NRZ - New Residential Investment Corp.: Another Fixed-To-Floating Preferred Stock IPO From This mREIT

Introduction

Despite the fact the London Interbank Offered Rate (or LIBOR), which is the most popular global benchmark interest rate used for determining the interest rate, will be phased out by the end of 2021, many companies continue to use this indicator when issuing their fixed-to-floating fixed-income preferred stocks. Currently, there are a total of 85 exchange-traded fixed-to-floating preferred stocks, as 27 (around 1/3) of all are issued by mREITs. In this article, we want to shed light on the newest Fixed-to-Floating Preferred Stock issued by New Residential Investment Corp. (NRZ). Our main