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Randy LeClair , Chief Investment Officer & Portfolio Manager

Portland Investment Counsel

Date Signal Symbol Company Opinion Price
2013-03-15 N/A A Commentary A Comment -- General Comments From an Expert

Bonds. Government yields are at rock-bottom levels and the spread between them and corporate bonds is slowly shrinking down to where they were prior to the 2008 crisis. High yields have had phenomenal returns in the last 12 months and have come out of the gate this year still very good. Last year there might have been a deal with an 8%-9% coupon but those are now 5%-6%. Have really dropped quite a bit. Getting late in the economic cycle for interest rates and you need to be selective and cautious.

 Price:
$0.020
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
_N/A
2013-03-15 N/A A Commentary A Comment -- General Comments From an Expert

Is there any way of knowing the “face value” of target bond ETF’s Maturity? These are products offered by Bank of Montréal (BMO-T). There is usually a set date that they are going to mature. The short answer to the question is that “No, there is no face value”. You are getting a basket of bonds so it is a total return type of product with a mix of bond interest and the fluctuation of the daily market value.

 Price:
$0.020
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
_N/A
2013-03-15 N/A A Commentary A Comment -- General Comments From an Expert

What are odds on a sell-off in bonds? What’s the trade and where would the money go? We are getting a little bit later in the cycle. When we get to that point of interest rates going higher, bond managers are always watching economic indicators as to when that might happen and they start moving from corporate to more government.

 Price:
$0.020
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
_N/A
2013-03-15 TOP PICK BA-T Bell Aliant

Preferred E series 4.25%. A rate reset and a recent new issue. Possibly callable in September 2018 and, if they don’t redeem them, the reset spread is 264. Current yield of 4.18%. Yield to call (2018) is 4.08%.

 Price:
$26.780
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
Yes
2013-03-15 COMMENT BBD.B-T Bombardier Inc (B)

Preferred C’s. These are below investment grade right now. If he owned, he would probably Sell. You are probably better off to look at something longer-term.

 Price:
$4.280
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
Unknown
2013-03-15 COMMENT BMO-T Bank of Montreal

Preferred shares. Better to buy them individually or go through a fund? New Basil III banking rules have removed the ability of banks to issue new preferred shares and count them into their Tier 1 capital. This is now a disadvantage for banks to issue these securities. The ones you see now are broken into 2 categories 1) rate reset which are very short term and 2) perpetuals. The feeling is that eventually these will all be gone as these rules take hold. If you have a reset that is redeemable in 2014 you may consider taking profits.

 Price:
$64.080
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
Unknown
2013-03-15 COMMENT FFH-T Fairfax Financial

Preferred C’s. This is a rate reset so it will come up for reset or redemption in Dec/14. If it were him, he’d be looking at taking profits and moving the money into something a little more longer term. Very high dividend yield of 5.75%.

 Price:
$390.000
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
Unknown
2013-03-15 BUY GS-N Goldman Sachs

4.1% bond maturing November 2015. Issues like this from US banks, offer some extra spread over where our traditional Canadian banks would be issuing. These are issued in Cdn $’s so you don’t have to hedge it.

 Price:
$154.840
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
Unknown
2013-03-15 PAST TOP PICK GWO-T Great West Lifeco

(A Top Pick Feb 29/12. Up 7.8%.) Preferred P series 5.4%. This is a perpetual. He is bullish on the market so he wants to be a bit longer-term.

 Price:
$27.190
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
Yes
2013-03-15 TOP PICK PWF-T Power Financial Corp

Preferred Series S. 4.8%. A perpetual and a recent new issue. Not callable and you have it until April 2018 when it is callable at $26. There is a lot of Call protection built into this.

 Price:
$30.190
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
Yes
2013-03-15 TOP PICK TRP-T Trans Canada Corp

Preferred D series 4%. A rate reset and a recent new issue. Possibly callable in April 2019 or it may get reset at 238 basis points of either the 5 year Canada or it can float above the BA rate at 238 basis points. Current yield of 3.91%. Yield-to-call (2019) is 3.56%.

 Price:
$48.890
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
Yes
2013-03-15 PAST TOP PICK VSN-T Veresen Inc

(A Top Pick Feb 29/12. Up 8%.) Preferred A series 4.4%.

 Price:
$13.040
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
Yes
2013-03-15 PAST TOP PICK WN-T George Weston Ltd.

(A Top Pick Feb 29/12. Up 5%.) Preferred V series 4.75%. This is a perpetual. He is bullish on the market so he wants to be a bit longer-term.

 Price:
$72.580
Subject:
FIXED INCOME
Bias:
BULLISH
Owned:
Yes
2012-11-05 N/A A Commentary A Comment -- General Comments From an Expert

Bonds. There are so many different scenarios that can happen with the US election because of the presidential choice but also the fiscal cliff and who controls the house. Doesn’t feel the bond market has much priced in because of the election at this point. Not much is changed in the last 6 months. We’re still seeing high unemployment, GDP growth and is softening somewhat. We are sort of going sideways or in the “clipping the coupon” phase. There isn’t really any danger in fixed income at the moment but is more about, where do you find the value.

 Price:
$0.020
Subject:
FIXED INCOME
Bias:
BULLISH on PREFERRED SHARES
Owned:
_N/A
2012-11-05 COMMENT A Commentary A Comment -- General Comments From an Expert

Corporate BBB bonds? Is the only risk if a company goes bankrupt? Bankruptcy would probably be the major risk but BBB is rated investment grade and the chance of them defaulting is very, very low. One of the other risks is “term” risk. The longer the bond, the more price sensitive they are to yield changes. If you hold to maturity, there is no problem.

 Price:
$0.020
Subject:
FIXED INCOME
Bias:
BULLISH on PREFERRED SHARES
Owned:
_N/A
Showing 1 to 15 of 249 entries
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