NLY - Preferreds Weekly Review: Good Riddance To Low Coupons

• We take a look at the action in preferreds and baby bonds through the third week of May and highlight some of the key themes we are watching.
• Preferreds were up a bit during the week - a nice pause after six weeks of negative returns.
• The low-coupon issuance wave has finally come to an end. This should lower the sector's very high duration profile.
• We highlight the NLY share offering.

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