SPNT - Bargain 8% Preferred Stock With Best Protection Against Rising Interest Rates: SiriusPoint

• Preferred stock SPNT-B recently hit the market with a “qualified” current yield and yield-to-call that are just way above any other preferred stock with the same credit rating.
• If not called in 2026, SPNT-B’s dividend resets to an extremely high yield of 7.3% plus the 5-year Treasury Note yield providing extraordinary protection against higher interest rates.
• SPNT-B is mispriced with a current yield and floating rate that are far superior to any other BB+ rated preferred stocks in the market.
• The combination of low credit risk together with a reset rate that provides extraordinary protection against higher interest rates and inflation makes SPNT-B a core holding.
• We estimate the relative fair value price of SPNT-B to be $32.00 per share. Once underwriter selling is finished, we expect SPNT-B to move significantly higher in price.

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