Monday Morning Kickoff

Quiet–very quiet, is a good way to describe the last couple of weeks of income security trading. With the 10 year treasury trading in a range of 2.63% to 2.70% last week it is obvious with a glance that there hasn’t been market moving data being released.

The DJIA traded in a range of traded in a narrow range of 25,762 to 26,053 before closing at 26,032–just like interest rates, the trading reflected the lack of information that the market deemed important. The only news (or at least speculation) was progress on the China trade front.

On Sunday (today as we write) President Trump announced a delay on any further tariffs on Chinese goods, which had been scheduled to increase on 3/1, as good progress is being made on the Chinese trade front. This likely will help stocks a bit early Monday, but since it was expected euphoria could fade fast.

The average preferred stock was up another dime to $24.40 while we see there are 215 $25 issues trading at $25 or below virtually unchanged from last weeks 216 issues.

Last week we posited the question of whether the FED had already started slowing the balance sheet run off as the previous 4 weeks showed a runoff of only $19 billion. Last week the question was likely answered as the runoff was a massive $47 billion which gives us a 5 week running total of $66 billion which actually is the largest 5 week runoff that has occurred.

Last weeks economic data releases continued distorted by the previous government shutdown. We had durable goods orders come in soft compared to forecast for December. The Philly Fed Index came in very soft at -4.1 as compared to 17 the month before and the 1st negative reading since 5/2016. The manufacturing Purchasing Managers Index-came in soft while the services Purchasing Managers Index came in a tad firmer last month. Existing home sales were softer than anticipated as the housing market continues in a tepid fashion. Leading indicators were released and it showed softness–but not certain why they bothered to release it as 3 of 10 components were missing due to the partial government shutdown.

All in all we would say the economy is far from overheating at this point in time and would think it would bode well to hold interest rates at current levels–certainly no chance of another interest rate hike by the FED in the next few months.

The economic calendar for the coming week is the largest schedule we have seen–maybe ever. Of course any number of the releases could again be delayed.

Key to the week will be testimony to congress from Fed Chair Powell on Tuesday and Wednesday.

Tuesday we have building permits, housing starts and the Case Shiller home price index. We also have what to us is ultra important and that is consumer confidence (of course everyone else yawns).

Wednesday we have pending home sales as well as factory orders.

Thursday we have the 1st and 2nd estimates of Q4 GDP–we have average forecast in the 2% area–BUT GDP Now from the Atlanta Fed has a forecast of 1.4% so we have a wide range of forecasts and they could be market moving. We also have the Chicago PMI on Thursday and Fed Chair Powell will be testifying before congress.

Then on Friday we personal income, consumer spending, core inflation, ISM manufacturing index, consumer sentiment, and motor vehicle sales.

So we have bunches and bunches of opportunities for traders to find an excuse to move markets in a violent manner–but who knows if anyone will get excited about the data this week or if we will see more shrugging of shoulders.

Last week we saw the new CMS Energy 5.875% baby bonds with a 2079 maturity begin to trade under ticker CMSD closing the week at $25.10.

CEF Priority Income Fund finally got their new term preferred launched with a coupon of 6.625% with a mandatory redemption date in 2024. The issue has a permanent ticker of PRIF-C, but is now trading under the OTC Grey Market PRNCP and last traded hands at $24.75.

Stifel Financial sold a new fixed rate preferred issue last week with a stingy coupon of 6.25%. For a non investment grade issue which is non cumulative and perpetual this seems kind of low. The issue is now trading on the OTC Grey market under temporary ticker SFEIP. Last trading was around $25.20.

76 thoughts on “Monday Morning Kickoff”

  1. I have one last little tip here that some may not know. If you want to track new issues on OTC which include these Canadian resets that dribble out in OTC check out this link from Finra…It will show additions, deletions, and even dividends depending on how you manipulate the variables with the calendar also on the link.
    For example recently I saw another Altagas issue leak out. It is Canadian dollar and not one I personally value more than ALTGF…And another example of something different than the utes and pipelines is this one..
    BKFAF
    Brookfield Asset Mgmt Inc Pref Shs Series 2 CL A Fltg Rate (Canada)
    Other OTC

    Here is the actual link.
    https://otce.finra.org/otce/dailyList?viewType=Additions

  2. I’ve been trying to research preferreds for Fairfax Financial, not Enbridge, which is probably adding to my confusion… Using FRFHF’s Ser. C as an example, there seems to be a TSX issue FFH.PR.C that’s quoted at 19.82, but the OTC issue is FXFLF and that’s last quoted at 14.71….. How does that differ from what’s being talked about here about creating an EBGEF vs. ENB.PH.V? I’m assuming the difference between FFH.PH.H and FXFLF is the Canadian dollar vs US dollar translation plus or minus a skosh, so how does EBGEF vs ENB.PH.V differ from that?

    1. A TSX quote includes a notation of the currency it’s being traded in (or at least my quotes do). Your broker would automatically do a currency conversion to US$ if you purchased direct off TSX. Although all issues I have ever purchased OTC were US$ denominated, I am unsure that is absolutely true.

    2. 2WR, yours and P’s assesment mirrors my thoughts. When you buy a Canadian issue in Canadian currency it gets adjusted on OTC through USD, roughly 25% less than Canadian price. But if a Canadian issue is paid in USD then no conversion should occur when buying on OTC. In theory if something is $23 on TSX, you should be buying roughly at $23 on OTC. Occassionally you get fleeced a few cents or I have anyways. But these are long term holds so I wasnt holding out to try to snag at a possible rock bottom. Most of time I wound up placing a higher bid to get it noticed and then it transacts at a lower price…Take ERRAF today…I didnt like sitting on an odd lot so I bought 80 shares to round it up…This little 80 share bid sat for 4 hours untouched at $15.30. So just before market close, I bumped it to $15.40 and it immediately transacted at $15.29…Go figure that out. Its just the way it works with my bids for some reason.

      1. Grid – You’re making me feel dumb… Where does one start to feel comfortable he knows for sure what currency he’s supposedly trading in on these issues? To be more specific using the Fairfax example of Ser C preferred I’ve used so far, if I’m planning on bidding OTC and not TSX, can I not bid comfortably on the FXFLF symbol until I’ve confirmed for certain from some other source that the TSX symbol FFH.PR.C is a preferred originally issued in USD, not Canadian? That’s necessary because there’s nothing within the symbol itself that tells me with certainty FFH.PR.C is either USD or CD? If that’s the case, then I can’t even bid via TSX based on the FFH,PR.C symbol itself until I know for sure its starting point currency and that info has to be derived from some other source other than TSX, right? It just seems so arcane – either that or I’m missing something apparently obvious to most but not to me or apparently, to the guy who sold you EBGEF @ 15.40 ish. Perhaps therein lies the opportunity in the first place…. BTW, in the example I’ve used, I thought I’d confirmed independently (but not with 100% certainty) that the Fairfax Ser C was issued in USD originally but the difference in quotes between FXFLF and FFH.PR.C sure doesn’t say that. Hmmmmmmmm, I think I may go buy an index fund… Right now, I’m trying to keep in mind the old adage, “if you ask a question, it makes you look stupid for 5 minutes – but if you don’t ask – you stay stupid for fifty years.”

        1. 2WR, you are overthinking it because of my post of the foolish price I snagged on my purchase and it has you over catious (not a bad trait btw, lol). However for your specific situation it is basic. FFH.PR.C is definitly priced in Canadian currency…The prospectus which I just read clearly stated it is a Canandian currency issue. This one will reset in less than a year off the then 5 year Canandian bond plus 3.15% kicker. This will be its second reset…..OTC does not make transactions in Canadian..Just USD only. The converter is presently 75.6 cents. So a “fair bid” would be to take the Canadian price and multiply it by .756 and you get the US conversion price in OTC. But, since these shares are sometimes pass through, somebody probably needs a cut of the action to move them. So I always throw a few cent bone out there extra on ask. Generally I assume you are not pairing up trades with Joe Smoe looking to sell his shares, but a brokerage willing to funnel them through to make transaction.

          1. Grid – My apology. I had thought I read where Ser C differed from the other Fairfax preferreds and was a USD issue. Going back to the 10k equiv doc where I thought I’d read that, it’s actually quite clear it’s not…. So my confusion wasn’t because of your post it was because of my faulty brain. Nevertheless, bottom line lesson learned is if someone’s to play in this space, they have to independently determine in advance from an external source whether or not the TSX version of the security was originally issued as USD or CD. The answer is not necessarily baked into the TSX symbol’s description, right?

            1. 2WR, I dont trust it myself, so I read prospectus and compare the US OTC trading price with TSX to make sure it looks “currency correct”. I am still no expert, and I have read over and over before I started to ensure I had a reasonable understanding. Admittedly 5 ticker symbols dont stick in my brain like 4 symbols do. I guess that is reaching the upper end of my cerebral capacity.

              1. Grid – thanks for all the help on this… I think I’m finally getting there… One final question – are you able to see bid/asked spread on OTC issues anywhere on the ones you’re interested? So far, again using my FXFLX example, I haven’t found a current bid/asked during the day anywhere, just a last trade number and a date of last trade on OTCmarkets. TDA seems to have nothing in the way of quoted markets even though that’s where I can enter my bid, not Fidelity.

                1. 2WR, we got 2 issues here…Most of these resets are having spotty at best bid/asks… Now that EBBNF has been out on OTC it for example seems to be having consistent (but fake) wide bid/ask spreads…Now here is the bad news…Your issue of interest will never have a bid ask because it is a grey market issue. Grey markets do not have true market makers.
                  You can see individual sales and volume on this issue here…
                  https://quotes.freerealtime.com/quotes/FXFLF/Time&Sales
                  That will have to be your marker. I dont mind Greys but they are more blind…ERRAF that I have bought a decent slug of is grey market. I have owned FIISO for years and its Grey market.
                  The bad thing about Greys is since there is no market maker, your broker could send your bid out into waste land, where other people are buying and at even lower prices and your bid just sits in purgatory. At that put you could have to call desk and have them call around different books to find you a “quote”. Quote is in quotations because there is no such thing as a quote on greys…Just “suggestions”. I have had to do that with other grey purchases in the past…ERRAF moves like hotcakes for me on TD…At Vanguard they look at it and tell me they dont have a clue on how to get me any.
                  Speaking of them they still have me pissed off over EBGNF. And cancelling my trades. Mostly from them screwing me over on CKNQP forcing me to sell when they let Bob keep his..I noticed they cleaned it up on one tranche, but not the other batch. If those bastards are still there and at purchased price, I am dumping them and locking in the gain. They clear at open. And if they do, tough crap for them. Been reading anyways and this is supposed to be done within 30 minutes of transaction, not 24 hrs later.

                  1. Amy and Grid, can’t tell you how much fun it was telling the TD rep today that when they looked at EBGEF they may never again see an issue only 3 days old and that my online friends made it happen. Holding in taxable and was only able to pick up 200 as getting the thing to execute, albeit at what I wanted to pay, was like pulling teeth. Best I can tell, they’re scrapping off about a dime on the transfer. Under the heading “looks too good to be true” I have read, re-read and researched this thing to the hilt and can find absolutely nothing amiss. It appears to be the best no-brainer since December. Thanks again to both of you…now if I can just pull a few more in – but also want stay away from the 1116 which has it’s own set of cautions on a case by case basis.

                    1. Im glad you are enjoying it Alpha, I got pummeled on it today. I lost $3600 on it today…My trade went from $15.43 to $19.71…What a butt kicking! :). I still think they are lying to cover their ass not wanting to eat it. The trade wasnt cancelled within an hour. But they control all the buttons so it isnt worth fighting when I know it was wrong anyways. If I could just kick someone from Vanguard in the gonads for lying to me about CKNQP, I would call it even and be over it!

                    2. Grid, re your spectacular trade they yanked away, yeh – that’ll peeve you off for sure. Well, you got the 19.71 – though clearly not the same. I learned in the process today that they’re using a trading platform called c-stewart. They inferred they had to do a manual change to my order today to get the trade to engage, which sounded odd. But hey, if this stuff was sitting on the NYSE it’d be at par, so I happy to make a few calls. Real bummer about that trade being pulled Grid.

                    3. RE EBGEF. Thank you Amy and Grid. Not only did I learn about a whole new arena to look for income opportunities, but I learned how to find out what series (5), but how to read the prospectus, learn it is in USD, and figure out the yield going forward on my own (6.75% at my $20 entry), so thanks for the info and a guide to the process. Trade was TDAM with no issues, used limit order. Sucks about your reversed trade, Grid, did not realize they could do that. Still their court, I guess

                    4. Alpha, that is odd, as a separate purchase that day I bought 400 shares of EBGEF on Tuesday from TD. I had to call TD up to have them load the issue, but within 5 minutes I bought them online.

                    5. Grid, yes – the trade-desk TD rep said they needed to change the routing to something called c-stewart. I had to hold on, then he returned and indicated it was set. The second trade of 100 triggered about an hour later at 19.98 (confirmation text around 11:45 PST). But I know little of the dark closets behind the phone line that they were wandering around in. And 400 shares? I was using a 4-wheel drive to get the second 100. What is “load the issue”. This one kernel at a time thing is for the birds.

                    6. Alpha, I suspect me setting a higher bid at $20 that day aided my cause. They transacted immediately. Of course at the time I thought I already had 1250 at 15.43 from Vanguard, lol…But those after my complaining were reinstated to low trade of the day at $19.71. That was the bone tossed my way.

                    7. Grid, What’s the part about having them load the issues? I was setting low volume orders to try to cause a trigger because it was just sitting there.

                    8. Grid I just realized (or at least it appears) my 1 kernel of 100 shares was the only trade today. So maybe the larger original order would not have cleared after all –

                    9. Alpha, I have no idea. I got mine from TD Monday morning. After Vanguard shares hit, I went to TD. Noticed it said unrecognizable ticker (despite showing a trade price, presumably Amys from Friday) so I called. I told them FINRA just loaded it Friday, and he kept and said they hadnt loaded it yet. He said give it a couple minutes. I did and then put the bid in and all 400 hit in a minute or two.
                      To be honest I havent had a bit of problem filling any of my orders of AlTGF, My 3 Enbridge issues, Canadian Utilites, Emera, or Fortis preferreds. Have actually sold some of these to to move out of tax free accounts and they all moved very quickly at or better than my price entered. On my Altagas I struggled sometimes with avoiding a dropped trade with Vanguard, but when I did TD bought them quickly. Now Vanguard seems to accept orders better without dropping trade from their markets they send to.

                    10. Grid, seems maybe I need to be more patient and also up the ante on the offers. When we’re going to be storing them in the attic a few extra nickels on the front end won’t matter. I’ll be back at them in the morning. I never would have known about these if not for you and Amy. Gotta buy Amy a steak dinner too now.

                    11. Alpha, I just bought 500 more of it at $19.98 today. Burp…I have a stuffed position now. Look at EBBNF yield which is sub 6% right now. The kicker is higher here, but I think the opportunity will there to flip out of some for a gain if I so desire, once that new reset yield is more noticeable. If not, I am fine holding them all now.

                    12. Timdman, yes that is correct about those issues. Traditionally the true more regulated utility preferreds just command more of a price premium (lower yield) than other companies despite similiar credit rated profiles. But with the resets there is another variable in play than just present yield. The kicker of each issue in relation to reset date all bring in other factors. For example, EBBNF which has moved up nicely since I purchased is back to 6%. But its kicker is over 3% compared to EBGEF of a bit over 2.5%. Plus the reset years are different..EBG will be 2024, while EBB will be 2022. A typical preferred can have to move ~ $2 to adjust for that 50 basis points, so that matters in relation to price point purchased based on future rate assumptions.

                    13. Grid, Added another 500 EBGEF. Online orders were rejected so had a birthday go by while on the phone for 38 minutes with young TD rep who did not understand the routing. Next time straight to the trade desk. Not a ton available they dribbled out at 200, 100, 100, 100 @19.99. And yes appears when the reset is more visible there should be an upside.

                  2. Timdman, glad you feel like you learned something. The learning and research process is half the fun for me. Of course the process is more enjoyable when we are able to profit from it also. 🙂

                    1. Thanks Grid. Never stop learning. Now you ‘ve got me adding Canadian currency conversion to the mix. FTRSF and ERRAF appear to be Canadian dollar based, on conversion, they appear to trade about equal to EBGEF, which is USD. Yield looks like lower 6% though.

            2. 2whiteroses, I’ve been meaning to thank you for your nice recommendation a few months back on NEWTZ. Been an excellent past call hold and I appreciate your advice on buying it with excellent timing. Wishing you profitable investing, Nomad

              1. Nomad – How nice..You’re welcome…. I don’t understand why they continue to leave this little amount of NEWTZ outstanding when they’ve made 2 partials in the past, but I’m glad to take it!

  3. I would very much like to see a Canadian Preferred section added to the website, so that those discussion topics and resources can be aggregated in one place. I think this would benefit the folks interested in Canadian shares as well as those who aren’t.

    1. Citidel, the beauty of this issue like EBBNF is it is in USD off US 5 yr and US kicker. So the only real complicating factor is the 15% holdback one must file to reclaim as a tax credit.

  4. I just bought 1250 shares of an issue at $15.42 and $15.43 which is BBB- and equates to an 8.8% QDI yield. I wont mention ticker yet, because this is such a gift I have to triple check everything here. It makes me question if I screwed something up, but everything cross checks correctly. And I got it $2 under my bids. Trying to buy on a different brokerage a dollar above my last purchase and getting nowhere. Yet is is trading over $20 on TSX. However, it pays in USD, not Canadian. Trying to figure out if I got a helluva of a deal or my math is wrong. The ticker symbol for OTC was just created Friday.

      1. Daniel, I will add to it in a bit. Putting out wrong information is not what I like to do. It will make sense in a bit as it this been an ongoing discussion about Canadian resets if you have been reading the posts. If not I will briefly add a summary.

      2. Daniel…the interest in the post and the benefit by reading it to me, is trying to research the clues given and trying to find the answer before Grid posts it.

        1. Shooligan, that is half the fun to me, digging in the dirt for little tiny gold nuggets, lol…If I wasnt a pensioner I may have a different attitude and outlook, lol…Amy posts here and on SI. I was throughly impressed with the dogged determination shown to see this through…A true investing Pit Bull!

          1. Grid, I must say that this is the best compliment I have ever received!! I love being called a pit bull. Much better than what my family calls me (“annoying” and “stubborn”) but my friends do refer to me as a “pit bull with a meaty bone'” when I want something. :>)

            I must say that sleuthing out this issue did give me a run for my money. I just jealous of your purchase price but you deserve it with all of the time and effort you put into finding these nuggets.

            1. Amy aka “The Pit Bull”, I’m double impressed. As you probably know, OTC listing isn’t free and it cost your broker money to get it done.

              1. Hi P,

                I was not aware that this would cost Schwab money.

                I have unlimited free trades with them so they did not make any money off of this from me! Maybe I should send them a box of chocolates from all of us. :>)

            2. Well I owe you Amy, as you were the only one who could move the ball across the goaline on this issue. As others have already noted at $20 its yield is way above most of the others. I was quite fine with my $20 purchase also today. The low price on others was just a bonus. Remember when we first started working on this it was trading under $19, it just kept drifting up, outside of my oddball purchase.
              One thing is certain, through your hard work, I understand process better. And in reality, with right brokerage one can get apparently any issue to be assigned an OTC ticker and then trade here. But I guess it starts with a brokerage with an international trading division.

              1. Grid, I agree it’s a good trade even at $20. Just when I knew it’s all about the money something magic happens and restores my faith in humanity. Not a lot, but a little bit. Good job Schwab too.

              2. Grid…I have a long way to go to pay you back for all of the help you have so generously offered your fellow investors. I was happy to be able to reciprocate on this issue.

                I also learned that Schwab’s Global Investing Services dept was very helpful for these non-US issues.

      3. Ok Daniel, here it is…I have confirmed the best I can and through brokerage…As Nomad says, each person do their own deligence, as I am more willing to step out into the more wilder frontier of investing. This is the Enbridge Series 5 preferred.
        Current TSX pricing. https://www.marketwatch.com/investing/stock/enb.pf.v?countrycode=ca
        Prospectus
        https://www.enbridge.com/~/media/Enb/Documents/Investor%20Relations/2013/Pref%205%20Prospectus.pdf?la=en
        Reset notice effect March 2019
        https://www.prnewswire.com/news-releases/enbridge-provides-notice-of-series-5-preferred-shares-conversion-right-and-announces-reset-dividend-rates-300787127.html
        It pays as mentioned in USD off US 5 yr. Anyways Amy and I were discussing this issue a couple weeks ago knowing it would quietly reset to 7.1%, but no trading ticker was available on OTC. Through her dogged determination through Schwab she single handedly got this issue bought and through her own actions directly caused the ticker symbol EBGEF to be created on FINRA Friday which now allows for trading of the Series 5 on US OTC.
        The process was several days and price kept creeping up. Amy got in and price kept going up and my brokerages were still not allowing trades. Once FINRA assigned it I was able to trade today. How I got in at that price $2 plus under my bid I will never know. One thing is sure, they arent doing it anymore as I tried to buy a slug more, lol.. I would have been pleased with the 6.75% I was shooting for, but if its 8.8% that is cool too.

        1. Grid – I believe the reset rate for ENB.PF.V, effective March 1, is 5.3753%.

          Now, if you can get a ticker for ENB.PR.V, we will be set.

          Readers should know there are very few Cdn preferred that are denominated in US$.

          1. Bob, I think I bored you with too much info as I noticed I did have it in earlier post, lol.. Bob, I like those USD denominated Canadian resets myself. I have 3, EBGEF, EBBNF, and ALTGF.

            1. By my count there are only 5 issues in total, 4 from Enbridge and the one from Altgas. You have exhausted the market opportunity!

              1. Bob, have you checked the banks, or reit resets? I have never checked outside of Enbridge and Utes. Just doesnt interest me for some reason. TransCanada has a boatload of preferreds (think Keystone pipeline) but I have not investigated to see if they have any US denominated ones though.

                1. Grid – I cannot say 100% but to my knowledge there are just the 5 US$ denominated Cdn issues, 4 of which (now) have US tickers. There are other Cdn issues with US tickers but all are denominated in C$. No banks or REITS to my knowledge in either category. Vast majority of Cdn preferred are unavailable in the US without going through a Cdn brokerage (or more precisely the TSX).

        2. Grid,
          Even at 20$ ENB.PF.V was priced better compare to the ENB sisters (ENB.PF.U,ENB.PR.V,ENB.PR.U)
          I cannot understand how you were able to get 15.40th . It is very liquid on TSX. My guess is somebody lost his mind thinking it is trading in CAD on TSX which gives conversion 20/1.30 at 15.38 which is very close to your price.

            1. This is all confusing to me…. Is it just coincidental that you managed to get this at new symbol EBGEF at a dollar price that would essentially translate to the US dollar equivalent of the Canadian symbol’s price of ENB.PF.V or did someone behind the scenes make a mistake to your benefit? Is EBGEF theoretically the same security as ENB.PF.V and are they both supposed to be in the same dollar be it Canadian or US???

              1. 2WR, that is my assumption. This thing should (to my understanding) trade off USD on TSX since its US currency based. So no conversion should be needed.

        3. I would like to know who Amy talked to at Schwab. When I enter EBGEF on Schwab’s StreetSmartEdge online trading app no info comes up at all, making it untradable through that system.

          1. Mikeo, they did it manually for her so you may have to call them to enter it into their platform. When I went to buy my additional 400 I bought from TD this morning it said ticker was unrecognizable also. So I called and they entered it, and then I quickly executed the trade. FINRA made ticker trading possible, but each brokerage still has to enter it into their platform though. One of mine did the other didnt. And the third one wont even allow F ending stocks to be traded so I didnt even bother. She actually bought them before FINRA assigned ticker symbol. She got them through the global investing desk.

          2. Well, apparently StreetSmartEdge isn’t smart enough regarding EBGEF. Called Schwab bond desk and they said to just enter the order on the regular Schwab web page, so did. Limit order for 300 @$20.15 (last) and got immediately filled at $19.96. aI’m happy and thank you Amy for your work getting it listed OTC, and thank you Grid for documenting it here.

            1. Mikeo, you might have bought the last batch today. As it ended there. But who really knows…My first trades never did show up anywhere. And that was 1250 shares…On free quotes, your trade and my 400 at $20 showed up.

              15:54:31 19.96 300 OTO
              14:39:36 20.15 500 OTO
              13:18:46 20.148 50 OTO
              13:18:46 20.148 200 OTO
              12:48:25 20.00 400 OTO
              12:44:42 20.28 100 OTO
              12:44:42 20.28 200 OTO
              12:44:30 20.28 100 OTO
              12:34:51 20.273 200 OTO
              02/22 19.85 500 OTO
              02/22 19.8502 1020 OTO
              02/21 19.4973 750 OTO
              02/21 19.50 300 OTO

              1. Grid, what’s the story on ALTGF? I got a partial fill on 100 @$20.15 and that looks like all the action there was today. Seems to have a USD yield of ~6.8% at that price.

                Guess I’ll need to find out more about the magic Canadian tax rebate form when the time comes, or should I do it right away?

                    1. Mikeo, this is just me..I am not screwing with the tax free eventually once I get my plan figured out. All recent buys are in taxable. They are going to take out the 15%. That is a given..Now if your purchases of Canadian resets will leave you at $2000 in total dividends the process is smooth. Well actually since you are married if you file jointly its $4000…Because they will withhold 15%. 15% withheld from $4000 is $600.. $600 married is the max you can claim on your taxes withhout filing form 1116. You would just file a simple recapture without form work… Now if you blow over it, 1116 comes into play. I am going to blow over limit, so I am just going to live and learn, man up and deal with it next year.
                      But $4000 dollars in reset dividends is a lot being married so you have flexibility to stay under this year and take baby steps testing the process out if you want. I am just learning the ropes here myself so it will be an adventure for me.

                  1. Grid, there’s an interesting nuance to the foreign tax capture credit. Form 1116 is not necessary if income does not exceed $300/$600 single/joint. Though if foreign taxes exceed this amount, the following applies: “Your foreign tax credit cannot be more than your total U.S. tax liability multiplied by a fraction. The numerator of the fraction is your taxable income from sources outside the United States. The denominator is your total taxable income from U.S. and foreign sources.” or: (Foreign Income/U.S. Income)*U.S. Tax liability. In some cases allowable foreign tax credit could be less than the foreign tax withheld, or even less than the qualified $300/$600, though there is a carry-forward provision. https://www.irs.gov/individuals/international-taxpayers/foreign-tax-credit-how-to-figure-the-credit

                    1. Very true Alpha…I blew by those numbers when I first researched and modeled it, but each persons tax situation and bracket are different. Each person should make sure they are in position to maximize the credit. But one can carry forward any unused tax credits into future years also though. It also can be modeled as a deduction instead of a credit too. The overall mechanics of all of this is not complicated, but needs to be read and understood. Summary articles abound on the internet.

          3. Hi Mikeo,

            Try the plain ol’ schwab.com. EBGEF shows up there. Last trade $19.96, vol = 2,050.

            1. Thanks for your work on this Amy. Hope I’m not stepping on your action here in any way. Much appreciated, I assure you.

    1. I was hoping to get EBGEF for a little less than $20. Instead I got it at 15.24!
      But that was short lived. A few hours later I was told that was a mistake. There seems to be confusion over US vs C dollars. Too bad it was noticed. In the end I still got it at a reasonable price.

      1. They can eat the salt from day old worn britches on my buy. They are not doing that to me. Trade says non negotiable, and I printed it off! 🙂 They told me life sucks when I over paid on a bad punch in before on a trade. The worm is turning on them this time.

        1. Yum, day old salt tastes great…Not…I got the call and they shoved it down my throat. Not without a fight though… Learned a lot about the process, and nothing to my benefit, lol….The only bone I got thrown my way was an agreement to buy at yesterdays session low of $19.71. The little man gets squashed again, lol…

          1. Grid,
            Ah… Somebody didn’t want to swallow 6K loss on your trade. I thought they would call you anyway but for a different reason. There is seems to a rule that a trade can be reversed back if it was executed at significant deviation from the last buy/sell transaction to avoid market manipulation. At least I experienced this a few times in the past.

            1. LMR, you are correct…A 10% deviation for $25 and under price. But I read deeper and they are supposed to nullify trade within 30 minutes. An hour on extenuating circumstances. But as you know there are several layers to the execution and and I dont know the direct reference to whom it must get cancelled too. So its possible that comment isnt in reference to me and maybe it was cancelled then and just slowly worked back to me.
              In one account I flipped out of an issue to create funds. I bitched at them to then reverse that trade as the stock had jumped a dime, and I wanted that dime, lol. So they did that for me…See they can do anything they want and reverse anything. Makes me suspect they know they screwed up.
              But I had a seperate block purchase in separate account and they caught that too and agreed to give me lowest purchase price and time to transfer money to pay the additional cost…This got me thinking more they are trying to pull wool over my eye. Then I start getting more pissed how they screwed me over on CKNQP and lied to me.
              I get it that it isnt the trading range price and normally I am a right is right guy. But Im pissed over that CKNQP and want my pound of flesh! 🙂 This tranche is still showing a gain of $3500 so it hasnt been washed yet. They better hope I get over this by morning or there going to be some more phone calls coming my way after I sell this!

          2. Grid, I wasn’t happy either. In my case they changed the price TWICE. I could have cancelled the buy but at the new div of 5.3753% and my cost I’m getting 6.7% so it’s a keeper.

            1. Danzeb, Yes, if they would have just done it right the first time, I wouldnt have gotten made about CKNQP all over again. He noticed the one block I bought at 15.42 I had a bid of $16. After he was yanking them he offered to repost my standing bid at $16 again. Thanks alot Dhead. That pissed me off more!

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