NEW YORK, January 1, 2026, 11:00 ET — Market closed
- Pitney Bowes Inc. NT 43 (PBI-PB) last closed at $20.39, down 5.99% in the final session of 2025.
- Investors digested the move with U.S. markets shut for New Year’s Day and attention on rates and funding conditions.
- Focus now shifts to interest-rate direction and Pitney Bowes’ next earnings timing (estimated for Feb. 10).
Pitney Bowes Inc. NT 43 (PBI-PB) fell $1.30, or 5.99%, to $20.39 in the final trading session of 2025, after swinging between $21.99 and $20.28 on volume of 583,343. U.S. markets are closed on Thursday for the New Year’s Day holiday.
The move matters because “NT 43” is not common equity — it is exchange-traded debt, meaning it trades like a stock but represents a loan to the company. These securities can gap on shifts in interest-rate expectations and on changes in how much risk investors want to hold.
Year-end funding markets showed the usual strain, but Federal Reserve support helped keep cash moving through the system, Reuters reported. “People were a lot more worried year-end was going to be substantially more stressful than it is now,” said Jan Nevruzi at TD Securities.
Pitney Bowes issued the notes with a 6.70% coupon and a March 2043 maturity, with a $25 principal (or “par”) value, according to QuantumOnline. The notes are callable — meaning the company can redeem them early — at $25 plus accrued interest, which can limit upside if investors think a redemption is likely. quantumonline.com
The year-end drop also came with unusually heavy turnover for a security that often trades quietly. That kind of volume can reflect portfolio rebalancing, tax-related selling, or forced positioning in a thin market.
Bond investors are starting 2026 debating how much room longer-dated U.S. yields have to rise after a strong 2025 rally. JPMorgan analysts see the 10-year Treasury yield ending 2026 at about 4.35%, while BofA Securities’ rates team forecasts 4.25%, Reuters reported.
For a long-dated instrument like PBI-PB, small changes in benchmark yields can translate into larger price moves, especially when liquidity thins. Any widening in corporate credit spreads — the extra yield investors demand over Treasuries — can also pressure prices.
Pitney Bowes’ common stock closed Wednesday at $10.57, down about 0.75%, showing a more muted move than the exchange-traded notes.
At $20.39, the notes’ $25-based 6.70% coupon implies about $1.675 in annual interest per note, or a current yield near 8.2%. Current yield is the simple math of annual interest divided by price; it does not account for price changes or the 2043 maturity.
Before the next session, traders will be watching whether the year-end funding distortions unwind as markets reopen on Friday, Jan. 2. Record borrowing through the New York Fed’s standing repo facility on Dec. 31 was widely expected to fade as normal conditions return, Reuters reported.
Before the next session, attention will also turn back to Pitney Bowes’ event calendar. Nasdaq lists Feb. 10, 2026 as the estimated date for the company’s next earnings report, based on an algorithm rather than a company-confirmed announcement.
Before the next session, technical traders will be eyeing whether the notes hold the $20 area after Wednesday’s $20.28 intraday low, and whether the price can climb back toward the prior close near $21.69. In exchange-traded debt, those levels can matter because liquidity is often concentrated around round numbers and recent pivots.
