PFF - Preferreds Weekly Review: Keep An Eye On The Spread Of Floating-Rate Preferreds

2024-03-31 03:09:55 ET

Summary

• We take a look at the action in preferreds and baby bonds through the fourth week of March and highlight some of the key themes we are watching.
• Preferreds had a good week as Treasury yields fell on the back of the Fed's more dovish than expected stance.
• We take a look at how stocks with different spreads over SOFR could react to Fed's cuts.
• And highlight our recent rotation in the Athene senior security suite.

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 fourth week of March....

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