Preferreds Weekly Review: Standard Chartered Is Suing Shareholders Blocking Libor Transition

Oct. 06, 2024 9:35 PM ET, , , , , 4 Comments
(6min)

Summary

  • We take a look at the action in preferreds and baby bonds through the fourth week of September and highlight some of the key themes we are watching.
  • Preferred stocks were on the week with credit spreads near their tightest level in over five years.
  • Standard Chartered's lawsuit over transitioning from Libor to SOFR highlights opportunistic investor resistance due to differing crisis dynamics between the rates.
  • New issuances include NMFC's 6.2% 2027 bond and OCCI's 7.875% Series F preferred stock.
  • We added Angel Oak Mortgage REIT 9.5% 2029 bond to our holdings.
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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

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This article was written by

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ADS Analytics is a team of analysts with experience in research and trading departments at several industry-leading global investment banks. They focus on generating income ideas from a range of security types including: CEFs, ETFs and mutual funds, BDCs as well as individual preferred stocks and baby bonds.

ADS Analytics runs the investing group Systematic Income which features 3 different portfolios for a range of yield targets as well interactive tools for investors, daily updates and a vibrant community.

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