Public Storage shares are trading lower after the company priced its public offering of senior notes. The stock is also trading lower as Treasury yields rise following hotter-than-expected March inflation data.
Portfolio Pulse from Benzinga Newsdesk
Public Storage's stock trades lower following the pricing of its public offering of senior notes and an increase in Treasury yields due to higher-than-expected March inflation data.
April 10, 2024 | 3:28 pm
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Public Storage's stock price is negatively impacted by the pricing of its public offering of senior notes and rising Treasury yields following unexpected March inflation data.
The pricing of Public Storage's senior notes offering likely increases the company's debt, which can be viewed negatively by investors. Additionally, rising Treasury yields, spurred by higher-than-expected inflation data, make bonds more attractive compared to stocks, potentially leading to a sell-off in the stock market, including PSA shares.
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IMPORTANCE 85
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