Category: PrefLetter

The markets have closed and the October edition of PrefLetter is now being prepared.

PrefLetter is the monthly newsletter recommending individual issues of preferred shares to subscribers. There is at least one recommendation from every major type of preferred share with investment-grade constituents. The recommendations are taylored for “buy-and-hold” investors.

The October edition will contain an appendix examining correlations and the “Seniority Spread” between PerpetualDiscount issues and Long Term Corporate bonds.

Those taking an annual subscription to PrefLetter receive a discount on viewing of my seminars.

PrefLetter is available to residents of Ontario, Alberta, British Columbia and Manitoba as well as Quebec residents registered with their securities commission.

The October issue will be eMailed to clients and available for single-issue purchase with immediate delivery prior to the opening bell on Tuesday. I will write another post on the weekend advising when the new issue has been uploaded to the server … so watch this space carefully if you intend to order “Next Issue” or “Previous Issue”! Until then, the “Next Issue” is the October issue.

The September, 2009, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The September edition contains an appendix examining the composition of some preferred share indices and passive funds.

As previously announced, PrefLetter is now available to residents of Alberta, British Columbia and Manitoba, as well as Ontario and to entities registered with the Quebec Securities Commission.

Until further notice, the “Previous Edition” will refer to the September, 2009, issue, while the “Next Edition” will be the October, 2009, issue, scheduled to be prepared as of the close October 9 and eMailed to subscribers prior to market-opening on October 13 (the TSX is closed on Monday October 12 for Thanksgiving).

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: A recent enhancement to the PrefLetter website is the Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter, being delivered to clients as a large attachment by eMail, sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

The markets have closed and the August edition of PrefLetter is now being prepared.

PrefLetter is the monthly newsletter recommending individual issues of preferred shares to subscribers. There is at least one recommendation from every major type of preferred share with investment-grade constituents. The recommendations are taylored for “buy-and-hold” investors.

The September edition will contain an appendix examining the composition of some preferred share indices and passive funds.

Those taking an annual subscription to PrefLetter receive a discount on viewing of my seminars.

PrefLetter is available to residents of Ontario, Alberta, British Columbia and Manitoba as well as Quebec residents registered with their securities commission.

The September issue will be eMailed to clients and available for single-issue purchase with immediate delivery prior to the opening bell on Monday. I will write another post on the weekend advising when the new issue has been uploaded to the server … so watch this space carefully if you intend to order “Next Issue” or “Previous Issue”! Until then, the “Next Issue” is the September issue.

The August, 2009, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The August edition contains a relatively long appendix which discusses the analysis of FixedResets, specifically the use of scenario analysis and the spread to Canadas on reset to quantify the chance of the issue being called – and the ill effects if markets change sufficiently that it isn’t.

As previously announced, PrefLetter is now available to residents of Alberta, British Columbia and Manitoba, as well as Ontario and to entities registered with the Quebec Securities Commission.

Until further notice, the “Previous Edition” will refer to the August, 2009, issue, while the “Next Edition” will be the September, 2009, issue, scheduled to be prepared as of the close September 11 and eMailed to subscribers prior to market-opening on September 14.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: A recent enhancement to the PrefLetter website is the Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter, being delivered to clients as a large attachment by eMail, sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

The markets have closed and the August edition of PrefLetter is now being prepared.

PrefLetter is the monthly newsletter recommending individual issues of preferred shares to subscribers. There is at least one recommendation from every major type of preferred share with investment-grade constituents. This will be the first issue that officially recognizes FixedResetPremium issues as a specific class. The recommendations are taylored for “buy-and-hold” investors.

The August edition will contain a longer than usual appendix addressing a nuance of FixedResetPremium valuation that the market appears to be ignoring completely.

Those taking an annual subscription to PrefLetter receive a discount on viewing of my seminars.

PrefLetter is available to residents of Ontario, Alberta, British Columbia and Manitoba as well as Quebec residents registered with their securities commission.

The August issue will be eMailed to clients and available for single-issue purchase with immediate delivery prior to the opening bell on Monday. I will write another post on the weekend advising when the new issue has been uploaded to the server … so watch this space carefully if you intend to order “Next Issue” or “Previous Issue”! Until then, the “Next Issue” is the August Issue.

There is a lot of demand for short term preferred shares; short-term meaning “with a term of five years or less”.

I have resisted recommending FixedResets as part of the “ShortTerm” class that was introduced in the September 2008 edition, largely on the grounds that they are not, in fact, short term. They are just as perpetual as the straights and are fully exposed to increases in credit spreads and declining credit quality of the various issuers (see my seminar on FixedResets for further information) – in the same way that FloatingRate issues are not Money-Market substitutes.

However, most issues are now trading well above their call price, with reset spreads that are well above current market rates; investors may consider these issues to be five-year issues, provided they bear firmly in mind that they are extendible five year issues, and will have their maturity date reset to infinity if it is not convenient to the issuer to repay the principal. However, in the same manner as PerpetualPremiums, FixedResetPremiums have buffer protection against an increase in spreads. Investors who understand the risks and are prepared to accept the consequences may find the FixedResetPremium class attractive … so selections will be added to the PrefLetter recommendations commencing with the August issue.

The August issue will be prepared as of the close on August 14 and eMailed to subscribers prior to the opening on August 17.

The July, 2009, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The July edition contains a relatively long appendix which discusses Negative Convexity and its effect on the pricing of PerpetualDiscounts.

As previously announced, PrefLetter is now available to residents of Alberta, British Columbia and Manitoba, as well as Ontario and to entities registered with the Quebec Securities Commission.

Until further notice, the “Previous Edition” will refer to the July, 2009, issue, while the “Next Edition” will be the August, 2009, issue, scheduled to be prepared as of the close August 14 and eMailed to subscribers prior to market-opening on August 17.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: A recent enhancement to the PrefLetter website is the Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter, being delivered to clients as a large attachment by eMail, sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

The markets have closed and the July edition of PrefLetter is now being prepared.

PrefLetter is the monthly newsletter recommending individual issues of preferred shares to subscribers. There is at least one recommendation from every major type of preferred share with investment-grade constituents (two of them recently added); the recommendations are taylored for “buy-and-hold” investors.

The July edition will contain a longer than usual appendix; an explanation – with lots of charts! – of the concept of Convexity as it applies to PerpetualDiscounts.

Additionally, those taking an annual subscription to PrefLetter receive a discount on attendance at, or later viewing of, my seminars.

PrefLetter is available to residents of Ontario, Alberta, British Columbia and Manitoba as well as Quebec residents registered with their securities commission.

The July issue will be eMailed to clients and available for single-issue purchase with immediate delivery prior to the opening bell on Monday. I will write another post on the weekend advising when the new issue has been uploaded to the server … so watch this space carefully if you intend to order “Next Issue” or “Previous Issue”! Until then, the “Next Issue” is the July Issue.

The June, 2009, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The June edition contains a relatively long appendix, introducing the concept of “Break-Even Rate Shock” as a method of valuing new issue FixedResets.

As previously announced, PrefLetter is now available to residents of Alberta, British Columbia and Manitoba, as well as Ontario and to entities registered with the Quebec Securities Commission.

Until further notice, the “Previous Edition” will refer to the June, 2009, issue, while the “Next Edition” will be the July, 2009, issue, scheduled to be prepared as of the close July 10 and eMailed to subscribers prior to market-opening on July 13.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: A recent enhancement to the PrefLetter website is the Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter, being delivered to clients as a large attachment by eMail, sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

The markets have closed and the June edition of PrefLetter is now being prepared.

PrefLetter is the monthly newsletter recommending individual issues of preferred shares to subscribers. There is at least one recommendation from every major type of preferred share with investment-grade constituents (two of them recently added); the recommendations are taylored for “buy-and-hold” investors.

The June edition will contain a longer than usual appendix introducing the concept of “Break-Even Rate Shock”, my latest attempt to understand the forces driving pricing of the FixedReset market versus PerpetualDiscounts.

Additionally, those taking an annual subscription to PrefLetter receive a discount on attendance at, or later viewing of, my seminars.

PrefLetter is available to residents of Ontario, Alberta, British Columbia and Manitoba as well as Quebec residents registered with their securities commission.

The June issue will be eMailed to clients and available for single-issue purchase with immediate delivery prior to the opening bell on Monday. I will write another post on the weekend advising when the new issue has been uploaded to the server … so watch this space carefully if you intend to order “Next Issue” or “Previous Issue”! Until then, the “Next Issue” is the June Issue.