PFF - Preferreds Weekly Review: Bond Interest Deferral Worries Investors

2024-04-21 10:08:57 ET

Summary

• We take a look at the action in preferreds and baby bonds through the second week of April and highlight some of the key themes we are watching.
• Preferred stocks and baby bonds were down for the week as higher-than-expected inflation continues to rattle markets.
• We take a look at the interest deferral clause in Athene bonds allows the issuer to defer interest for up to 5 years.
• BDC Great Elm is issuing a $30m bond with a first call date in 2026, potentially refinancing existing bonds.

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 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 April....

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