New Preferred Stock IPOs, June And July 2022

Summary

• As July 2022 comes to a close, we look back at the new preferred stocks and ETDs introduced during the past two months, offering annual yields ranging from 6.25%-13%.
• Here is a comparison against the highest quality preferred stocks in our coverage universe, as ranked by our internal “CDx3 Compliance Score” metric:
• CDx3 preferreds ranked 10 out of 10 are meanwhile selling for an average discount to par of 1.5% and offer an average current yield of 5.65%.
• Past preferred stock IPOs now trading below par:a look at recent par crosses.

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State of the preferred stock market

New issuances continue to remain extremely light, with only five offerings to review within these past two months, plus we'll talk about one new ETD "on deck." Meanwhile, past offerings of high quality preferreds remain below their offering

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.