Trading in income issues is generally ‘normal’ today with the exception of blow-ups in the AmTrust Financial preferreds that are down $4-$5/share due to the delisting of the shares by AmTrust after the company went private. The preferred shares of Maiden Holdings, a sister company to AmTrust, which have suspended dividends, are following the AmTrust issues lower.
We do note that the Teekay Offshore Partners (NASDAQ:TOO) preferreds are off 75 cents to $1.25. Seems the shares of Teekay preferreds have turned into ‘hated’ issues–no particular new issue with company, but folks simply are ‘repricing’ the issues to the 11% current yield level.
There are virtually no new lows being created in the preferred stock/baby bond arena–except of course the AmTrust issues.
The average income issue is off a nickel today–normal noise.