Talking Markets Podcast Series (Preferreds) with Derek Pines (Bramshill) & Frank Sileo (UBS CIO)

Preferred sector performance now hinges heavily on duration and structure, with $25-par retail preferreds far more rate-sensitive than $1,000-par institutional issues.

• Q3 preferred losses: Preferreds fell 3.7% in Q3 2026 as Treasury yields rose ~50bp in September, with 5yr/10yr and beyond surpassing 5%.
• Prefolution divergence: $25-par fixed-coupon retail preferreds (avg duration 9+ years) fell 5.5%, their worst quarter since Q2 2022, while $1,000-par variable-rate institutional preferreds (duration ~4 years) fell only ~2%.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.