A 6.875…

B Riley (RILY) has priced their previously announced baby bond issue. The issue prices at 5.00%. The issue is rated BBB+ by Egan-Jones. The company is selling a giant sized 12 million shares (bonds) with another 1.8 million available for over-allotment…

Well the dove morphed into a hawk today and equity investors didn’t care for that transformation. While I thought the Fed should have started tapering a year ago I am not a fan of Powell changing his tone – a faster taper – not sure that will happen -…