Wall Street Fires Up Deals for Preferred Shares With Fed on Hold [BNN Bloomberg (Canada)]
Goldman Sachs Group, Inc. (The) (GS)
Last goldman sachs group, inc. (the) earnings: 4/15 07:30 am
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Source: BNN Bloomberg
In the past week, Goldman Sachs Group Inc. sold $2.25 billion of new preferred shares — hybrid instruments used by banks to bolster their balance sheets — to replace an existing series while Citigroup Inc. announced the repayment of $1.25 billion in older issues. Similarly, JPMorgan Chase & Co. is set to redeem four series of its preferred stock by May following a new issue. These moves are firing up the US market for bank capital after months of muted activity. Where expectations of swift policy easing previously convinced lenders that the cost of preferred shares with floating-rates would come down, creating a better opportunity to replace them later, the narrative of higher-for-longer is now prompting them to take action. “What we see lately is capitulation. In this higher-for-longer environment, some banks got tired of paying these high coupons,” said Douglas Baker, head of preferred securities at Nuveen Services LLC. “Inflation could just as easily grind higher and issuers d
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