Another week and another record close for the Standard and Poors 500. The index closed the week at 4129 which is a gain of about 3% from the previous weekly close on 4/1 of 4020.
The 10 year treasury moved in a 1.63% to 1.74% range before closing the week at 1.67%–a slight decrease from the close the previous weeks close of 1.68%.
The Fed balance sheet rose by $19 billion last week–no surprises.
The average $25/share preferred and baby bond rose last week by 9 cents. Investment grade issues rose by a strong 13 cents with banks jumping 13 cents and mREITs rising by 2 cents.
Last week we saw 3 new income issues being priced.
Textainer Group Holdings (TGH) sold a new fixed rate reset issue with an initial coupon of 7%. The issue is trading on the OTC grey market under the temporary ticker TGHLF and closed on Friday at $25.80.
Brookfield BRP Holding (a division of Brookfield Renewable Partners) sold a new baby bond with a coupon of 4.625%. The issue is not yet trading, but should be trading later this week. A ticker was not announced as of yet.
KKR Real Estate Finance Trust (KREF) priced a new issue of preferred stock with a coupon of 6.50%. The pricing came late Friday and the SEC filing was not available until this morning (Monday). No OTC ticker has yet been posted.