I thought they had stopped accumulating, and that it was some other big player buying more recently.
Preferreds bounced down just about as far as I thought they might today (I woulda been down quite a bit on paper), but they've bounced back faster and higher than I was guessing.
I do think that funds have and are figuring out that the corner is turned (generally speaking) on financials and so they are willing to add or enter them. Especially debt and preferreds as these are still at premium yeilds for fixed-income instruments.
I'm overfull RBS preferreds now, including the ABN's and won't be adding unless they move down a buck or two; additions will be swing trade shares that I'd move to other preferreds this Fall as RBS catches up.
A better day here than I expected. Maybe market hysteria has ebbed. If so, I hope it doesn't turn to that irattional exuberance.
In the time I was posting, a bit of stabilization.
Also spoke to RBS Invester Relations this morning, and got the impression that part of the negative response to RBS earnings is mediocre results, but the other part is a result of Stephen Hester's style which is extremely cautious. He is clearly not a cheerleader type.