JHPI - Preferreds Weekly Review: Duration Stabilization Brings Some Relief

• We take a look at the action in preferreds and baby bonds through the last week of April and highlight some of the key themes we are watching.
• April was the worst month for the sector since March of 2020.
• The significant drop in preferred prices, while painful, also means that duration extension is mostly played out, providing some relief.
• We take a look at recent mortgage REIT earnings releases.
• And highlight some longer-duration higher-quality preferreds to take advantage of the sharp back-up in Treasury yields.

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