While overnight interest rates held fairly level, they have popped a basis point or two this morning. Additionally rates on a global basis rates are moving higher.
Utility stocks are trading flat this morning, but perpetual preferreds and baby bonds are off by a fair amount (1-2%). Certain issues are off by as much as 3%.
In another example of a mid-quality newer REIT preferred issue getting what it rightly deserves can be seen here. Only a very select group of REITs ever deserved a new issue coupon of 5.875%.
As before the term preferreds and short maturity baby bonds are holding up very well. Most losses are just a few pennies per share.
Our personal holdings are off around 1/2% this year. While most of the holdings are term preferreds or short maturity baby bonds we do hold a few high yield preferreds that are causing a little consternation, but we will endure.