MITT - Preferreds Weekly Review: Lots Of Moving Parts In CIM
2024-06-16 09:08:43 ET
Summary
- We take a look at the action in preferreds and baby bonds through the first week of June and highlight some of the key themes we are watching.
- Most preferred sectors rallied alongside Treasuries, with sector yields just under 7% on a yield-to-worst basis.
- Mortgage REIT Chimera issued a new bond, now trading at an 8.7% yield-to-worst. We discuss it in the context of its preferreds.
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 May....
Preferreds Weekly Review: Lots Of Moving Parts In CIM