Here we go!!! Time for the 1st week of trading after the installation of a new President–no doubt these major changes could cause market dislocations–of course who really knows.
The S&P500 closed last Friday at 3841 which was about a 2% increase from the previous Friday–the S&P500 had lost about 1.5% the week before so all in all in 2 weeks not much movement.
The 10 year treasury barely moved last week closing the week at 1.09% –1 basis point lower than the previous Friday. The range for the week was 1.08% to 1.12%.
The Federal Reserve balance sheet grew by a stout $81 billion last week to a new record high of $7.415 trillion.
The average $25 preferred stock and baby bond moved higher by 12 cents. Investment grade moved up by 14 cents, while banks moved higher by 9 cents. CEF preferreds crept up 4 cents with mREITs up by 13 cents.
Last week we had 2 new income issues sold.
1st off financial firm B Riley (RILY) sold a new issue of baby bonds with a 6% coupon. I am not aware of any exchange trading of this issue at this point in time–but should trade within a day or two.
Bank of America (BAC) sold a new non cumulative preferred stock with a rock bottom coupon of 4.125%.
The issue is trading on the OTC grey market under temporary ticker BOAPL. The issue closed at $25.03 last Friday.
Prior to making any buying decisions investors should review all of the preferred issues outstanding from BAC which can be seen here.