The Standard and Poor’s 500 moved nicely higher last week, reversing the previous weeks losses. The index traded in a range of 3726 to 3894 before closing the week at near the high at 3887. That is a 172 point move higher from the previous week.
The 10 year treasury started it’s move higher ending the week 1.17% which was a 8 basis point move higher. The yield moved in a range of 1.06% to 1.19%.
The Federal Reserve balance sheet moved higher by $6 billion continuing the never ending stair step higher.
The average $25 preferred stock and baby bond rose last week 16 cents with the junkiest of issues taking the lead. Banks moved 8 cents higher, with CEF preferreds up 4 cents and investment grade up by 3 cents. mREIT preferreds moved 36 cents higher with shipping up 41 cents.
We had 4 new income issues last week.
Seattle banker Washington Federal (WAFD) sold a non cumulative preferred with a coupon of 4.87%. The issue is trading under OTC ticker WHSAP and closed Friday at $25.40.
Huntington Bancshares (HBAN) sold a non cumulative preferred with a coupon of 4.50%. The issue is now trading under OTC ticker HBANL and closed on Friday at $24.97.
Insurer WR Berkley (WRB) sold a new baby bond with a coupon of 4.125%. There is no OTC trading and I am not aware that the issue has yet traded on any exchange.
Lastly non traded REIT Terra Income Fund 6 sold a 7% baby bond. Once again being a baby bond there is no OTC trading and the issue has not traded on an exchange up until this point.
Sam Zell has some particularly poignant comments on todays markets FYI anybody who cares.
👍 thanks Tim. 10 year – next resistance is 1.27% then open gap 1.47%. ATB