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Canadian Chat

There is plenty of discussion going on throughout the site on various Canadian securities so this post is for creation of a “Canadian Discussion” page.

This was requested by a reader and it is easy to do so we can do it quickly.

Hopefully this will be a page for those with Canadian interest will meet up.

816 thoughts on “Canadian Chat”

  1. Great news for ENB: My largest holding in any company….ever. Own Common, 4 prefs and bonds across different accounts accumulated with confidence over a long span of time. Looking at the Y Pref resetting end July as an addition.
    Consistency in management over decades! Here’s to Canadian Brands and their acknowleded commitments to their citizens!

    ENB Upgraded to Pfd-2(low) by DBRS
    DBRS Limited has announced that it:
    upgraded Enbridge Inc.’s (ENB or the Company) Issuer Rating and Senior Unsecured Notes rating both to A (low), Preferred Shares rating to Pfd-2 (low), and Commercial Paper rating to R-1 (low). Morningstar DBRS also confirmed the credit rating of the existing Subordinated Notes (Existing Subordinated Notes) at BBB (low) and assigned a final credit rating of BBB to its Fixed-to-Fixed Rate Subordinated Notes due March 15, 2055, and Fixed-to-Fixed Rate Subordinated Notes due June 27, 2054 (together, the New Subordinated Notes). All trends are Stable. Morningstar DBRS also upgraded Enbridge Energy Partners, L.P.’s (EEP) Senior Unsecured Notes rating to A (low) with a Stable trend based on ENB’s guarantee; EEP in turn guarantees ENB’s Senior Unsecured Notes. ENB also guarantees the Senior Unsecured Notes of Spectra Energy Partners, L.P., which in turn guarantees ENB’s Senior Unsecured Notes. At the same time, Morningstar DBRS has removed the Under Review With Developing Implications (UR-Dev.) status of the credit ratings of ENB and EEP.

    https://prefblog.com/?p=46997 full copy and more

  2. Fee ‘creep’.. we talked about the Vanguard 7/1 fees a few times here… my 3 a/c are w Fidelity and have been since 2003. With 11 foreign stocks and ADRs all that pay dividends, this Vanguard Fee would really bother me.

    “Foreign securities and American Depositary Receipts (ADRs) dividends fee: A fee of 1% on the gross dividend amount will be charged when a dividend is paid on a foreign or ADR asset held in U.S. dollars.

    Most of us whether by need, habit or just realizing they add up- mind our pennies which we have turned into dollars over time. This would add up to hundreds of dollars for me if Fidelty goes this route. I doubt it but who knows.. I often wondered if the days of ‘zero commissions/fees/etc” pendulum would swing against us who manage our own money.

    One stock I have now the sponsored ADR manager has upped their take of dividends (CitiBank is the sponsor of BTI British Tobacco) from .005 on ea (this one pays quarterly) to .01.. so 4c a yr coming out of the divs..or about 1.4%.. at current payout rates on that one which is UK so no div tax.. if I had to pay Vanguard too, that comes to 2.4% off my yield on primarily an income stock. Of course currency risk.

    another example..which may be ‘waived’ again but hasn’t been, of fee-creep.. SGOV which I use for a large portion of cash over my SPAXX sweep, the Blackrock fee is .07% now, but they were waiving .06% thru 6/30/24..next week.. the .13% fee if they don’t continue the waiver about matches BIL the SPDR short term tbill ETF.

    Anyway sorry to go on but with a large portion of portfolio in cash and good bit allocated to foreign stocks, and still w 0 commissions on pfds, moving more into pfds is more likely in BeaVille for sure. Always something, keeping us on our toes. B

  3. Allied World Assurance 4.35% 10/29/25 CUSIP 01959EAC2 to be called from proceeds of new issue private placement by Fairfax Financial Holdings that will close on 6/24. Last trade 98.253….. this is a frustrating one that I own (and bot) at Fidelity but have been precluded from buying or selling for years……..

    https://seekingalpha.com/pr/19762628-fairfax-announces-pricing-of-senior-notes-offering-and-re-opening-of-6_000-percent-senior?hasComeFromMpArticle=false&source=content_type%253Areact%257Csection%253Amain_content%257Cbutton%253Abody_link%257Cfirst_level_url%253Anews

    1. 2WR what was the reason given for not letting you sell? I assume you are glad to be getting your money so you can roll it over into a higher yielding investment.

      1. It’s been so long ago that I really can’t tell you, Charles… I know I managed a swap into a few of these back in 2020 at a high price but picking up 170 basis selling shorter maturity Allegheny Corp bonds after having bot most in 2019 at 98.57 to yield 4.60%. It was probably last year or even earlier that I asked Fido Fixed Income why these trade every day according to your trade history but I can’t act on what I own… I probably got the “we don’t make a market or have these in inventory” line but I don’t remember whether or not I tried to escalate this by asking them to find a market…. I may not have since I knew I wasn’t a seller and would be unwilling to buy on the offered side…

        If someone can manage to pick some of these up at a discount below 99, more power to you…I don’t see anything on EDGAR on this private so maybe there’s a market opportunity here tomorrow for somebody…

        1. Just curious, I know on Long end when we had the ZRIP for returns people were locking in 4% and happy to get it compared to what we were getting in CD’s I had no interest in bonds then, just stocks. Now that rates have gone up I have been a buyer of short term bonds with the intention of holding to maturity. In the panic I should have bought some on the long end but now when I look out 15 or 20 yrs the prices and yields don’t tempt me.
          Why? because bonds remind me of gold and silver, you pay a commission to both buy and sell and for the most part you have to take what the market offers you on prices.
          Kinda like getting married, love or hate it, you’re either in it for the long haul or you take your losses when you get out.

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