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Ninth Circuit Backs PennyMac Mortgage Trust Fixed Coupons After LIBOR

PennyMac Mortgage Investment Trust logoPennyMac Mortgage Investment Trust
Sig2.65Sen+2.25Env0.00Soc0.00Gov+1.90

During the third week of August, preferred and baby-bond yields moved higher as long-term rates rose, while credit spreads stayed tight. The Ninth Circuit ruled in favor of PennyMac Mortgage Investment Trust, allowing fixed coupons on LIBOR Fix/Floating preferreds after LIBOR’s cessation. Other market issuers adjusted bond offerings amid shifting liquidity needs.

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