I remain focused on finding opportunities with preferred shares. I think there are several nice opportunities. We’re treating metrics like “yield to call” as more important if the shares have a high floating spread. We’ve seen several of the floating shares move to trade pretty close to call value.
If that trend continues, some shares should see very nice returns. I’m quite excited by the risk/reward profile for this sector since it doesn’t require weakness in rates to deliver solid returns.
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