Seminar, April 30: Floating Rate Issues

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

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.

Thursday, April 30

Floating Rate Issues: Theory & Practice

"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.

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: â—¦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.


3 Responses to “Seminar, April 30: Floating Rate Issues”

  1. […] am pleased to announce that the Seminar on FloatingRate issues has been accredited for four hours of IDA Continuing Education – Professional […]

  2. […] remarked on the effect of the precipituous decline in prime during my Seminar on Floating Rate Issues (which is available for purchase) … but I confess, the idea that buyers could be trading […]

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