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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":853684708,"tweetId":"853684708","gmtCreate":1634801450061,"gmtModify":1634801450296,"author":{"id":3562110654160486,"idStr":"3562110654160486","authorId":3562110654160486,"authorIdStr":"3562110654160486","name":"Angelinetang","avatar":"https://static.tigerbbs.com/db70c1a81c4a4398c4b43ef2d5c8c35d","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":15,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Like</body></html>","htmlText":"<html><head></head><body>Like</body></html>","text":"Like","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/853684708","repostId":1181319255,"repostType":4,"repost":{"id":"1181319255","kind":"news","pubTimestamp":1634800981,"share":"https://www.laohu8.com/m/news/1181319255?lang=zh_CN&edition=full","pubTime":"2021-10-21 15:23","market":"us","language":"en","title":"Looking for Yield? Preferred Stock Still Offers Opportunities.<blockquote>寻找收益？优先股仍然提供机会。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181319255","media":"Barrons","summary":"Preferred shares are still attractive, and individual investors may want to take a look.\nThe $400 bi","content":"Preferred shares are still attractive, and individual investors may want to take a look.<blockquote>优先股仍然具有吸引力，个人投资者不妨看看。</blockquote> The $400 billion preferred-stock market offers yields of around 4% on new issues from banks and real estate investment trusts, while older securities with expected redemptions in the next few years yield 2% to 3%.<blockquote>4000亿美元的优先股市场为银行和房地产投资信托基金的新发行提供了约4%的收益率，而预计在未来几年内赎回的旧证券的收益率为2%至3%。</blockquote> While these yields are low historically, new deals can offer about double the rate of the 30-year Treasury bond, now at 2.05%. The big risk is if interest rates rise.<blockquote>虽然这些收益率在历史上处于较低水平，但新协议的利率可以是 30 年期国债利率的两倍左右，目前为 2.05%。最大的风险是利率是否上升。</blockquote> In recent months,JPMorgan Chase&nbsp;(ticker: JPM),Wells Fargo&nbsp;(WFC),Capital One Financial&nbsp;(COF),American Express&nbsp;(AXP),Public Storage&nbsp;(PSA),PNC Financial Services&nbsp;(PNC), and&nbsp;Vornado Realty Trust&nbsp;(VNO) have issued new preferreds, and their yields have ranged from 3.4% to 4.45%.<blockquote>近几个月来，摩根大通（股票代码：JPM）、富国银行（WFC）、第一资本金融公司（COF）、美国运通（AXP）、公共存储（PSA）、PNC Financial Services（PNC）和 Vornado Realty Trust (VNO) 已发行新的优先股，其收益率范围为 3.4% 至 4.45%。</blockquote> “Things are a little better from a valuation standpoint in the preferred market since midyear,” says Frank Sileo, senior fixed-income strategist at UBS. He points to higher-rate preferreds likely to be redeemed by issuers in the next few years now yielding above 3%. Up until a year ago, 5% yields were available in the preferred market.<blockquote>“瑞银（UBS）高级固定收益策略师弗兰克-西里奥（Frank Sileo）说：”从年中以来优先市场的估值角度来看，情况稍好一些。他指出，发行人可能会在未来几年内赎回利率较高的优先股，目前收益率超过 3%。直到一年前，优选市场上还提供 5% 的收益率。</blockquote> “We continue to be constructive on the market,” says Anders Persson, chief investment officer for global fixed income at Nuveen, which runs several preferred-oriented closed-end funds, including&nbsp;Nuveen Preferred &amp; Income Opportunities&nbsp;fund (JPC), and the $5.6 billion open-end&nbsp;Nuveen Preferred Securities and Income&nbsp;fund (NPSAX).<blockquote>Nuveen 全球固定收益首席投资官 Anders Persson 说：“我们将继续在市场上保持建设性态度。”Nuveen 运营着几只以优先股为导向的封闭式基金，包括 Nuveen Preferred &amp; Income Opportunities fund (JPC) 和 56 亿美元的开放式 Nuveen Preferred Securities and Income fund (NPSAX)。</blockquote> He cites such bullish factors as the growing financial strength of banks, which are major issuers, and the light supply, especially relative to the corporate bond market, which has had an avalanche of issuance this year.<blockquote>他列举了一些看涨因素，例如作为主要发行人的银行的财务实力不断增强，以及供应充足，特别是相对于今年发行量激增的公司债券市场而言。</blockquote> The $20 billion&nbsp;exchange-traded fund (PFF), the largest preferred ETF, trading around $39, yields 4.4% and has returned 5% this year. The Nuveen Preferred &amp; Income Opportunities closed-end fund trades around its net asset value and yields more than 6%. This reflects leverage, which lifts the yield but adds risk. The Nuveen Preferred Securities open-end fund yields 4.7%.<blockquote>200 亿美元的交易所交易基金 (PFF) 是最大的优先 ETF，交易价格约为 39 美元，收益率为 4.4%，今年回报率为 5%。Nuveen Preferred &amp; Income Opportunities 封闭式基金的交易围绕其资产净值展开，收益率超过 6%。这反映了杠杆，杠杆提高了收益率，但增加了风险。Nuveen Preferred Securities 开放式基金的收益率为 4.7%。</blockquote> Some $50 billion of new preferreds were issued in the first nine months of the year, but that has been nearly offset by redemptions.<blockquote>今年前九个月发行了约 500 亿美元的新优先股，但这几乎被赎回所抵消。</blockquote> Preferred stock is a senior form of equity and its dividends are generally fixed, like the interest rate on bonds. For individuals, dividends on bank issues and most preferreds are taxed like common-stock dividends, at lower rates than interest in corporate debt.<blockquote>优先股是一种高级股权形式，其股息通常是固定的，就像债券利率一样。对于个人来说，银行发行的股息和大多数优先股的股息与普通股股息一样征税，税率低于公司债务利息。</blockquote> Most preferred issues are issued at $25 and trade like common shares on exchanges—usually the New York Stock Exchange.<blockquote>大多数优先股的发行价为 25 美元，在交易所（通常是纽约证券交易所）像普通股一样交易。</blockquote> The listings make preferred more accessible to individuals than corporate bonds, which are traded in the more opaque over-the-counter market. Historically attractive dividends and liquidity have accounted for the popularity of preferred stock with individual investors.<blockquote>与在更不透明的场外市场交易的公司债券相比，这些上市使得个人更容易获得优先股债券。历史上有吸引力的股息和流动性是优先股受到个人投资者欢迎的原因。</blockquote> <img src=\"https://static.tigerbbs.com/f6ffdaa4ed73874afc595ed01dd717a9\" tg-width=\"935\" tg-height=\"547\" referrerpolicy=\"no-referrer\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> Sileo of UBS favors older preferreds that have above-market rates of around 5% that are likely to be redeemed in the next few years. These offer more downside protection than new issues if rates rise. Preferreds typically can be paid off by corporations five years after their issuance, which usually happens when rates fall and they can refinance—like homeowners at lower rates.<blockquote>瑞银 (UBS) 的 Sileo 青睐利率高于市场 5% 左右的老优先股，这些优先股可能会在未来几年内被赎回。如果利率上升，这些问题比新问题提供了更多的下行保护。优先股通常可以在发行五年后由企业偿还，这通常发生在利率下降时，他们可以再融资——就像以较低利率向房主一样。</blockquote> One such issue is Wells Fargo’s 4.75% preferred (WFC Pr Z), which trades around $26, a premium to its face value, and offers a yield of 3.8% until its first redemption date in 2025. That exceeds the yield of less than 2% on bank debt with a similar maturity.<blockquote>富国银行（Wells Fargo）的 4.75% 优先债券（WFC Pr Z）就是其中之一，其交易价格约为 26 美元，比其面值溢价，在 2025 年首次赎回日之前，收益率为 3.8%。这超过了类似期限银行债务不到 2% 的收益率。</blockquote> Persson likes&nbsp;American Equity Investment Life Holdings’ (AEL) 5.95% preferred (AEL Pr A), with a roughly 3.1% yield until a possible 2024 redemption, and&nbsp;Air Lease’s&nbsp;(AL) 6.15% preferred (AL Pr A), with a 3.6% yield to a potential 2024 redemption. The feature allowing issuers to redeem, or call, preferreds in five years is a drawback since it caps upside potential. And preferreds carry considerable downside if rates rise because of perpetual maturities.<blockquote>佩尔森喜欢 American Equity Investment Life Holdings (AEL) 的 5.95% 优先债券（AEL Pr A），在 2024 年可能赎回之前收益率约为 3.1%；以及 Air Lease (AL) 的 6.15% 优先债券（AL Pr A），在 2024 年可能赎回之前收益率约为 3.6%。允许发行人在五年内赎回优先股或看涨期权的功能是一个缺点，因为它限制了上涨潜力。如果利率因永久到期而上升，优先股将带来相当大的负面影响。</blockquote> New preferreds could fall 10% or more if rates rise a percentage point.<blockquote>如果利率上升一个百分点，新优先股可能会下跌 10% 或更多。</blockquote> Among new issues in recent months, JPMorgan sold $2 billion of 4.20% preferred (JPM Pr M). It now trades around its face value of $25. So does Wells Fargo’s $1.25 billion of 4.25% preferred (WFC Pr D), issued in July at $25 a share.<blockquote>在最近几个月的新发行中，摩根大通出售了价值 20 亿美元的 4.20% preferred (JPM Pr M)。它现在的交易价格约为 25 美元。富国银行 (Wells Fargo) 于 7 月以每股 25 美元的价格发行了价值 12.5 亿美元的 4.25% 优先股（WFC Pr D）。</blockquote> Capital One also issued 4.25% preferred (COF Pr N) at $25 that trades around face value. The same is the case for Vornado’s $300 million of 4.45% preferred (VNO Pr O).New Residential Investment&nbsp;(NRZ), a mortgage REIT, issued 7% preferred (NRZ Pr D) that now trades at a small premium to its face value of $25. One reason for the high yield is that the company’s common shares yield 9%.<blockquote>第一资本还以 25 美元的价格发行了 4.25% 的优先股 (COF Pr N)，交易价格约为面值。Vornado 的 3 亿美元 4.45% preferred (VNO Pr O) 也是如此。New Residential Investment (NRZ) 是一家抵押房地产投资信托基金，发行了 7% preferred (NRZ Pr D)，目前交易价格比其 25 美元的面值略有溢价。高收益率的一个原因是该公司的普通股收益率为 9%。</blockquote> Two hotel operators,Pebblebrook Hotel Trust&nbsp;(PEB) and&nbsp;Summit Hotel Properties&nbsp;(INN), have sold preferreds this summer with high 5% yields.<blockquote>Pebblebrook Hotel Trust (PEB) 和 Summit Hotel Properties (INN) 两家酒店运营商今年夏天以 5% 的高收益率出售了优先股。</blockquote> New preferreds offer relatively good yields, but investors have to take plenty of rate risk to get them.<blockquote>新的优先股提供相对较好的收益率，但投资者必须承担很大的利率风险才能获得它们。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Looking for Yield? Preferred Stock Still Offers Opportunities.<blockquote>寻找收益？优先股仍然提供机会。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLooking for Yield? Preferred Stock Still Offers Opportunities.<blockquote>寻找收益？优先股仍然提供机会。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-10-21 15:23\n\n</h4>\n</header>\n<article>\nPreferred shares are still attractive, and individual investors may want to take a look.<blockquote>优先股仍然具有吸引力，个人投资者不妨看看。</blockquote> The $400 billion preferred-stock market offers yields of around 4% on new issues from banks and real estate investment trusts, while older securities with expected redemptions in the next few years yield 2% to 3%.<blockquote>4000亿美元的优先股市场为银行和房地产投资信托基金的新发行提供了约4%的收益率，而预计在未来几年内赎回的旧证券的收益率为2%至3%。</blockquote> While these yields are low historically, new deals can offer about double the rate of the 30-year Treasury bond, now at 2.05%. The big risk is if interest rates rise.<blockquote>虽然这些收益率在历史上处于较低水平，但新协议的利率可以是 30 年期国债利率的两倍左右，目前为 2.05%。最大的风险是利率是否上升。</blockquote> In recent months,JPMorgan Chase&nbsp;(ticker: JPM),Wells Fargo&nbsp;(WFC),Capital One Financial&nbsp;(COF),American Express&nbsp;(AXP),Public Storage&nbsp;(PSA),PNC Financial Services&nbsp;(PNC), and&nbsp;Vornado Realty Trust&nbsp;(VNO) have issued new preferreds, and their yields have ranged from 3.4% to 4.45%.<blockquote>近几个月来，摩根大通（股票代码：JPM）、富国银行（WFC）、第一资本金融公司（COF）、美国运通（AXP）、公共存储（PSA）、PNC Financial Services（PNC）和 Vornado Realty Trust (VNO) 已发行新的优先股，其收益率范围为 3.4% 至 4.45%。</blockquote> “Things are a little better from a valuation standpoint in the preferred market since midyear,” says Frank Sileo, senior fixed-income strategist at UBS. He points to higher-rate preferreds likely to be redeemed by issuers in the next few years now yielding above 3%. Up until a year ago, 5% yields were available in the preferred market.<blockquote>“瑞银（UBS）高级固定收益策略师弗兰克-西里奥（Frank Sileo）说：”从年中以来优先市场的估值角度来看，情况稍好一些。他指出，发行人可能会在未来几年内赎回利率较高的优先股，目前收益率超过 3%。直到一年前，优选市场上还提供 5% 的收益率。</blockquote> “We continue to be constructive on the market,” says Anders Persson, chief investment officer for global fixed income at Nuveen, which runs several preferred-oriented closed-end funds, including&nbsp;Nuveen Preferred &amp; Income Opportunities&nbsp;fund (JPC), and the $5.6 billion open-end&nbsp;Nuveen Preferred Securities and Income&nbsp;fund (NPSAX).<blockquote>Nuveen 全球固定收益首席投资官 Anders Persson 说：“我们将继续在市场上保持建设性态度。”Nuveen 运营着几只以优先股为导向的封闭式基金，包括 Nuveen Preferred &amp; Income Opportunities fund (JPC) 和 56 亿美元的开放式 Nuveen Preferred Securities and Income fund (NPSAX)。</blockquote> He cites such bullish factors as the growing financial strength of banks, which are major issuers, and the light supply, especially relative to the corporate bond market, which has had an avalanche of issuance this year.<blockquote>他列举了一些看涨因素，例如作为主要发行人的银行的财务实力不断增强，以及供应充足，特别是相对于今年发行量激增的公司债券市场而言。</blockquote> The $20 billion&nbsp;exchange-traded fund (PFF), the largest preferred ETF, trading around $39, yields 4.4% and has returned 5% this year. The Nuveen Preferred &amp; Income Opportunities closed-end fund trades around its net asset value and yields more than 6%. This reflects leverage, which lifts the yield but adds risk. The Nuveen Preferred Securities open-end fund yields 4.7%.<blockquote>200 亿美元的交易所交易基金 (PFF) 是最大的优先 ETF，交易价格约为 39 美元，收益率为 4.4%，今年回报率为 5%。Nuveen Preferred &amp; Income Opportunities 封闭式基金的交易围绕其资产净值展开，收益率超过 6%。这反映了杠杆，杠杆提高了收益率，但增加了风险。Nuveen Preferred Securities 开放式基金的收益率为 4.7%。</blockquote> Some $50 billion of new preferreds were issued in the first nine months of the year, but that has been nearly offset by redemptions.<blockquote>今年前九个月发行了约 500 亿美元的新优先股，但这几乎被赎回所抵消。</blockquote> Preferred stock is a senior form of equity and its dividends are generally fixed, like the interest rate on bonds. For individuals, dividends on bank issues and most preferreds are taxed like common-stock dividends, at lower rates than interest in corporate debt.<blockquote>优先股是一种高级股权形式，其股息通常是固定的，就像债券利率一样。对于个人来说，银行发行的股息和大多数优先股的股息与普通股股息一样征税，税率低于公司债务利息。</blockquote> Most preferred issues are issued at $25 and trade like common shares on exchanges—usually the New York Stock Exchange.<blockquote>大多数优先股的发行价为 25 美元，在交易所（通常是纽约证券交易所）像普通股一样交易。</blockquote> The listings make preferred more accessible to individuals than corporate bonds, which are traded in the more opaque over-the-counter market. Historically attractive dividends and liquidity have accounted for the popularity of preferred stock with individual investors.<blockquote>与在更不透明的场外市场交易的公司债券相比，这些上市使得个人更容易获得优先股债券。历史上有吸引力的股息和流动性是优先股受到个人投资者欢迎的原因。</blockquote> <img src=\"https://static.tigerbbs.com/f6ffdaa4ed73874afc595ed01dd717a9\" tg-width=\"935\" tg-height=\"547\" referrerpolicy=\"no-referrer\">Source: Bloomberg<blockquote>资料来源：彭博社</blockquote> Sileo of UBS favors older preferreds that have above-market rates of around 5% that are likely to be redeemed in the next few years. These offer more downside protection than new issues if rates rise. Preferreds typically can be paid off by corporations five years after their issuance, which usually happens when rates fall and they can refinance—like homeowners at lower rates.<blockquote>瑞银 (UBS) 的 Sileo 青睐利率高于市场 5% 左右的老优先股，这些优先股可能会在未来几年内被赎回。如果利率上升，这些问题比新问题提供了更多的下行保护。优先股通常可以在发行五年后由企业偿还，这通常发生在利率下降时，他们可以再融资——就像以较低利率向房主一样。</blockquote> One such issue is Wells Fargo’s 4.75% preferred (WFC Pr Z), which trades around $26, a premium to its face value, and offers a yield of 3.8% until its first redemption date in 2025. That exceeds the yield of less than 2% on bank debt with a similar maturity.<blockquote>富国银行（Wells Fargo）的 4.75% 优先债券（WFC Pr Z）就是其中之一，其交易价格约为 26 美元，比其面值溢价，在 2025 年首次赎回日之前，收益率为 3.8%。这超过了类似期限银行债务不到 2% 的收益率。</blockquote> Persson likes&nbsp;American Equity Investment Life Holdings’ (AEL) 5.95% preferred (AEL Pr A), with a roughly 3.1% yield until a possible 2024 redemption, and&nbsp;Air Lease’s&nbsp;(AL) 6.15% preferred (AL Pr A), with a 3.6% yield to a potential 2024 redemption. The feature allowing issuers to redeem, or call, preferreds in five years is a drawback since it caps upside potential. And preferreds carry considerable downside if rates rise because of perpetual maturities.<blockquote>佩尔森喜欢 American Equity Investment Life Holdings (AEL) 的 5.95% 优先债券（AEL Pr A），在 2024 年可能赎回之前收益率约为 3.1%；以及 Air Lease (AL) 的 6.15% 优先债券（AL Pr A），在 2024 年可能赎回之前收益率约为 3.6%。允许发行人在五年内赎回优先股或看涨期权的功能是一个缺点，因为它限制了上涨潜力。如果利率因永久到期而上升，优先股将带来相当大的负面影响。</blockquote> New preferreds could fall 10% or more if rates rise a percentage point.<blockquote>如果利率上升一个百分点，新优先股可能会下跌 10% 或更多。</blockquote> Among new issues in recent months, JPMorgan sold $2 billion of 4.20% preferred (JPM Pr M). It now trades around its face value of $25. So does Wells Fargo’s $1.25 billion of 4.25% preferred (WFC Pr D), issued in July at $25 a share.<blockquote>在最近几个月的新发行中，摩根大通出售了价值 20 亿美元的 4.20% preferred (JPM Pr M)。它现在的交易价格约为 25 美元。富国银行 (Wells Fargo) 于 7 月以每股 25 美元的价格发行了价值 12.5 亿美元的 4.25% 优先股（WFC Pr D）。</blockquote> Capital One also issued 4.25% preferred (COF Pr N) at $25 that trades around face value. The same is the case for Vornado’s $300 million of 4.45% preferred (VNO Pr O).New Residential Investment&nbsp;(NRZ), a mortgage REIT, issued 7% preferred (NRZ Pr D) that now trades at a small premium to its face value of $25. One reason for the high yield is that the company’s common shares yield 9%.<blockquote>第一资本还以 25 美元的价格发行了 4.25% 的优先股 (COF Pr N)，交易价格约为面值。Vornado 的 3 亿美元 4.45% preferred (VNO Pr O) 也是如此。New Residential Investment (NRZ) 是一家抵押房地产投资信托基金，发行了 7% preferred (NRZ Pr D)，目前交易价格比其 25 美元的面值略有溢价。高收益率的一个原因是该公司的普通股收益率为 9%。</blockquote> Two hotel operators,Pebblebrook Hotel Trust&nbsp;(PEB) and&nbsp;Summit Hotel Properties&nbsp;(INN), have sold preferreds this summer with high 5% yields.<blockquote>Pebblebrook Hotel Trust (PEB) 和 Summit Hotel Properties (INN) 两家酒店运营商今年夏天以 5% 的高收益率出售了优先股。</blockquote> New preferreds offer relatively good yields, but investors have to take plenty of rate risk to get them.<blockquote>新的优先股提供相对较好的收益率，但投资者必须承担很大的利率风险才能获得它们。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/new-preferred-stocks-yields-51634764407?mod=hp_LATEST\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFF":"优先股指数ETF-iShares S&P","AL":"航空租赁公司","JPC":"Nuveen Preferred Income Opport","VNO":"沃那多房信","COF":"第一资本","AXP":"美国运通","JPM":"摩根大通","WFC":"富国银行","PNC":"PNC金融","PSA":"公共存储公司"},"source_url":"https://www.barrons.com/articles/new-preferred-stocks-yields-51634764407?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181319255","content_text":"Preferred shares are still attractive, and individual investors may want to take a look.\nThe $400 billion preferred-stock market offers yields of around 4% on new issues from banks and real estate investment trusts, while older securities with expected redemptions in the next few years yield 2% to 3%.\nWhile these yields are low historically, new deals can offer about double the rate of the 30-year Treasury bond, now at 2.05%. The big risk is if interest rates rise.\nIn recent months,JPMorgan Chase (ticker: JPM),Wells Fargo (WFC),Capital One Financial (COF),American Express (AXP),Public Storage (PSA),PNC Financial Services (PNC), and Vornado Realty Trust (VNO) have issued new preferreds, and their yields have ranged from 3.4% to 4.45%.\n“Things are a little better from a valuation standpoint in the preferred market since midyear,” says Frank Sileo, senior fixed-income strategist at UBS. He points to higher-rate preferreds likely to be redeemed by issuers in the next few years now yielding above 3%. Up until a year ago, 5% yields were available in the preferred market.\n“We continue to be constructive on the market,” says Anders Persson, chief investment officer for global fixed income at Nuveen, which runs several preferred-oriented closed-end funds, including Nuveen Preferred & Income Opportunities fund (JPC), and the $5.6 billion open-end Nuveen Preferred Securities and Income fund (NPSAX).\nHe cites such bullish factors as the growing financial strength of banks, which are major issuers, and the light supply, especially relative to the corporate bond market, which has had an avalanche of issuance this year.\nThe $20 billion exchange-traded fund (PFF), the largest preferred ETF, trading around $39, yields 4.4% and has returned 5% this year. The Nuveen Preferred & Income Opportunities closed-end fund trades around its net asset value and yields more than 6%. This reflects leverage, which lifts the yield but adds risk. The Nuveen Preferred Securities open-end fund yields 4.7%.\nSome $50 billion of new preferreds were issued in the first nine months of the year, but that has been nearly offset by redemptions.\nPreferred stock is a senior form of equity and its dividends are generally fixed, like the interest rate on bonds. For individuals, dividends on bank issues and most preferreds are taxed like common-stock dividends, at lower rates than interest in corporate debt.\nMost preferred issues are issued at $25 and trade like common shares on exchanges—usually the New York Stock Exchange.\nThe listings make preferred more accessible to individuals than corporate bonds, which are traded in the more opaque over-the-counter market. Historically attractive dividends and liquidity have accounted for the popularity of preferred stock with individual investors.\nSource: Bloomberg\nSileo of UBS favors older preferreds that have above-market rates of around 5% that are likely to be redeemed in the next few years. These offer more downside protection than new issues if rates rise. Preferreds typically can be paid off by corporations five years after their issuance, which usually happens when rates fall and they can refinance—like homeowners at lower rates.\nOne such issue is Wells Fargo’s 4.75% preferred (WFC Pr Z), which trades around $26, a premium to its face value, and offers a yield of 3.8% until its first redemption date in 2025. That exceeds the yield of less than 2% on bank debt with a similar maturity.\nPersson likes American Equity Investment Life Holdings’ (AEL) 5.95% preferred (AEL Pr A), with a roughly 3.1% yield until a possible 2024 redemption, and Air Lease’s (AL) 6.15% preferred (AL Pr A), with a 3.6% yield to a potential 2024 redemption. The feature allowing issuers to redeem, or call, preferreds in five years is a drawback since it caps upside potential. And preferreds carry considerable downside if rates rise because of perpetual maturities.\nNew preferreds could fall 10% or more if rates rise a percentage point.\nAmong new issues in recent months, JPMorgan sold $2 billion of 4.20% preferred (JPM Pr M). It now trades around its face value of $25. So does Wells Fargo’s $1.25 billion of 4.25% preferred (WFC Pr D), issued in July at $25 a share.\nCapital One also issued 4.25% preferred (COF Pr N) at $25 that trades around face value. The same is the case for Vornado’s $300 million of 4.45% preferred (VNO Pr O).New Residential Investment (NRZ), a mortgage REIT, issued 7% preferred (NRZ Pr D) that now trades at a small premium to its face value of $25. One reason for the high yield is that the company’s common shares yield 9%.\nTwo hotel operators,Pebblebrook Hotel Trust (PEB) and Summit Hotel Properties (INN), have sold preferreds this summer with high 5% yields.\nNew preferreds offer relatively good yields, but investors have to take plenty of rate risk to get them.","news_type":1,"symbols_score_info":{"PNC":0.9,"JPM":0.9,"AL":0.9,"COF":0.9,"PSA":0.9,"VNO":0.9,"WFC":0.9,"AXP":0.9,"JPC":0.9,"AEL":0.9,"PFF":0.9}},"isVote":1,"tweetType":1,"viewCount":1176,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/853684708"}