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ZIONP - 9-11% Yielding Floating-Rate Securities For A Slow-Go Fed
Zions Bancorporation N.A. Depositary Shares each representing a 1/40th ownership interest in a share of Series A Floating-Rate Non-Cumulative Perpetual Preferre
2024-02-21 14:19:28 ET
Summary
The consensus is turning against floating-rate securities but a move away from them is much too soon in our view.
Recent data, such as strong payrolls and increased average hourly earnings, suggests that the Fed may take time to kickstart the rate cutting cycle.
Also, markets have already priced in substantial rate cuts, leading to a significant drop in long-term rates, creating a potential risk for a back-up in longer-term rates.
We highlight several floating-rate securities that remain appealing in the current market.
Zions Bancorporation N.A. Depositary Shares each representing a 1/40th ownership interest in a share of Series A Floating-Rate Non-Cumulative Perpetual Preferre