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0.000485436893203787 0 -0.00436893203883494 -0.0067961165048544 -0.00920388349514574 -0.00776699029126214 -0.00776699029126214 -0.00776699029126214
Stock impact report

PennyMac Mortgage Investment Trust Pfd. Series A: The Next To Float [Seeking Alpha]

AGNC Investment Corp. (AGNC) 
Last agnc investment corp. earnings: 4/29 04:01 pm Check Earnings Report
US:NASDAQ Investor Relations: ir.agnc.com
Company Research Source: Seeking Alpha
Looking for more investing ideas like this one? Get them exclusively at Portfolio Income Solutions. Learn More » A little more than a year ago, we described that we had identified several $ Billions of discounted REIT preferred issues that carried a particularly attractive feature of dividend coupon rates that would convert from fixed to floating interest rates at specified dates in the near future. Upon conversion to floating rate, they would then pay dividends at 3-month London Interbank Offer Rate (LIBOR) plus 350 to 600 basis points. At the time, the Fed had just started its rate hiking campaign and LIBOR stood at about 1.60%; on June 30 , LIBOR had hit 5.53%. If we get two additional rate hikes this year, we will be looking at LIBOR (or its new equivalent SOFR) indexing our floating rate preferreds at 6% +350 to 650 basis points. Thus far, three issues in the fixed-to-floating pool have converted to floating rate coupons: AGNC Investment Corp. pfd. Series C (AGNCN ) Annaly C Show less Read more
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