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Preferred Securities

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Preferred Securities

Preferred Securities

DATE
THURSDAY, 24 FEBRUARY 2022
Title Preferred Securities
Moderator Nicholas Ng

Investment Advisor
Standard Chartered Bank Malaysia
Speaker(s) Dylan Ngai

Client Portfolio Manager
Manulife Investment Management
Key Takeaways 1. Preferred Securities are a hybrid of bonds and equities, with features from both asset classes. In past rising rate environments, preferred securities performed well given the extra carry, for the past 20 years, preferred securities performed during rate hike and flat rate.

                    

2. The average credit rating of preferred securities is BBB-, an investment grade rating (IG), and over 97% of preferred issuers are rated as investment grade. Historically default rates among preferred securities have been low because issuers are generally well-established, high quality companies with solid balance sheets.

                

3. Preferred Securities have been able to rebound strongly from market drawdown and selloff. Market dislocations between market valuations and company fundamentals produced strong opportunities for quality companies.

Preferred Securities

Dylan Ngai shared how to position your portfolio for fixed income in a global rate hike environment.