PFFA - Preferreds Weekly Review: The NYCB Price Collapse Brings Memories Of Last Year's Bank Crisis

2024-02-12 08:25:30 ET

Summary

• We take a look at the action in preferreds and baby bonds through the first week of February and highlight some of the key themes we are watching.
• Preferreds rallied as Treasury yields fell, with a year-to-date total return of around +3%.
• NY Community Bancorp's share price fell by 42% after disappointing earnings results and a dividend cut. We highlight its two 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 the 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 first week of February....

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