It looks like another day or relative calm in all of the income securities–the average share is near even on the day. Common stocks have taken kind of a wild ride thus far–up 300 and then down near 100. Guess common stocks need a good rumor of sorts to move one way or the other in a convincing way.
Today we have the AmTrust preferreds tumbling some more–down around a $1 on each of the issues. On the other hand the 2 baby bond issues of AmTrust are bouncing–makes some sense–and I think we probably has some readers who bought into the baby bonds looking for a quick bounce. We have some of the shippers falling further–Safe Bulkers SB-C preferred is off a buck to $19.87, while the Teekay Offshore Partners issues are are off from a few cents to $1. Tsakos Energy Navigation preferreds are falling as well.
Gainers in the preferred area include all of the Pennsylvania Real Estate Trust (PEI) preferred issues. The mall owner has been hammered hard and all of the issues are now trading in the 9.5% to 10% current yield area.
As we noted elsewhere the new fixed to floating rate issue from Citizens Financial Group is trading on the OTC Grey market and is around $25.20-$25.25. Temp ticker is CFGLL.