Monday Morning Kickoff (on Tuesday)

The S&P500 traded in a range of 2914 to 2980 last week before closing the week at 2955–a gain of 1.5% or so.

The 10 year treasury moved in a range of .648% to .744% and closed the week near the low at .657%.

The Fed Balance Sheet moved over $7 trillion on the way to a much higher level–this is up $103 billion for the week. Sickening–but what else can one do?

The average $25/share baby bond and preferred stock moved higher by 12 cents last week to $22.62. Investment grade moved higher 1 penny, with mREIT issues up 38 cents–the biggest moving sector. CEF issues were up 28 cents to $24.86. All other sectors were pretty quiet. Of course the big laggard is the Lodging REIT issues (not individually shown on this chart) which are still at a lowly $12.22/share.

Last week we had 4 new income issues announced–getting back to normal in this area.

Insurer Brighthouse Financial (BHF) announced an split investment grade issue with a tasty 6.75% coupon.

This issue is now trading under the permanent ticker and last was traded at $25/share.

This image has an empty alt attribute; its file name is bhf.png

Banker Truist Financial Corp (TFC) announced a new investment grade issue with a 5.25% coupon.

This issue is trading on the OTC grey market under ticker TFCLL and closed last Friday at $24.95.

This image has an empty alt attribute; its file name is image-5.png

Bank holding company First Horizon (FHN) sold an issue of 6.50% preferred stock with a junk rating.

The issue is trading on the OTC grey market and last closed at $24.72.

This image has an empty alt attribute; its file name is fhn-1.png

Finally American Financial Group (AFG) announced a new baby bond with a coupon of 5.625%–the issue is investment grade.

I am not seeing this new issue trading as of yet–likely will trade sometime this week.

This image has an empty alt attribute; its file name is afg1.png

One thought on “Monday Morning Kickoff (on Tuesday)”

Leave a Reply

Your email address will not be published. Required fields are marked *