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CPSR

@CadPrefs

Preferred Share Investor. Research for the middle of the Capital Structure. Division of Capitalight. Free trial https://teapawt.net/t.co/wkC4hsSVKA

capitalightresearch.com/cpsr
Joined October 2020
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Have you ever wondered what fair value is for a rate reset preferred share? Check out our new calculator which gives a rough valuation of a rate reset preferred shares. capitalightresearch.com/cpsr
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Gold set a nominal all-time high in Aug 2020 but has fallen back since. The long term uptrend is forecast to remain intact.
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We're hiring for our CPSR and equity analysis team - send inquiries to [email protected]
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Today’s the last day to stop by the Capitalight Research booth #1215, we’d love to have a chat with you! #PDAC2022
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Alright media people, tune in here. Someone needs to write a piece explaining the real motivation behind a lot of these "we pay cash for homes" flyers floating around. I've finally been able to review an official offer from one of these companies. Thread. 1/
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$TD.TO issued the second-ever Canadian institutional preferred share to the market today with a spread of 331BP. The preferred share index trades at 181BP spread. 1/2
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Now, the index if the 5-year yield holds for the next 5-years will be trading at a spread of 313BPs after all the rate resets rest. The question right now is do you want to make that bet?
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$BMO.TO with an LRCN out today, what stands out is the coupon at 5.625%. Just back in November $MFC.TO issued an LRCN with a 4.10%. 5-year yield is about the same level, highlighting credit spreads blowing out 140BPs
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$IFC.TO issued a perceptual preferred share with a 5.25% coupon yesterday. The coupon is a signal that with higher rates a higher yield is expected, which is something preferred share investors seem to forget.
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Of interest $GWO.TO who has a similar credit rating issued a perpetual in October 2021 with a 4.50% coupon, implying a 330BPs spread over the 5-year yield.
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$IFC.TO perpetual was issued at a 375BPs spread over the 5-year yield, implying credit spreads have expanded by 45BPs over the last 6 months.
CPSR retweeted
Alf (@MacroAlf) profile picture
Alf
@MacroAlf4 Feb 2022
The bond market is talking. Very loudly. Let me try to translate for you what it's saying. A ''wtf is going on in fixed-income'' thread. 1/10
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I love this piece
Jean Boivin (@Jean_Boivin) profile pictureJean Boivin@Jean_Boivin20 Jan 2022
Just published ➡️ ms.spr.ly/6011ZL8wP The market's focused on the pull forward of Fed hikes but there’s a much bigger asset allocation story at play. The macro environment is now being shaped by supply & we’re not used to this. A lot to unpack here. Take a look & stay tuned.
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1/14 In some respects, what happened in bond markets last week was epic, something we might be talking about for many years. A thread to explain
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If you are tempted by a relentless downtrend in a previously high-flying hypergrowth stock, do this first: 1) [ticker] US Equity HDS <GO> 2) sort by % Portfolio 3) count how many rows you have to go till the % is less than 2% 4) add up what % of market cap is above that line
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CPSR retweeted
Rod (@Rodbhar) profile picture
Rod@Rodbhar29 Nov 2021
Buying $PVF.UN at $74 and tendering to the issuer bid allows you to create preferred shares with a yield to maturity of over 14% with a very low tax rate. Prefs are non-trading and non-qualified for registered accounts. So would need to be bought in a Margin account.
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Does anyone know where I can watch the Gonzaga vs UCLA game tonight in Canada? It's not on TSN or Sportnet
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$CU.TO with a new perpetual issue announced today. The coupon is for 4.75%, which is in line with the current average yield on its perpetual preferred shares. Once again we see perpetuals favoured over resets due to higher rates coming.
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MFC.TO second LRCN is proving a flaw in the thesis that LRCN's will be called and refinanced every 5 years. MFC.TO second LRCN cost is 4.10% compared to 3.37% to its first LRCN. The spread for the second issue is 270BPs compared to 283BPs
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November is here! capitalightresearch.com/post…
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The commodization of the shipping supply chain is underway. We believe that structural inflation is developing within the supply chain. Like the oil crisis of the 1970's, these issues will take upwards of 6 years to workout.
Visual Capitalist (@VisualCap) profile pictureVisual Capitalist
@VisualCap2 Nov 2021
Visualizing Congestion at America's Busiest Port ⚓️ visualcapitalist.com/visuali…
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