Fixed rate prefs performed well throughout the week despite treasury yields rising slightly (treasury yields spiked a few bps across the curve Friday on the back of the tariff ruling).

COF and WFC tightened the most (~10bps or more) during the week vs 30y treasuries despite their common stock not doing anything special. HBAN also saw strong tightening vs the 30y but their common stock was up 4% on the week.

Floaters did not perform as well with spreads relatively flat to slightly wider vs the 30y on the week. BAC and USB Floaters still remain relatively attractive vs fixed rate despite floaters outperforming thus far on the year (see dashboard below).

Source: Google Finance and Atticus Research calculations. Note, floating rate prefs are assumed to be swapped into a fixed rate (30y treasury less 77bps reflecting the negative swap spread). Spreads are vs 30y treasury yields.