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