UPDATE–ETP has announced a new preferred unit offering–more to come.
For some that are much younger than me you may not recognize the phrase “Tension on the Tape”.
This phrase was used in the olden days to describe a fictitious (in my opinion) building of tension between buyers and sellers. Supposedly the bulls and bears are battling it out and no one can gain the upper hand–a tug of war of sorts. This is supposedly resolved when the “tape” finally breaks and we have a major move in the marketplace as the tension releases. I can recall the talking heads on the old Financial News Network saying “tension on the tape” all the time–back in the 1980’s.
Right now the SP500 is off .3% while the 10 year treasury yield is 1/2 basis point lower at about 2.59%.
Anyway I don’t think there is really any tension, but it certainly appears that an event of some sort will come along soon to change the minds of investors out there–right now to us it is fairly ‘goldilocks’.
Now if you are holding any of the Washington Price preferreds it isn’t goldilocks as their losses from earlier today have accelerated lower. The WPG-H issue is off $2.23 right now on big time volume (for a preferred stock) of 232,000 shares right now.
The GasLog Partners preferred are now down 2-3% in sympathy with the common units. My best guess is they will bounce back within a few days–we have them on the watch list for a potential quick trade in the next week.
The biggest preferred volumes today are in the Energy Transfer Partners preferred units. The 7.375% ETP-C units are off a little over 1%. The 7.625% ETP-D preferred units are down over 1% as well. Both issues have traded around 500,000 shares.