NEW YORK, December 31, 2025, 14:16 ET — Regular session
Pitney Bowes Inc.’s NT 43 — its exchange-listed notes due 2043 — fell 3.0% to $21.04 in afternoon trading on Wednesday, after opening at $21.65. The security traded between $21.00 and $21.72, with volume around 50,000 shares as U.S. 10-year yields moved higher.
The move matters because NT 43 trades like a stock but behaves like a bond: when market interest rates rise, fixed-rate income securities often fall as investors demand a higher yield. Liquidity can also thin late in the year, amplifying price swings in niche, income-focused listings.
Bond markets are also on a shortened schedule into the holiday. The Securities Industry and Financial Markets Association (SIFMA) recommended a 2:00 p.m. ET early close for U.S. dollar-denominated fixed-income trading on Wednesday and a full close on Thursday for New Year’s Day, which can reduce price discovery for rate-sensitive products.
NT 43 refers to Pitney Bowes’ 6.70% Notes due 2043 — a fixed-rate corporate note listed on the New York Stock Exchange under the symbol PBI.PRB. “Coupon” is bond shorthand for the fixed interest rate the issuer pays on the note’s face value. SEC
The decline also comes after a firmer prior session. The notes closed Tuesday at $21.69 after trading as high as $21.80, according to historical pricing data.
Company-specific headlines have been sparse this week, but the 2043 notes remain on investors’ radar after Pitney Bowes completed a cash tender offer earlier this month. A company press release filed with the SEC said the tender offers expired Dec. 19 and that Pitney Bowes accepted $75.7 million of its 6.70% notes due 2043 for purchase, out of $425 million outstanding as of the offer document date.
In the equity, Pitney Bowes’ common shares were down 0.85% at $10.56 on Wednesday, data showed. Barchart listed the company’s next earnings date as Feb. 10, 2026 — a focal point for investors watching cash generation and leverage, which can influence pricing across the capital structure.
At Wednesday’s price near $21 on a $25-par note, the current cash yield sits around the high-single-digits, based on the 6.70% coupon. That income buffer can support prices when rates stabilize, but it does not eliminate sensitivity to both Treasury yields and issuer credit risk.
Traders in exchange-listed notes typically watch two things: the direction of benchmark rates and any signs of changing credit perception. A sharp move in either can show up quickly in securities like NT 43, which can trade with wider bid-ask spreads than large-cap common stocks.
Macro events are the next big test for the rates backdrop. The Bureau of Labor Statistics schedules the December 2025 U.S. employment report for Jan. 9, while the Federal Reserve’s calendar shows its next rate decision on Jan. 28, following the Jan. 27–28 FOMC meeting.
Technically, investors are likely to keep an eye on the $21 area after Wednesday’s dip toward $21.00, with the recent $21.80 zone standing out as a nearby ceiling from late December trading. A sustained break below support would put more focus on whether the year-end rate move is extending or fading.
