This latest trade is just about relative price movements and the swing in yields. Treasury yields have been climbing rapidly. It's been putting quite a bit of pressure on some other securities that are sensitive to movements in interest rates. But this share kept going up. I decided to close out the position and lock in the gains.
I may replace it with another preferred share soon. I've been looking at a few opportunities. Often I would buy the replacement share immediately after selling one share, but this time I'm taking a bit longer. Some of the candidates I was considering had bigger bid-ask spreads, and I'm not interested in crossing a big spread.
There is absolutely nothing wrong with these shares. The fundamentals still look fine. This is just about the price swing while Treasury yields continued to climb.
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