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It looks like stocks and bonds are taking another wild Covid ride today–stocks way down with yields tumbling by 5-6 basis points. So we go from Friday being wild down, Monday a ride up and now Tuesday back down. It is all kind of silly–but markets ha…

All markets took a good step toward turning around last Fridays move–a move that seemingly was just using a new covid variant as a reason to sell stocks and buy safety/bonds. The 10 year treasury yield moved 6 basis points higher to 1.53% from 1.48% l…

B Riley (RILY) has announced they will be selling a new issue of Senior Notes. The issue will have a maturity date in 2026. The company has stated they ‘may’ redeem all or a portion of the 6.75% 2024 notes (RILYO) baby bonds currently outstanding. B Ri…

Last week was a loser week for stocks with the S&P500 off just over 2%. Obviously Friday was the big down day, but when one looks at this move lower on a historical basis it was not really a big deal – we’ve had much worse. The 10 year treasury yie…

Today we saw interest rates tumble apparently on concerns over a new covid variant. The 10 year treasury closed the day at 1.48% which was a full 16 basis points below the Wednesday close. On the other hand it was just 5 basis points below the close la…

Looks like a wild ride ahead–with the S&P500 off 2% on Covid variant concerns. Looks like an over reaction, but who knows for sure. This is the time to sit back today and observe market reactions over the course of the day–not to react with selli…

Crypto miner Greenidge Generation (GREE) has filed to sell more baby bonds. On 11/18/2021 the company filed a registration statement to sell an unknown quantity of the 8.50% senior notes due 2026 (GREEL). The original bonds were sold on 10/11/2021. Bon…

This is just a bit of a catch up from being out of the office. Below are the details of the new fixed-to-floating rate preferred from mREIT Granite Point Mortgage (GPMT). The 7.00% issue is now trading OTC under ticker GPMTV. The issue closed right at…

I continue out of the office so will be very slow at posting new news. As always the best source for new items is on the Reader Initiated Alert page. I will be back to the office late Tuesday after some pretty relaxing days off.

For the 2nd week in a row we have seen equity prices move in a fairly tight range. The S&P500 moved up by a meager 1/3rd of a percent. This leaves the index just about 1/2% off a record close. Once again I think we have the potential for an explosi…

First Republic Bank has priced their recently announced preferred stock. The issue prices at 4.50% for 26 million shares with another 3.9 million available for over-allotments. This issue is investment grade with S&P at BBB- and Moody’s at Baa3. Th…

First Republic Bank (FRC) has announced they will be selling a new issue of perpetual preferred stock. The company press release can be found here. Recall that FRC is regulated by the FDIC and does not make SEC filings–thus data is always slow coming…