Tuesday, April 07, 2020 10:09:15 PM
It makes sense. I prefer to see a conversion at redemption value or better but that would be a recommendation that HL would make.
I wouldn't say that the market sees substantial value. On the extreme you could get about 25% more shares on the low yielding variable preferreds than on the higher yielding fixed rate.
Yes they constitute about 13 billion in total redemption values or about 40%. The would likely be treated better or they may not be offered a conversion until a later point.
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