"There is a tremendous demand for 'quality yield' and not a lot of it," writes Annaly, noting a "dramatic shrinkage" in preferred shares is on the way. One source of reduction will be banks calling in their Trust Preferred Securities (i, ii, iii, iv) as these no longer qualify as capital under new Basel rules. Is PFF, currently yielding 5.84%, about to become more dear?
"There is a tremendous demand for 'quality yield' and not a lot of it," writes Annaly, noting a...
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