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Joey Mack , Director, Fixed Income

ScotiaCapital


Date Signal Chart Symbol Company Opinion Price
2014-09-04 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  The stimulus announcement today was a real surprise.  It’s not a huge program, though.  There are at least two countries in Europe with bonds having negative yields.  You are going to see rate hikes happening over the next 6 to 12 months.  This is priced into the market.  The long bonds have been outperforming. 


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
_N/A
2014-09-04 DON'T BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

ETF?  A lot of the European rally has finished.  You have to worry about the Euro’s value as it can wipe out your returns.  You need currency hedging, but he is not aware of a European Bond ETF that is currency hedged. 


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-09-04 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Preferred Shares or Bonds?  Prefers preferred shares. Five year rate reset are best. 


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-09-04 DON'T BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Preferred perpetuals.  Fixed dividend rate that never matures, but company can call it.  There are very wide credit spreads.


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-09-04 PAST TOP PICK Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Ville de Quebec. 2.3% bond due Dec 4/18. (Top Pick Nov 22/13, Up 3.5%) It was a short term play. 


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
No
2014-09-04 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Time to buy Convertibles? The US market is very different than the Canadian one.  In the US they can have 0 coupons and it is just about the option to convert.  They can sell off quickly.  In Canada one of them is a Top Pick today.


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-09-04 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

The Big 5 Bank Preferred Shares.  Ratings have recently been reduced.  The new rules allow shares to count as Tier 1 capital if you have the ability to lose all if the bank goes belly up.   The banks have not changed, but the structure of the share has.


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-09-04 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Bond Ladder.  You should go out 10 years.  Longer term yields are higher.  Equal weighting per year and 50/50 government / corporate.


Price:
$0.020
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
_N/A
2014-09-04 SELL Must be logged in to use chart BBD.B-T Bombardier Inc (B)

Preferred 7.35% 2026.  It is not safe.  Not an investment grade company. They are pretty high levered.  12 year duration.  You might want to sell it here.


Price:
$3.650
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-09-04 SELL Must be logged in to use chart BBD.B-T Bombardier Inc (B)

Preferred, Series 'C'.  Perpetual preferreds.  It is junk status.  A good time to unload the position.


Price:
$3.650
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-09-04 SELL Must be logged in to use chart BCE-T BCE Inc.

Preferred Series ‘C’ rate reset shares.  BCE used to be investment grade and no longer is.  The company has been good to investors, but he does not think they will ever get back to par. 


Price:
$49.280
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-09-04 DON'T BUY Must be logged in to use chart BRF.PR.E-T Brookfield Renewable Power Pref

Does not like it.  Non-investment grade. 


Price:
$21.480
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-09-04 PARTIAL SELL Must be logged in to use chart CBO-T iShares 1-5 yr Ladder Corp Bond ETF

Conservative corporate bond strategy, only out 5 years which is where you want to be.  Losses over the next couple of years should be cushioned. 


Price:
$19.610
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-09-04 SELL Must be logged in to use chart D.UN-T Dream Office REIT

Preferred Shares.  A non-investment grade REIT.  There is so much debt ahead of you.  Buy the equity instead of the preferreds.


Price:
$28.980
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-09-04 PAST TOP PICK Must be logged in to use chart ENB-T Enbridge

Preferred Series ‘F’ (Top Pick Nov 22/13, Up 4.70%) He never bought it.  He is disappointed in this one.  He thinks it is a hold or a buy.  It has a fair reset rate. 


Price:
$54.950
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
No
Showing 1 to 15 of 325 entries
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