Talking Markets Podcast Series (Preferreds) with Bob Giangregorio (Spectrum) & Frank Sileo (UBS CIO)
From the original
Bob Giangregorio is a Senior Vice President and Portfolio Manager at Spectrum Asset Management. Bob joins Frank Sileo, Senior Fixed Income Strategist Americas from the UBS Chief Investment Office, for a comprehensive discussion on the preferred securities market. They cover a per
Related speeches
4 itemsTalking Markets Podcast Series (Preferreds) with Bob Giangregorio (Spectrum) & Frank Sileo (UBS CIO)
The UBS podcast with Spectrum's Bob Giangregorio frames the preferred securities market as a 'coupon clipping' environment for 2026, with mid-single-digit return expectations driven by yields around 6-6.5%. Yields have risen in lockstep with Treasuries, keeping relative value range-bound. No FX pair is directly cited, but the commentary implies that a stable-to-higher rate backdrop supports preferreds, which could correlate with USD strength or risk-off flows. The desk's base case is constructive but unremarkable, rejecting a bullish breakout scenario.
Talking Markets Podcast Series (Preferreds) with Doug Baker (Nuveen) & Frank Sileo (UBS CIO)
The desk interprets the commentary from UBS and Nuveen as indicative of a challenging landscape for preferred securities, coupled with broader fixed income dynamics. Per the full note [source], Doug Baker and Frank Sileo emphasize the difficulty of navigating market volatility amidst historically tight credit spreads. With spread compression limiting investor comfort, the potential for heightened risk remains a concern going into the latter half of 2026.