The 10 year treasury has moved back into the drift down mode–no economic news to move rates higher. Maybe moving lower on Chinese virus outbreaks. Seems we are always talking about China–one way or another. Now trading at 1.77%–down 7 basis points.
Preferred stocks and baby bonds are darned close to totally flat–the average of all $25 issues is the same as the close last Friday at $25.97. Most sector averages are plus and minus 1 penny. The biggtest mover I see in preferreds is the Kansas City Southern 4% non-cumulative (KSU- or KSU-P). This is an old (1962) illiquid issue and someone lost their mind in late December and drove the price up to $33 and now it is down to $28.98–still a crazy high price.
I am really surprised we are not seeing more new issues–2 last week and 2 the week before–a grand total of 4 issues this year.
Also I saw a dude on CNBC today pitching preferred stocks–that is really unusual–probably means we will have a little more competition hunting for yield–we sure don’t need more buyers–I would like to see some sellers.