Preferred Share LIBOR Risk Updates: NLY-F, AGNCN, IVR-B, IVR-C, CIM-B, TWO-A, TWO-B, TWO-C
The article discusses the risk of companies refusing to use SOFR + 26 basis points for preferred shares with the IPDP clause.
NLY-F and AGNCN are considered safe, while IVR-C and IVR-B are fine despite initial concerns. CIM-B is probably safe, but not quite 100%.
TWO-A and TWO-B are identified as potential landmines with significant risks for preferred sh…
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