In a continuation of the melt up in equities the S&P500 traded in a range of 3032 to 3212 last week before closing Friday at 3194–a huge gain on Friday capping off a gain on the week of over 5%.
The 10 year treasury moved much higher last week closing at .9%–the highest closing level since 3/20/2020.
The Fed balance sheet moved to a level of $7.17 trillion which was up $68 billion from the week before.
The average $25 preferred and baby bond moved higher by 66 cents–2.5%. As you can see below mREIT preferreds moved $1.61 higher, lodging REIT preferred were $2.89 higher while investment grade, which had already been much higher over the last number of weeks, moved just 13 cents higher.
Last week we had 3 new income issues announced (as well as 1 reopening).
Virginia banker Atlantic Union Bankshares (AUB) priced a new non-cumulative issue with a coupon of 6.875%. The shares are trading on the OTC grey market under ticker AUBKL and last traded at $25.
United Community Banks (UCBI) priced a new non-cumulative preferred issue with a coupon of 6.875%. Now trading on the OTC grey market under ticker UCBKL and this issue also closed the week at $25.
Lastly annuity provider Athene Holding (ATH) sold a new issue of non-cumulative preferred that is a fixed-rate reset, with coupon reset every 5 years. The issue carries a 5.97% spread which will be helpful in the out years.
The issue is trading on the OTC grey market under temporary ticker ATHHL and last traded at $25.40.