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Preferred securities valuation report Preferred & hybrid securities recommendations for 9 June 2026

Includes the �鶹�� CIO "Attractive List" of preferred stock and hybrid securities recommendations.

by Frank Sileo 09 Jun 2026

At a glance

Preferred stocks and hybrid securities on the Attractive List are those that we view favorably based on fundamental credit quality, valuation, and structure (security characteristics). They are expected to generate a total return exceeding the average return of comparable securities.
Preferred securities on the Expensive list are expected to generate a total return that is less than the average return of comparable securities. This view may be based on fundamental credit quality, valuation, and structure. Structurally, preferreds may be listed here because (1) they have low fixed-rate coupons and therefore would exhibit greater interest rate or credit spread sensitivity, or (2) they are variable-rate coupons with a low back-end spread.
Preferreds that are rated "Fair" and that are also currently or soon-to-be callable, may be considered "refinanceable," meaning that they have a material likelihood of being called at any time. Traditional relative value measures such as YTC or option-adjusted spread (OAS) are not applicable, since they can result in large, negative values (distorted by annualization).

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