Interest rates have hardly moved all week—plus and minus a couple basis points. In the ‘olden’ days we would call this ‘tension on the tape’–meaning each day there is little to no movement ‘tension builds’ for a big breakout one way or another–whatever!!
I note that the NGL Energy (NGL) preferreds have been getting hammered. Both of these are fixed-to-floating and the NGL-B issue had spent months and months climbing from the $10 area up to $14–now giving back much of those gains with the new administration in place.
The ‘C’ issue is even worse–finally climbing toward $16 by falling back hard to $12.32.
Current yields are both closing in on 20%.
No one can say if these are ‘bargains’–I know I wouldn’t own them, but I am a chicken investor. A close review of their recent financials should be undertaken by potential folks–even with reasonable financials these shares are trading on the ‘fear of the unknown’–what does the future hold.