Wow what a crazy day yesterday turned out to be–I thought we would see a strong move and then a reversal–but that second reversal was brutal.
Today I started off nibbling some of the usual suspects–Spire 5.90% perpetual, CMS Energy 4.20% perpetual (CMS-C) and I picked up a few Consumers Energy bonds with a maturity in 8/23 yielding about 4.6%–rated A1/A.
I noticed for those wanting something with a little more risk there are Blackstone bonds out there with 6.33% yields to maturity–BBB-/Baa3 rated–maturing in 2024.
Now I will sit and wait for this damned market to stabilize. The 10 year treasury yield dropped late yesterday, but is popping this morning–up 15 basis points. No use using all the dry powder at this time–although one never can be certain of when things will reverse–but don’t think it is now and with 3 month to 2 year treasuries paying us to wait why go crazy.