Well there is no wholesale ‘tossing out the baby with the bath water’ today in preferreds and baby bonds as I thought there might be, but prices eroded and I gave back all of the gains from the last few days–oh well I am focused long term.
I added some of the Spire 5.90% (SR-A) and then dipped in for a little bit of the Hennessy Advisors 4.875% notes (HNNAZ) which is off a whole 95 cents today–current yield over 5% and better yet the issue matures in 2026 for a yield to maturity of 6ish%.
The S&P500 just ground lower and lower today–each tiny bounce was met with more selling – I guess the only thing that was good (if there is such a thing) is the selloff was fairly orderly after the first hour. Just like interest rate movements we don’t need drops of this magnitude (4%)–we don’t need panic in any market. We’ll see what happens on the close.