Union Gas has announced: that it will not proceed with a proposed preference share redemption, planned for January 1, 2009. The share redemption, which received Board of Directors approval last September, was under consideration as …
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SFO.PR.A to Mature on Schedule
Sentry Select has announced: that, in accordance with its initial terms, the Trust’s capital units and preferred securities will be delisted from the Toronto Stock Exchange at the close of business on Monday, November 24, …
OSFI Finalizes Securitization Rule Revisions
OSFI has released an Advisory re Securitization – Expected Practices. It’s mostly motherhood, but there are some interesting highlights: Effective immediately, GMD liquidity facilities provided by Canadian FREs will no longer result in zero capital …
HIMIPref™ Tracking of IQW.PR.C Halted
It happened last month with IQW.PR.D and now IQW.PR.C has become impossible to handle in a standard manner. Today’s closing bid for IQW.PR.C is $0.25, less than what the “accrued dividend” would be if it …
Sloppy Indeed!
It will not have escaped notice that equities got crushed today: Canadian stocks tumbled the most in almost eight years, led by a record drop in raw-material shares, as tighter credit, rising unemployment and lower …
September 29, 2008
Pump up the volume! It has been a weekend of massive bank (almost-) failure and state intervention. Details are still sketchy, but Citigroup is taking over Wachovia: Citigroup Inc., the biggest U.S. bank by assets, …
September 25, 2008
Henry Blodgett of Clusterstock emphasizes a point I made September 23 regarding market value vs. intrinsic value of the securities targetted for TARB purchase in a post Warren Buffet reveals bailout’s dirty little secret: Bernanke …
MAPF Performance: August, 2008
The market continued its post-July-16 recovery in August, with the PerpetualDiscount index up 3.91% for the month, with only four of the twenty trading days showing a negative total return. The fund, with its heavy …
August 27, 2008
Yesterday, Citigroup was reported to have advised that Fannie & Freddie aren’t dead yet. Today it was Merrill’s turn: Merrill Lynch & Co. analysts said a bailout of the mortgage-finance companies is “premature” because losses …
August 21, 2008
More excitement and speculation regarding Fannie and Freddie today, with some rather vague television commentary: The companies’ preferred securities are typically held by insurance companies, mutual funds and banks, analysts said. That may cause Paulson …