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FITBI - New Preferred Stock IPOs Still On Pause - May 2022
Fifth Third Bancorp Depositary Share repstg 1/1000th Ownership Interest Perp Pfd Series I
As May 2022 comes to a close, we look back at just one single ETD introduced during the month, offering annual yield of 7.125%, but no traditional preferred stock IPOs.
Here is a comparison against highest quality preferred stocks in our coverage universe, as ranked by our internal “CDx3 Compliance Score” metric:
CDx3 preferreds ranked 10 out of 10 are meanwhile currently selling for a tiny discount to par and offer an average current yield of 5.57%.
Past preferred stock IPOs now trading below par: a look at recent par crosses.