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NRZ - New Residential: Substantial Confusion In The Capital Structure
New Residential Investment Corp.
Sharp recent changes in interest rates have created both opportunities and confusion within the capital structure of preferred issuers.
We use NRZ as a case study and discuss how investors can go about allocating within a suite of an issuer's preferreds.
We continue to like NRZ.PD within NRZ preferreds as its CMT floating-rate index provides a very attractive reset yield and diversification versus mostly LIBOR-based stocks.