I was mentioned in an article in the Globe and Mail by Rob Carrick:
There are 38 different bank preferred share issues listed on the Toronto Stock Exchange, according to Globeinvestor.com. For some ideas on which might be suitable for conservative investors, let’s consult James Hymas, president of Hymas Investment Management and a top expert on preferred shares.
Mr. Hymas highlighted the following: Canadian Imperial Bank of Commerce Series 26 (CM.PR.D). These shares pay annual dividends of $1.44 and have traded around $25.35 this week, which means a yield of 5.7 per cent. Mr. Hymas said CIBC can redeem these shares at its discretion in May, 2012, for $25, and he thinks there’s a reasonable chance of this happening. This would mean a slight capital loss, which you’d have to weigh against the high yield.
National Bank of Canada Series 16 (NA.PR.L). National Bank announced a fourth-quarter loss as a result of exposure to asset-backed commercial paper, and its preferred shares have not been immune. At current prices around $21.40, the dividend of $1.21 yields 5.6 per cent.
Royal Bank of Canada Series W (RY.PR.W). The annualized dividend of $1.23 yields about 5.3 per cent based on this week’s pricing in the range of $23.30.
The article has also been discussed at Financial Webring Forum.