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End of Day Wrap

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 basis point to 1.45%. On the other hand the short end of the curve rose considerable–the 2 year up 7 basis points–yikes the curve is flattening quickly. It will be interesting to see this all play out–is a recession coming?

Today the average $25/share baby bond and preferred stock moved a nickel higher. Lots of stable pricing in these issues.

Since yesterday OFS Credit Company (OCCI) got their new term preferred priced at 5.25%. They are selling 1.22 million shares plus another 180,000 available for over-allotment. The OTC ticker will be OCCEV.

Canadian company Skylight Health (SLHG) sold a small $25 preferred issue with a coupon of 9.25%–shares hit the market at $21 and closed near $20.

There continues to be discussion in the Sandbox on the Tellurian (TELL) who sold a 8.25% baby bond last month–good discussion is always encouraged.

mbg noted that the most recent baby bond from DTE Energy (DTE)–a 4.375% issue is now trading with ticker DTG. Trading around $25.20.

Franklin posited a question on the newer (6/21) preferred from Atlanticus–7.625% issue (ATLCP) (which has traded relatively weakly since day 1). If anyone has some input on that one pop into the Sandbox and give your thoughts.

TOMORROW IS JOBS FRIDAY. This is a potentially important number.

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