Well the week is a wrap, but we can all be certain that next week and each week for as far as the eye can see will be just as much fun in markets and economically speaking.
I’ve been so busy with ‘real work’ that I didn’t buy or sell a single share this past week–not that there aren’t plenty of potential buys out there. I’ve got my eye on a number of issues for next week–I will need to post a reminder on one of my monitors. I do like the end of the month though–the dividends just ‘pour’ in – I have thousands and thousands of monthly paying issues–pretty much all of them (except a few).
The 10 year treasury traded in a pretty wide range this week–starting out the week around 2.46% before moving up to about 2.50% before heading down to 2.31% and closing the week around 2.37%. All in all very nice–prepping for the next Fed Funds rate hike in early May.
This economy is strong—at least according to the jobs numbers. Yes, 431,000 new jobs was under the forecast by 60,000 more or less–but obviously not indicating much softening in the economy.. I personally think we will be in a recession by year’s end, but there is a lot of ground to be covered before we get to the 4th quarter–anything could happen.
Here are a couple issues I have on my potential buy list for next week.
Affiliated Managers 5.875% baby bond (MGR)–priced at $24.98 as it just went ex a few days ago. A nice yield for an investment grade issue–just a nibble to start.
Also the newer Kemper Corp 5.87% baby bond (KMPB). This is a fixed rate reset issue with a lousy reset spread 4.14%–but it doesn’t kick in until 2027. 1 notch below investment grade and trading at $24.93. Again just a nibble–maybe 50 shares to start–then add as pricing becomes more attractive.
Then finally I think I will take a taste of the UMH-D 6.375% issue which is trading at $25.38 (of which 19 cents is ‘accrued’ divi). I’ve watched this forever and it is time to get a nibble to start.
9 thoughts on “Another Interesting Week–more to Come No Doubt”
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Yield curve update – if they don’t massage the long end with balance sheet sales, this will flatten quickly.
Sold several REIT preferreds on the bounceback this week. Now I have a cash position for the old Buy Back Cheaper plan. Or whatever bargains show up next.
Waiting for bank preferreds to hit the 6% level but they consolidated this week. Stepped into MBINN WFC-L NYCB-U, along with a couple previous ones now sitting at loss.
The last 2 weeks have been party like its 2021. Issues are jumping up and down, and just trading same things over and over.
Martin—what do you like about MBINN? It’s non-rated, small issue and seems to me like it should be trading at 6.25% or higher, rather than 6%. Just asking…………
Tim…interested as where to find a database with thousands and thousands of monthly dividend payers. The “master list” has 618 issues, but most pay quarterly. With cef’s mostly paying monthly, I suppose a position in PCEF or CEFS would give you indirect exposure to a bunch of monthly payers. Always looking for something new. Thanks for a great website.
Buy a variety of quarterly payers and your payments will be spread out. Unless you are heavily invested in a small number of issues.
lucky, I am guessing that Tim meant ‘thousands and thousands’ of shares, not issues.