The fund strongly outperformed in June July, due largely to stellar performance by insurer-issued DeemedRetractibles and BNA.PR.C. Another major factor was the relative performance of FixedResets, which underperformed DeemedRetractibles by 58bp over the month – …
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August 3, 2012
Good news! The CEO of RBS says LIBOR rigging isn’t his fault: Royal Bank of Scotland confirmed for the first time on Friday it had dismissed staff over an interest rate rigging scandal but the …
YLO Proposes Recapitalization
Yellow Media Inc. has announced: a recapitalization transaction (the “Recapitalization”) aimed at significantly reducing the Company’s debt and improving its maturity profile, with debt first coming due in 2018. The Recapitalization will allow the Company …
Credit Suisse to Issue High-Trigger CoCos
Under pressure from the Swiss bank regulator Credit Suisse is issuing High-Trigger CoCos: Credit Suisse today announced a number of measures to accelerate the strengthening of its capital position in light of the current regulatory …
BBD.PR.D to Reset to 3.134%
Bombardier Inc. has announced: As of August 1, 2012, the Series 3 Preferred Shares will pay, on a quarterly basis, as and when declared by the Board of Directors of Bombardier Inc., cash dividends for …
MAPF Performance: June 2012
The fund underperformed in June, due largely to poor performance by insurer-issued DeemedRetractibles and BNA.PR.C. With respect to BNA.PR.C, a major seller appeared towards the end of the month who disposed of a large block …
June 20, 2012
The Fed has a new slogan – Twist & Shout!: The Committee also decided to continue through the end of the year its program to extend the average maturity of its holdings of securities. Specifically, …
June 18, 2012
The Europeans have a grave problem: they’re being criticized by parties they don’t regulate: Tensions between Europe and the rest of the G20 broke wide open in Los Cabos as the president of the European …
BBD.PR.D To Reset to 255% of GOC5
Bombardier Inc. has announced: the basis for resetting the dividend rate on its Series 3 Preferred Shares in accordance with the terms applicable to those shares. Holders of Bombardier Inc. Series 2 Preferred Shares have …
MAPF Performance: May 2012
The fund was approximately even with the index in May, as outperformance in high-coupon GWO issues and BNA.PR.C was offset by weakness in the low-coupon SLF and MFC issues. The fund’s Net Asset Value per …