Equity markets remain pretty wild as everyone trys to figure out the longer term effects of the corona virus.
For us income investors it means a little more time to try to find some bargains. It seems everyone is trying to play the same game–maximize quality coupons with a little call protection. Quality issues over say 5.25% with a few years until potential calls are trading over $26 or $27–or even more and I have trouble pulling the trigger on these–but maybe there will be no choice.
I went ahead and added a little bit of the MVC Capital 6.25% baby bonds (MVCD) yesterday at $25.29. I did this with the knowledge of the partial call on 3/26–I already held a position so just added to it–I see it popped late yesterday to $25.56.
I am watching mostly (not all) investment grade issues right now–will try to add a few hundred shares here or there–hopefully with a little call protection, but it seems reasonable given my cash situation I may park in some issues without much financial call risk even if they are currently callable.