It’s hard to argue with another very green day–but the spreads on many preferreds are way too wide for me to jump into them. I was able to buy only 1 preferred today – just need to wait a few days for maybe a retracement back down. I have 2 other limit orders in that have not executed-spreads on the bid/ask of 75 cents doesn’t work well in this market-probably will have to wait for a few days.
I added to my Jackson Financial 8% fixed-rate-reset preferred (JXN-A) @ $24.71. Probably one of the best 8% current yields out there yet. Reset is 4 1/2 years out so probably is a good hold for a few years.
I did have one somewhat ‘accidental’ sale on my Associated Bancorp 5.875% perpetual (ASB-E). I had an old (maybe a month) good until cancelled sell order in place as I was looking to sell small banking issues. I had pondered lowering my sell price earlier this week–glad I didn’t. Sold at $18.20/share. I end up with a 6% capital gain, plus a 1 dividend. In hindsight probably could have kept this one.
So like everybody our accounts are pretty damned green today–as they should be with the 10 year treasury yield off 11 basis points at 4.68%. Now we will see how the future data looks and see if the Fed is really done–who knows.