Considering the political environment we are living in it is a quiet day in the interest rate markets–and in general for most all income issues.
VEREIT 6.70% preferred (VER-F) is a really active preferred today with over 1 million shares traded. We do note that 2 large trades account for a good share of this volume. These shares are trading around $25.35–if I could get it a little lower I would take a small position. It is a monthly payer of 14 cents and is callable (and has been since 1/2019) so it does carry about 1% call risk.
As some noted AGNCM–6.875% FTF preferred from AGNC Investment (AGNC) went ex-dividend today and is being sold today with over over 150,000 shares traded. This issue has an early redemption period starting in 2024 and with a current yield of 6.80% is a better issue than the new 6.50% issue which is trading on the OTC Grey Market under ticker AGNIP and is trading at $25.05/share right now—at least for a couple years as the old issue has an inferior spread of 4.332% when it enters the floating rate period, compared to 4.993% for the new issue.
The new Gladstone Commercial 6.625% monthly pay preferred (GLSDP on the OTC Grey Market) seems to have stalled out in the $25.65 area–for now. Our hope was to hold to $26 and then consider selling most of our position–maybe it won’t get there–we’ll see.