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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":[],"fanSize":15,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"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>寻找产量？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>优先股还是有吸引力的，个人投资者不妨看一看。</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>价值4000亿美元的优先股市场为银行和房地产投资信托基金发行的新股提供约4%的收益率，而预计在未来几年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>虽然这些收益率处于历史低位，但新交易的利率可能是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（COF）、美国运通（AXP）、公共存储（PSA）、PNC Financial Services（PNC）和Vornado Realty Trust（VNO）发行了新的优先股，收益率在3.4%至4.45%之间。</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·西利奥(Frank Sileo)表示：“从估值角度来看，自年中以来，首选市场的情况有所好转。”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，优先市场的收益率为5%。</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安德斯·佩尔森(Anders Persson)表示：“我们继续对市场保持建设性态度。”该公司运营着多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优先证券和收益基金(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，例如主要发行人银行的财务实力不断增强，以及供应清淡，尤其是相对于今年发行雪崩式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>规模200亿美元的交易所交易基金(PFF)是最大的首选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封闭式基金的交易价格约为其资产净值，收益率超过6%。这反映了杠杆作用，杠杆作用提高了收益率，但增加了风险。Nuveen优先证券开放式基金收益率为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，但这一数字几乎被赎回所抵消。</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>优先股是股权的一种高级形式，其股息通常是固定的，就像债券的利率一样。对于个人来说，银行发行的股息和大多数优先股的股息像普通股股息一样征税，税率低于公司债务的利息。</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>与公司债券相比，这些上市使得个人更容易获得优先股，公司债券在更不透明的场外交易市场上交易。历史上有吸引力的股息和流动性是优先股受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%左右的旧优先股，这些优先股可能会在未来几年内被赎回。如果利率上升，这些债券比新债券提供更多的下行保护。优先股通常可以由公司在发行五年后还清，这通常发生在利率下降时，他们可以像房主一样以较低的利率进行再融资。</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>富国银行的4.75%优先股(WFC Pr Z)就是其中之一，其交易价格约为26美元，较其面值溢价，在2025年首次赎回日之前的收益率为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>佩尔森看好American Equity Investment Life Holdings(AEL)的5.95%优先股(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%优先股(AL Pr A)，收益率为3.6%2024年潜在赎回的收益率。允许发行人在五年内赎回或看涨期权优先股的功能是一个缺点，因为它限制了上涨潜力。如果利率因永久到期而上升，优先股将面临相当大的下行空间。</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，新的优先股可能会下跌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>在近几个月的新发行中，摩根大通出售了20亿美元的4.20%优先股(JPM Pr M)。现在它的面值约为25美元。富国银行7月份以每股25美元发行的12.5亿美元4.25%优先股(WFC Pr D)也是如此。</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 3亿美元的4.45%优先股(VNO Pr O)也是如此。抵押房地产投资信托基金New Residential Investment(NRZ)发行了7%优先股(NRZ Pr D)，目前交易价格较其面值小幅溢价25美元。收益率高的原因之一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，但投资者必须承担大量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>寻找产量？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>寻找产量？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>优先股还是有吸引力的，个人投资者不妨看一看。</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>价值4000亿美元的优先股市场为银行和房地产投资信托基金发行的新股提供约4%的收益率，而预计在未来几年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>虽然这些收益率处于历史低位，但新交易的利率可能是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（COF）、美国运通（AXP）、公共存储（PSA）、PNC Financial Services（PNC）和Vornado Realty Trust（VNO）发行了新的优先股，收益率在3.4%至4.45%之间。</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·西利奥(Frank Sileo)表示：“从估值角度来看，自年中以来，首选市场的情况有所好转。”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，优先市场的收益率为5%。</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安德斯·佩尔森(Anders Persson)表示：“我们继续对市场保持建设性态度。”该公司运营着多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优先证券和收益基金(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，例如主要发行人银行的财务实力不断增强，以及供应清淡，尤其是相对于今年发行雪崩式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>规模200亿美元的交易所交易基金(PFF)是最大的首选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封闭式基金的交易价格约为其资产净值，收益率超过6%。这反映了杠杆作用，杠杆作用提高了收益率，但增加了风险。Nuveen优先证券开放式基金收益率为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，但这一数字几乎被赎回所抵消。</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>优先股是股权的一种高级形式，其股息通常是固定的，就像债券的利率一样。对于个人来说，银行发行的股息和大多数优先股的股息像普通股股息一样征税，税率低于公司债务的利息。</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>与公司债券相比，这些上市使得个人更容易获得优先股，公司债券在更不透明的场外交易市场上交易。历史上有吸引力的股息和流动性是优先股受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%左右的旧优先股，这些优先股可能会在未来几年内被赎回。如果利率上升，这些债券比新债券提供更多的下行保护。优先股通常可以由公司在发行五年后还清，这通常发生在利率下降时，他们可以像房主一样以较低的利率进行再融资。</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>富国银行的4.75%优先股(WFC Pr Z)就是其中之一，其交易价格约为26美元，较其面值溢价，在2025年首次赎回日之前的收益率为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>佩尔森看好American Equity Investment Life Holdings(AEL)的5.95%优先股(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%优先股(AL Pr A)，收益率为3.6%2024年潜在赎回的收益率。允许发行人在五年内赎回或看涨期权优先股的功能是一个缺点，因为它限制了上涨潜力。如果利率因永久到期而上升，优先股将面临相当大的下行空间。</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，新的优先股可能会下跌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>在近几个月的新发行中，摩根大通出售了20亿美元的4.20%优先股(JPM Pr M)。现在它的面值约为25美元。富国银行7月份以每股25美元发行的12.5亿美元4.25%优先股(WFC Pr D)也是如此。</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 3亿美元的4.45%优先股(VNO Pr O)也是如此。抵押房地产投资信托基金New Residential Investment(NRZ)发行了7%优先股(NRZ Pr D)，目前交易价格较其面值小幅溢价25美元。收益率高的原因之一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，但投资者必须承担大量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":{"VNO":"沃那多房信","PSA":"公共存储公司","WFC":"富国银行","PNC":"PNC金融","COF":"第一资本","JPC":"Nuveen Preferred Income Opport","PFF":"优先股指数ETF-iShares S&P","AXP":"美国运通","JPM":"摩根大通","AL":"航空租赁公司"},"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,"PFF":0.9,"COF":0.9,"AEL":0.9,"AL":0.9,"JPM":0.9,"VNO":0.9,"JPC":0.9,"PSA":0.9,"AXP":0.9,"WFC":0.9}},"isVote":1,"tweetType":1,"viewCount":808,"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,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/853684708"}