Copyright 2019 Investor's Business Daily Inc.

95 B 38.2 NexPointRes NXRT 37.76 0.59 -44 2.993 B- 16.9 NStarRlty NRE 16.66 -0.03 -54 3.681 C- 6.5 NYMrtg NYMT 6.34 0.02 -63 12.67 B 65.9 OfficePropsIn OPI 30.35 -0.77 -63 22.7

96 B- 40.3 OmegaHlthcre OHI 39.18 -0.16 -40 6.785 C 29.4 OneLiberty OLP 27.79 0.01 -56 6.558 B 8.3 Orchid Island ORC 6.94 -0.02 -59 13.878 D 22.4 Outfrnt Media OUT 20.89 -0.07 -50 6.967 C- 16.1 Paramount G PGRE 14.80 -0.10 -63 2.754 C 34.3 Park HotlsRes PK 29.48 -0.38 -34 7.825 D- 41.6 Pebblebrook PEB 31.55 -0.25 -64 1.610 B- 12.4 PennREIT PEI 6.94 0.08 27 12.189 B 21.4 Pennymac PMT 21.32 1.10 82 8.890 B+ 18.7 PhysicinsRlty DOC 18.39 -0.16 -41 5.088 A 20.7 PiedmontOff PDM 20.58 -0.01 -50 4.184 C+ 18.3 PlymthIndReit PLYM 16.00 0.09 -84 9.426 D+ 50.6 Potlatchdeltic PCH 35.82 -0.63 -5 4.555 B+ 6.9 PowerReit PW 5.89 0.04 61 ..78 B- 18.6 PrefdAptCmn APTS 15.90 -0.06 -35 6.586 A- 70.6 Prologis PLD 70.83 0.40 -17 2.792 B 146.8 PSBusParks PSB 146.35 0.16 -28 2.973 B 234.9 PublicStor PSA 210.57 0.73 3 3.881 B+ 47.7 QTS Realty QTS 43.10 0.73 2 3.823 D 39.7 Rayonier RYN 28.55 -0.43 14 3.881 B+ 17.3 ReadyCapital RC 15.86 0.17 24 10.195 A+ 70.2 RealtyIncome O 70.08 -0.02 -32 3.960 D 17.5 Redwood RWT 15.99 -0.02 -9 7.582 C+ 66.9 RegencyCntrA REG 65.72 -0.01 -39 3.44 C+ 10.6 RegionalHlth RHE 1.19 0.01 -80 ..

82 A- 36.3 Retail Value RVI 30.96 -0.18 -30 15.166 D+ 19.8 RetailOpp ROIC 17.93 0.16 -40 4.488 A 13.4 RetailPrpsAm RPAI 13.17 0.05 -9 5.040 C- 4.9 RevenHousReitRVEN 3.60 0.00 -100 1.189 A- 35.3 Rexford Indus REXR 34.76 -0.46 -53 1.825 D 24.0 RLJLodging RLJ 18.48 -0.13 -30 7.182 E 14.4 RPT Realty RPT 13.39 0.06 -60 6.677 A- 90.0 RymanHspPrp RHP 79.26 -0.81 -48 4.375 B+ 23.8 SabraHlthcr SBRA 20.56 -0.16 -51 8.8

90 B 4.4 SachemCap SACH 4.29 0.01 -23 15.975 D 20.2 SafetyIncGrow SAFE 18.09 0.01 -76 3.388 A- 60.6 SaulCenters BFS 57.26 0.16 -47 3.720 B- 19.2 SeniorHouse SNH 14.07 -0.17 -30 11.178 B 51.9 SeritageGrw A SRG 41.27 0.01 -63 2.482 B 191.5 SimonPrpty SPG 184.10 -1.75 -16 4.383 C 15.2 Site Centers SITC 13.28 0.01 -43 6.044 B+ 106.5 SLGreenRlty SLG 92.23 -1.22 -28 3.779 C+ 7.6 SothrlyHotls SOHO 6.96 -0.03 -42 7.247 A- 9.8 SpiritMtaReit SMTA 8.08 -0.11 -76 16.374 B+ 42.6 SpiritRealty SRC 39.94 0.30 -68 6.385 C 29.1 StagIndust STAG 28.20 0.09 -53 5.178 C 23.0 Starwd STWD 22.13 -0.06 -60 8.793 B 32.5 Store Capital STOR 32.42 0.12 -52 4.121 C 15.6 SummitHotl INN 11.07 -0.32 -50 6.593 A- 113.5 SunCommty SUI 113.53 0.28 -44 2.545 B 16.9 SunstoneHotl SHO 14.33 -0.21 -32 4.851 C 24.9 TangerFact SKT 22.37 -0.08 -51 6.323 B+ 65.5 TaubmanCtr TCO 49.22 -0.44 -48 5.389 B+ 42.7 TerrenoRlty TRNO 41.59 -0.95 39 2.390 A- 25.0 TierReit TIER 24.02 0.02 -1 3.010 D+ 15.1 TremontMtg TRMT 8.87 -0.13 -46 5.042 D- 16.3 TwoHarbors TWO 14.14 -0.01 -21 13.392 B- 44.6 UDR INC UDR 44.59 0.12 -6 2.976 A- 16.7 UMHPrptys UMH 14.20 0.16 -55 5.184 D+ 23.4 Uniti Grp UNIT 19.69 -0.03 -59 12.289 B 77.0 UnivrslHR UHT 73.42 -0.17 -45 3.754 A- 23.4 Urban Edge UE 20.64 -0.09 -23 4.386 B+ 23.2 UrstadBddleA UBA 22.01 0.15 -42 5.064 B+ 18.5 UrstadtBiddle UBP 17.00 0.01 84 5.891 B+ 65.7 Ventas VTR 64.27 -0.18 5 4.989 B+ 8.2 Vereit VER 8.19 0.00 4 6.783 B 22.4 Vici Props VICI 21.69 0.23 44 4.660 B 77.6 VornadoRlty VNO 69.90 0.05 30 3.818 D- 8.4 WashingtnPrm WPG 5.50 0.14 -42 18.230 B+ 31.9 Washington WRE 25.74 -0.46 -35 4.786 B 30.3 Weingarten WRI 29.61 0.10 -52 5.395 A 77.9 Welltower WELL 77.21 0.16 -26 4.518 C+ 38.4 Weyerhaus WY 25.65 -0.26 -25 5.32 C+ 6.3 WheelerReit WHLR 1.64 0.02 -90 ..

85 B 14.5 Whitestone WSR 14.09 -0.01 -37 8.192 B+ 75.3 WPCarey WPC 75.49 0.34 -56 5.562 E 11.4 WstrnAsset WMC 9.93 0.07 -44 12.524 C 25.9 XeniaHotel XHR 18.60 -0.35 -49 5.9

Key Financial And Commodity Futures

BY BLOOMBERG NEWS

Fear is turning into exuberance incredit markets.

Demand for U.S. corporate bondshassurgedaftertheFederalReservesignaled that it’s done raising inter-est rates for now and eased investorconcerns that rate hikes will chokeoffeconomicgrowthandcrimpprof-its. High-yield bonds gained 4.9%thisyear through Thursday, the beststart to a year since 2009, and sawthe biggest fund inflows last weeksinceJuly2016.

High-grade bonds on Thursdayreached their highest levels sincelate 2017, according to BloombergBarclays index data. For new offer-ings, investors this week put in sixor eight times as many orders asthere are securities for sale, abouttwoorthreetimes theusual levelsofoversubscription. Strategists at JP-Morgan ChaseJPM and Bank ofAmericaBAC think there’s a lowerchance of a recession now, and havebeengrowingmorebullishoncorpo-ratedebt,at least for thenearterm.

“There was a dovish surprise,”said Gene Tannuzzo, deputy globalhead of fixed income for ColumbiaThreadneedle Investments, whichmanages $485 billion. There arestill risks for credit, including slow-ing global growth. But the Fed’sshift “should be positive for credit,and that’s what we’ve seen: de-mand is coming back into highyield and investment grade.”

Theriskiestofassetshavebeenral-lying the most. Bonds rated in theCCC tier, at least seven levels belowinvestment-grade, have gained5.7% so far this year through Thurs-day, according to Bloomberg Bar-clays index data. Clear ChannelOutdoor HoldingsCCO, a billboard

company, sold $2.24 billion of notesrated CCC+ as it gets ready to sepa-rate from iHeartMedia, the bank-rupt radio broadcaster that owns it,which was the largest offering atthis rating level since September.

It’s not clear how long the partywill last. The easy money has al-ready been made in the securities,wrote Morgan Stanley strategistsled by Adam Richmond in a notedated Jan. 25. Risk premiums, orspreads, often start widening to-ward the end of the rate hike cycleas economic growth slows. Theycontinue deteriorating as the Fedswitches over to cutting rates, thestrategists said.

“For the long-term investor, youstill have to think about what yourbonds are worth in different envi-ronments like a weaker economyor a much more hawkish Fed,” saidBill Zox, chief investment officer offixed income at Diamond Hill Capi-tal Management, which overseesabout $21 billion.

Leveraged lending is the mosthazardous part of banks’ syndicat-ed loan portfolios, because so muchdebt has been piled on weaker com-panies, banking regulators cau-tioned last month. Lending agree-ments are giving less protections toinvestors, which means that whenloans go bad investors might endup recovering just 50 cents on thedollar, down from historical levelscloserto 80 cents, UBS credit strate-gist Matthew Mish said at the endof January.

And there are early signs that eco-nomic growth may be deteriorat-ing. Global exports shrank in Janu-ary for the second consecutivemonth, and countries from Chinato Germany are reporting weak-ness in manufacturing activity.

S&P COMP. INDEX Mar 19 PRICE MO %F=83.3 %S=88.6 CLOSE 2706.30OPEN INTEREST 62002CME

MINI DOW JONES Mar 19 PRICE MO %F=83.7 %S=88.1 CLOSE 250.81OPEN INTEREST 80615CBOT

10 YEAR TREASURY Mar 19 PRICE MO %F=64.3 %S=47.6 CLOSE 122-12OPEN INTEREST 3975421CBOT

BRITISH POUND Mar 19 PRICE MO %F=35.3 %S=49.6 CLOSE 1.2956OPEN INTEREST 190663IMM

JAPANESE YEN Mar 19 PRICE MO %F=17.2 %S=19.3 CLOSE 0.9134OPEN INTEREST 187216 in 100thIMM

EURO Mar 19 PRICE MO %F=29.6 %S=42.5 CLOSE 1.1356OPEN INTEREST 513795CME

MINI NASDAQ 100 Mar 19 PRICE MO %F=79.1 %S=82 CLOSE 6916.00OPEN INTEREST 209675CME

US TREASURY BONDS Mar 19 PRICE MO %F=58.8 %S=50.3 CLOSE 146-28OPEN INTEREST 948191CBOT

US DOLLAR INDEX Mar 19 PRICE MO %F=77.8 %S=63 CLOSE 96.41OPEN INTEREST 55278ICE

MEXICAN PESO Mar 19 PRICE MO %F=52.8 %S=53.1 CLOSE 0.5218OPEN INTEREST 223810 in 10thIMM

SWISS FRANC Mar 19 PRICE MO %F=13.3 %S=12.7 CLOSE 1.0034OPEN INTEREST 70153IMM

EURODOLLARS Dec 19 PRICE MO %F=69.3 %S=61.1 CLOSE 97.38OPEN INTEREST 1707255IMM

COCOA May 19 PRICE MO %F=27.8 %S=23.4 CLOSE 2235.0OPEN INTEREST 76020ICE

GAS BLEND Mar 19 PRICE MO %F=65.4 %S=58.9 CLOSE 1.4464OPEN INTEREST 116600NYM

WHEAT Mar 19 PRICE MO %F=45.2 %S=54.3 CLOSE 5.17¼OPEN INTEREST 172918CBOT

SOYBEAN OIL May 19 PRICE MO %F=92.2 %S=90.6 CLOSE 31.19OPEN INTEREST 156795CBOT

LUMBER Mar 19 PRICE MO %F=83.4 %S=89.2 CLOSE 419.10OPEN INTEREST 1828CME

CANADIAN DOLLAR Mar 19 PRICE MO %F=47.9 %S=61.6 CLOSE 0.7542OPEN INTEREST 134136IMM

R Acc 52-Wk Closing Vol% %S Dis High Stock Symbol Price Chg Chg Yld

R Acc 52-Wk Closing Vol% %S Dis High Stock Symbol Price Chg Chg Yld

ORANGE JUICE Mar 19 PRICE MO %F=63.4 %S=54.6 CLOSE 120.95OPEN INTEREST 13865ICE

COTTON 2 Mar 19 PRICE MO %F=25.7 %S=41.9 CLOSE 72.55OPEN INTEREST 85844ICE

SOYBEAN MEAL Mar 19 PRICE MO %F=9.8 %S=14.2 CLOSE 306.10OPEN INTEREST 146492CBOT

PLATINUM Apr 19 PRICE MO %F=43.6 %S=55.4 CLOSE 802.50OPEN INTEREST 75468NYM

NIKKEI 225 AVGS. Mar 19 PRICE MO %F=49.6 %S=68.3 CLOSE 20305OPEN INTEREST 8CME

5 YEAR TREASURY Mar 19 PRICE MO %F=84.4 %S=83.8 CLOSE 114-26OPEN INTEREST 4317852CBOT

Corporate Bonds On Fire:Dovish Fed Soothes Nerves

REITS continued from B10

Money RatesPrime Rate: .................................. 5.50Base interest rate charged by major U.S.commercial banks on loans to corpora-tions.

Discount Rate:Primary ................................................... 3.00

Secondary ............................................. 3.25

Rate charged by Federal Reserve Systemon loans to depository institutions

Broker Call Loan Rate: ................ 3.50Rate charged on short-term loans tobrokerage dealers backed by securities.

Federal Funds Effective Rate: ....... 2.40Rates on overnight loans amongfinancial institutions.

Certificates of Deposit:3 months ........................................... 0.506 months ........................................... 0.731 year ................................................. 1.45

Interest rate paid by dealers for certifi-cates of deposit based on the duration ofthe security.

Jumbo CDs:1 month ............................................. 0.323 months ........................................... 0.55

6 months ........................................... 0.761 year ................................................. 1.33

London Interbank Offered Rate:3 months ............................................ 2.736 months ............................................ 2.79

1 year ................................................. 2.96The average of rates paid on dollardeposits.

Treasury Bill Auction Results:3-months (as of Feb. 4) .................. 2.3856-months (as of Feb. 4) ................... 2.44

Average discount rate for Treasury billsin minimum units on $10,000.

Treasury Bill:1-year, (as of Feb. 4) ........................ 2.55

Annualized rate on weekly average basis,yield adjusted for constant maturity.

REITs

INVESTOR'S BUSINESS DAILY FUTURES & BONDS WEEK OF FEBRUARY 11, 2019 B19