NYMTM - Preferreds Weekly Review: Tight Spreads Drive Bond Issuance
2024-07-15 00:24:35 ET
Summary
- We take a look at the action in preferreds and baby bonds through the first week of July and highlight some of the key themes we are watching.
- Preferreds market saw a solid week with a drop in Treasury yields and stable median yield-to-worst below 7%.
- Corporate bond yields stand at lowest levels in 2 years, prompting new issuance from across the space.
- Recent baby bond issuances like NYMTI and OXLCI offer compelling risk/reward.
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 first week of July....
Preferreds Weekly Review: Tight Spreads Drive Bond Issuance