Weekly Price Changes Aug 25-Sept 1, 2017
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Central bankers, led by the US have been talking about raising interest rates since early 2014 but only managing to increase rates 3 times by 0.25% on each occasion. More than 3yrs has passed and central bankers are beginning to face a credibility gap about why further interest rate increases are needed.
Trading volumes for preferred share vary by issue and category. The 5 year rate reset group have trading volumes that are 6 times the fixed rate preferred shares. There still a greater expectation central banks will increase interest rates further pushing demand for proctection from higher rates. While the trading volumes for the rate reset shares are much higher, the price increases for each group were approximately equal last week at 0.4%.
Preferred shares are one of the few asset classes still paying reliable income in the 5% range. Depending on which of the 360 issues are selected, there is protection from either rising or declining interest rates with good credit quality available in either case. This week's update focuses on the market dynamics for preferred shares including trading volumes, price changes and the terms associated with each of the preferred share issues. This is to clarify what investors are buying and selling.
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