As Landlord Investor noted in the comment section preferreds and baby bonds were pretty red today.
I personally am not aware why we would be seeing red so widely–except for the fact that every damned issue is overvalued (when has that mattered?).
Today we saw investment grade issues off 14 cents, banks off 15 cents and overall we saw a fall of 13 cents. The big losers were shippers which were off 30 cents (not on the chart below).
Maybe we will see a buying opportunity?