Monday Morning Kickoff

Last week brought plenty of new economic data (employment and interest rate cuts) which moved markets–stock and bond markets–although not in a real dramatic way.

The S&P500 moved in a range of 3023 to 3067 before closing the week at the high around 3067–up about 1% for the week. The 10 year treasury moved in a range of 1.73% to 1.86% before closing at 1.73%–this will be interesting to watch to see where we head from here.

The Fed balance sheet grew by a massive $50 billion.  The Fed said they were going to grow the balance sheet and they have certainly done that.

Last week we had 4 new income issues announced.

Northern Trust (NTRS) announced a new perpetual preferred with a rock bottom 4.70% coupon.  The issue is trading on the OTC grey market under ticker NTREL at $25.19.

Small hard money lender REIT Sachem Capital (SACH) announced a new baby bond with a coupon of 6.875%.  The issue will trade under ticker SACC when it begins to trade (no OTC market trading).

Container lessor Triton International (TRTN) announced a new perpetual preferred.  The issue is trading under OTC grey market ticker TRTOF and last traded at $25.15.

Lastly JPMorgan Chase (JPM) sold a new perpetual preferred with a fixed rate coupon of 4.75%.  The issue is trading under OTC grey market ticker JPGGL and last closed at $25.11

4 thoughts on “Monday Morning Kickoff”

  1. Well finally. The yield curve is no longer inverted. Yes, the 3 month to 5 year is still compressed. 10 year showing strength. Maybe if it continues we can get a better yield on new preferred issues.

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