PREF - Preferreds Weekly Review: A High Yield-To-Call Is Not Enough

2024-02-19 03:37:57 ET

Summary

• We take a look at the action in preferreds and baby bonds through the second week of February and highlight some of the key themes we are watching.
• Preferreds were flat on the week as higher Treasury yields were offset by tighter credit spreads.
• A high yield-to-call is not a sufficient reason to buy a given preferred.
• We highlight a few new senior securities added to our Tools.

Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as the top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the second week of February....

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