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Preferred securities are "hybrid" investments, sharing characteristics of both stocks and bonds (Technically, preferred securities are a subset of hybrids However, in recent years, the term "preferred security" has been used as a blanket term to encompass anything from $25 par¹ senior debt down to traditional preferred stock)Yield to maturity ('YTM') is the yield one will get holding the preferred shares to maturity taking into account any premium or discount to par (and of course only applies to issues that have aPreferred securities are "hybrid" investments, sharing characteristics of both stocks and bonds (Technically, preferred securities are a subset of hybrids However, in recent years, the term "preferred security" has been used as a blanket term to encompass anything from $25 par¹ senior debt down to traditional preferred stock) 978 Chapter 10 Solution Manual Part 3 Get 24 7 Homework Help Online Study Solutions Yield to maturity c