PFFV - Preferreds Weekly Review: Mandatory Convertibles Offer High-Beta Preferred Exposure
2024-03-24 07:14:27 ET
Summary
- We take a look at the action in preferreds and baby bonds through the third week of March and highlight some of the key themes we are watching.
- Preferreds were down for the week due to rising Treasury yields, but most preferred CEF sectors remain positive for the month.
- Albemarle issued a new preferred stock with a mandatory convertible feature, offering upside participation with less downside than the common and a higher coupon.
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 third week of March....
Preferreds Weekly Review: Mandatory Convertibles Offer High-Beta Preferred Exposure