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PFFD - Time To Pay Attention: To Minimum-Floating Rate Preferred Securities
Global X U.S. Preferred
Summary
Basket of old Minimum Coupon Floating Rate issues are finally starting to float on a forward-looking basis.
Looking at issues tied to Bank of America suggests the floating rate securities should begin to resist principal loss if rates continue to move higher.
With the basket of issues yielding over 5%, and issues starting to surpass their minimum coupons, these securities could be a useful component as part of an income portfolio.