Tuesday Morning Starter

Well Monday was another record setting day for the S&P500–up a solid 19 points–around .4%.

The 10 year treasury traded in a narrow range Monday–1.285% to 1.31% closing at the low for the day at 1.285%. Seems to me investors of all sorts lean to the interpretation that Fed Chair Powell remains firmly a dove (is there really any doubt?).

Monday the new 5.25% preferred stock of banker ConnectOne Bancorp (CNOB) began trading on the NASDAQ under ticker CNOBP after trading on the OTC grey market. This 5.25% issue closed Monday at $26.25

At this time we have a few ‘pending’ new issues. We await pricing on the new Eagle Point Credit Company (EIC) term preferred. We await trading on the new 8.50% baby bond issue from Charah Solutions (CHRA). We also have a new term preferred issue from Priority Income Fund ‘teed up’–but it could be weeks before we see pricing on that issue.

I have added a new ‘topic’ in the side menu–titled — OTC trading and rule 15c2-11. randy asked for a page for this topic a few days ago and it seems there is interest so I have added the page.

5 thoughts on “Tuesday Morning Starter”

  1. Tim, thanks for hiving off Rule 15c2-11 discussion onto its own page and preserving the link there to that very informative article on the history of the rule.

  2. Tim – “it could be weeks before we see pricing on that {PRIF} issue? Heck, by PRIF’s serial issuer SOP they will probably have had pricings on multiple issues in that time frame… ha!

    1. 2wr–one never knows. Sometimes I expect it soon–and it takes months, so then I expect months and they come soon.

      1. Tim – naturally.. and of course it’s always nice to have an announced Use Of Proceeds not happen quickly…. this one had no choice as this = first available call date..

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