PrefBlog

I am pleased to announce that the Seminar on SplitShares has been accredited for four hours of IDA Continuing Education – Professional Development.

Just a reminder about the next seminar in the series on the theory and practice of preferred share investing.

These seminars are aimed at active and potential preferred share investors who wish to review relative valuation techniques in preferred share analysis.

All seminars will be presented by James Hymas, who has written extensively on the subject of preferred share investment and has been referred to as a "top expert" on the subject.

Questions are encouraged throughout the seminars, as well as in informal discussion at the end of the session.

Each seminar is two hours in length; coffee and tea will be served. The cost of attendance is $100, but a discount of $50 will be given to participants who have an annual subscription to PrefLetter with at least one issue remaining at the time of the seminar.

All seminars will be video-recorded for future distribution. Please note the slight change of venue: same hotel, different conference room.

Advance registration and payment may be performed on-line.

"FixedReset Issues" are popular with investors who:

• wish to obtain tax-advantaged income
• want protection against future inflation

These issues are characterized by:

• Mostly issued by financial institutions
• Exchange Dates occur every five years
• Dividends are fixed until the first Exchange Date
• On every Exchange Date:
  • Company may redeem the issue at par
  • Rate until next exchange date is reset to 5-Year Canada bonds plus a spread
  • Issue may be exchanged to Floating Rate issues, paying 3-month Treasury Bills plus a spread, reset quarterly
• Issues are perpetual

This seminar will review the theory of FixedReset Preferred evaluation, including:

• Credit Quality
• Embedded calls
• Exchange Options
• The importance of ex-Dividend dates
• Investment characteristics relative to Straight Perpetuals

Examples of relative valuation in current markets will be supplied and discussed.

Attendence is limited; a reservation will avoid disappointment.

Location: Days Hotel & Conference Center, (at Carlton & College, downtown Toronto) College Room (see map).

Time: May 28, 2009, 6pm-8pm.

Reservations: Please visit the PrefLetter Seminar Page.

The April 30 Seminar on Floating Rate issues (the HIMIPref™ indices Ratchet, FixedFloater and Floater, but not FixedReset) has been described before, and now, as promised, the video is on-line.

You may subscribe for a week via the PrefLetter Website; you will receive a password that remains valid for one week’s access to the seminar page.

This page contains Flash Video of the seminar (if you can watch YouTube, you can watch the video), or you may download the seminar to your own machine in QuickTime format.

In addition to the video, there are a host of links to articles I have written regarding various elements of the seminar and to the slides used in the seminar.

This access is priced at $100 + tax, with a 50% discount to those with an active year-long subscription to PrefLetter.

Update, 2009-8-25: To gain access to the on-line video of this seminar and the ancillary written material, please visit PrefLetter.com

I am pleased to announce the next seminar in the series on the theory and practice of preferred share investing.

These seminars will be aimed at active and potential preferred share investors who wish to review relative valuation techniques in preferred share analysis.

All seminars will be presented by James Hymas, who has written extensively on the subject of preferred share investment and has been referred to as a "top expert" on the subject.

Questions are encouraged throughout the seminars, as well as in informal discussion at the end of the session.

Each seminar is two hours in length; coffee and tea will be served. The cost of attendance is $100, but a discount of $50 will be given to participants who have an annual subscription to PrefLetter with at least one issue remaining at the time of the seminar.

All seminars will be video-recorded for future distribution. Please note the slight change of venue: same hotel, different conference room.

Advance registration and payment may be performed on-line.

"FixedReset Issues" are popular with investors who:

• wish to obtain tax-advantaged income
• want protection against future inflation

These issues are characterized by:

• Mostly issued by financial institutions
• Exchange Dates occur every five years
• Dividends are fixed until the first Exchange Date
• On every Exchange Date:
  • Company may redeem the issue at par
  • Rate until next exchange date is reset to 5-Year Canada bonds plus a spread
  • Issue may be exchanged to Floating Rate issues, paying 3-month Treasury Bills plus a spread, reset quarterly
• Issues are perpetual

This seminar will review the theory of FixedReset Preferred evaluation, including:

• Credit Quality
• Embedded calls
• Exchange Options
• The importance of ex-Dividend dates
• Investment characteristics relative to Straight Perpetuals

Examples of relative valuation in current markets will be supplied and discussed.

Attendence is limited; a reservation will avoid disappointment.

Location: Days Hotel & Conference Center, (at Carlton & College, downtown Toronto) College Room (see map).

Time: May 28, 2009, 6pm-8pm.

Reservations: Please visit the PrefLetter Seminar Page.

Update, 2009-8-24: The seminar and its ancillary material have been accredited for four hours of IDA Professional Development Continuing Education.

Update, 2009-8-24: ◦This program is eligible for four CE credit hours, as granted by CFA Institute. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.

 
 

The March 26 Seminar on SplitShares has been described before, and now, as promised, the video is on-line.

You may subscribe for a week via the PrefLetter Website; you will receive a password that remains valid for one week’s access to the seminar page.

This page contains Flash Video of the seminar (if you can watch YouTube, you can watch the video), or you may download the seminar to your own machine in QuickTime format.

In addition to the video, there are a host of links to articles I have written regarding various elements of the seminar; to the slides used in the seminar; and even to a handy spreadsheet.

This access is priced at $100 + tax, with a 50% discount to those with an active year-long subscription to PrefLetter.

I just want to remind all Assiduous Readers about the next seminar in the the series on the theory and practice of preferred share investing.

These seminars are aimed at active and potential preferred share investors who wish to review relative valuation techniques in preferred share analysis.

All seminars will be presented by James Hymas, who has written extensively on the subject of preferred share investment and has been referred to as a "top expert" on the subject.

Questions are encouraged throughout the seminars, as well as in informal discussion at the end of the session.

Each seminar is two hours in length; coffee and tea will be served. The cost of attendance is $100, but a discount of $50 will be given to participants who have an annual subscription to PrefLetter with at least one issue remaining at the time of the seminar.

All seminars will be video-recorded for future distribution.

"Floating Rate Issues" are popular with investors who:

• wish to obtain tax-advantaged income
• want protection against future inflation

These issues are characterized by:

• Issued by Operating companies
  • Extant issues are non-financial
• Dividends are paid by reference to Canada Prime
• An exchange option may exist to lock in a rate for five years on a given date
• Issues are Perpetual

This seminar will review the theory of Floating Rate Preferred evaluation, including:

• Credit Quality
• Embedded calls
• Exchange Options
• The importance of ex-Dividend dates
• Investment characteristics relative to
  • money market instruments
  • other perpetual instruments

Examples of relative valuation in current markets will be supplied and discussed. Note that Floating Rate issues include the HIMIPref™ Indices:

• Ratchet
• FixedFloater
• Floater

. "FixedReset" issues will not be discussed as part of this seminar.

Attendence is limited; a reservation will avoid disappointment.

Location: Days Hotel & Conference Center, (at Carlton & College, downtown Toronto) Yorkville Room (see map).

Time: April 30, 2009, 6pm-8pm.

Reservations: Please visit the PrefLetter Seminar Page.

Prior Seminars on Video: The video and resource materials for the seminar on PerpetualDiscounts is available via the PrefLetter Video Seminar Page.

I am pleased to announce that the Seminar on PerpetualDiscounts has been accredited for four hours of IDA Continuing Education – Professional Development.

I just want to remind all Assiduous Readers about the next seminar in the the series on the theory and practice of preferred share investing.

These seminars are aimed at active and potential preferred share investors who wish to review relative valuation techniques in preferred share analysis.

All seminars will be presented by James Hymas, who has written extensively on the subject of preferred share investment and has been referred to as a "top expert" on the subject.

Questions are encouraged throughout the seminars, as well as in informal discussion at the end of the session.

Each seminar is two hours in length; coffee and tea will be served. The cost of attendance is $100, but a discount of $50 will be given to participants who have an annual subscription to PrefLetter with at least one issue remaining at the time of the seminar.

All seminars will be video-recorded for future distribution.

"Floating Rate Issues" are popular with investors who:

• wish to obtain tax-advantaged income
• want protection against future inflation

These issues are characterized by:

• Issued by Operating companies
  • Extant issues are non-financial
• Dividends are paid by reference to Canada Prime
• An exchange option may exist to lock in a rate for five years on a given date
• Issues are Perpetual

This seminar will review the theory of Floating Rate Preferred evaluation, including:

• Credit Quality
• Embedded calls
• Exchange Options
• The importance of ex-Dividend dates
• Investment characteristics relative to
  • money market instruments
  • other perpetual instruments

Examples of relative valuation in current markets will be supplied and discussed. Note that Floating Rate issues include the HIMIPref™ Indices:

• Ratchet
• FixedFloater
• Floater

. "FixedReset" issues will not be discussed as part of this seminar.

Attendence is limited; a reservation will avoid disappointment.

Location: Days Hotel & Conference Center, (at Carlton & College, downtown Toronto) Yorkville Room (see map).

Time: April 30, 2009, 6pm-8pm.

Reservations: Please visit the PrefLetter Seminar Page.

Prior Seminars on Video: The video and resource materials for the seminar on PerpetualDiscounts is available via the PrefLetter Video Seminar Page.

I just want to remind all Assiduous Readers about the next seminar in the the series on the theory and practice of preferred share investing.

These seminars are aimed at active and potential preferred share investors who wish to review relative valuation techniques in preferred share analysis.

All seminars will be presented by James Hymas, who has written extensively on the subject of preferred share investment and has been referred to as a "top expert" on the subject.

Questions are encouraged throughout the seminars, as well as in informal discussion at the end of the session.

Each seminar is two hours in length; coffee and tea will be served. The cost of attendance is $100, but a discount of $50 will be given to participants who have an annual subscription to PrefLetter with at least one issue remaining at the time of the seminar.

All seminars will be video-recorded for future distribution.

"Floating Rate Issues" are popular with investors who:

• wish to obtain tax-advantaged income
• want protection against future inflation

These issues are characterized by:

• Issued by Operating companies
  • Extant issues are non-financial
• Dividends are paid by reference to Canada Prime
• An exchange option may exist to lock in a rate for five years on a given date
• Issues are Perpetual

This seminar will review the theory of Floating Rate Preferred evaluation, including:

• Credit Quality
• Embedded calls
• Exchange Options
• The importance of ex-Dividend dates
• Investment characteristics relative to
  • money market instruments
  • other perpetual instruments

Examples of relative valuation in current markets will be supplied and discussed. Note that Floating Rate issues include the HIMIPref™ Indices:

• Ratchet
• FixedFloater
• Floater

. "FixedReset" issues will not be discussed as part of this seminar.

Attendence is limited; a reservation will avoid disappointment.

Location: Days Hotel & Conference Center, (at Carlton & College, downtown Toronto) Yorkville Room (see map).

Time: April 30, 2009, 6pm-8pm.

Reservations: Please visit the PrefLetter Seminar Page.

Prior Seminars on Video: The video and resource materials for the seminar on PerpetualDiscounts is available via the PrefLetter Video Seminar Page.

The February 26 Seminar on PerpetualDiscounts has been described before, and now, as promised, the video is on-line.

You may subscribe for a week via the PrefLetter Website; you will receive a password that remains valid for one week’s access to the seminar page.

This page contains Flash Video of the seminar (if you can watch YouTube, you can watch the video), or you may download the seminar to your own machine in QuickTime format.

In addition to the video, there are a host of links to articles I have written regarding various elements of the seminar; to the slides used in the seminar; and even to a handy spreadsheet or two.

This access is priced at $100 + tax, with a 50% discount to those with an active year-long subscription to PrefLetter.