It has been a rather ugly day and we have hit new lows in the average price of preferreds and baby bonds.
The average $25/share preferred and baby bond closed today at $22.20 which is 2 cents under the low average on 6/17/2022. You need to go back to 4/24/2020 to find a lower price (in early Covid).
This is painful–my accounts are pretty much where they were in June, even though I have garnered $1,000’s in dividends and interest. Off about 3-3.5% for the year.
As noted by many in the comments bunches of issues are hitting or near new lows–in particular the high quality low coupon issues–in the 3.9% to 4.75% range–Public Storage (PSA) has 2 low coupon issues trading in the 16’s—yikes!!
For now I am watching–add a little here and there. I have locked in some 6 and 9 month Tbills with some dry powder as well as a little bit of 1 year and 2 year notes–all up in the 3.7% to 4% area.