Our site runs on donations to keep it running for free. Please consider donating if you enjoy your experience here!

Quiet, Quiet Day

Looking at markets early today it looks like today should be quiet–no real economic news to be dealt with–just a few harmless Fed yakkers. The Fed yakkers become pretty harmless when they all agree on the future direction of interest rates and they are pretty much all in the ‘higher for longer’ camp..

The 10 year treasury is at 4.42% right now–quiet–very quiet. The equity futures are pretty darned flat. Earnings season is coming to a close–but folks are hanging their hats on Nvidia earnings which come out Wednesday. This singular security can move markets in a pretty big way—this single stock can have a $200 billion market cap swing on earnings day.

I think I will go on the hunt today for a nibble of a preferred or baby bond. I am not certain what risk ‘bucket’ I might add to–if any. Odds are high that it will be an addition to something I already own–OR maybe a new purchase in the Trinity Capital 7.875% baby bonds (TRINZ). Trinity has a 7% issue outstanding, which I own, and which did a partial call a week or two ago so my position was reduced. The 7% issue has a maturity date in 1/2025. Still feel no pressure to buy–I do feel a pull to slowly move to high yield-short dated maturity–no rush.

9 thoughts on “Quiet, Quiet Day”

  1. CFG new issue traded below 25!!

    PS I see Barrons says Citi priced a 7 1/8 ….$1,000 ‘CC’

        1. Whats the symbol today, for CFG new Preferred, or what symbol did you use to trade now. Thanks

  2. PennyMac common (PMT) is taking a big hit, down near 8% today. The preferred hasn’t moved. Is the debt issuance somehow dilutive?

    In other news I took an initial position in FTAI-P and M today.

    1. Keeping my PMT-C position small because of their float nonsense though some analysts seem to like PMT. Debt issuance crashed the common but doesn’t seem to have affected the preferreds. Robbing Peter to pay Paul?
      I’m watching FTAIP but not willing to buy above stripped par. No upside, no me.

      1. Martin Im still sitting on the fence with mortgage companies. Especially after the post today on ABR.
        I realize there are different MReits but if there is trouble in the neighborhood all the MReits will be affected.

  3. Tim, They did the partial call on Friday of TRINL This should stay close to par plus dividend until the 2025 call. Be a reasonably safe place to park some money. After August’s remark on STWD yesterday I think we have yet to see a market panic.

Leave a Reply

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