Earnings
May 20, 2018 - FRU
New! Freehold Royalties Ltd - Q1-2018 Earnings & Price Trend Update .....
May 18, 2018 - ARX
New! Arc Resources Inc. Q1-2018 Earnings & Price Trend Upate .....
May 18, 2018 - EXE
New! Extendicare Inc. - Q1-2018 Earnings & Price Trend Update .....
May 15, 2018 - NFI
NFI Group Inc. Q1-2018 Earnings & Price Trend Update .....
May 14, 2018 - DR
Medical Facilities Corp. Q1-2018 and Price Trend Update .....
May 13, 2018 - ENF
Enbridge Income Fund Holdings Inc. Q1-2018 Earnings & Price Trend Update .....
May 11, 2018 - ENB
Enbridge Inc. Q1-2018 Earnings & Price Trend Update .....
May 10, 2018 - KEY
Keyera Corp - Q1-2018 Earnings & Price Trend Update .....
Recommendation Changes
KWH.UN, ALA, PZA, DRG.UN, MIC(US), more...

Coverage Universe - Weekly Price Change Jan 19-29, 2018

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Markets have been fretting about rising interest rates since the first bailout following the recovery from the Global Financial Crisis. The time period immediately after the Global Financial Crisis was when the first issue of rate reset preferred shares started. From then till now almost all new issues of preferred shares have been structured with a rate reset feature.

The outlook for rising interest rates escalated in 2013 when then US central bank chief Ben Bernanke attempted and failed to reduce monetary accommodation, causing the Taper Tantrum. This was followed by newly appointed Fed vice chair Stanley Fischer introducing a policy of 4 interest rates hikes in 12 months and very likely more. Fast forward to 2018, US central bank interest rates have been increased 5 times in one quarter point increments, apparently with 4 more to follow. It has been a rough ride for income focused investments; the regular income definitely helps to ease the stress.

Even investment scion Warren Buffet loves to beat up on bonds, yet the $702B of assets in Berskshire Hathaway(BRK.A, B) are partly financed with $102B debt . Strip out the policy liabilities associated with the insurance segment and the debt equity ratio is about 30%. There is enough cash in Berkshire to pay off the debt, yet it is awaiting an attractive acquisition opportunity. The acquisition will likely include some cheap debt on the acquired companies' books. Success for equity valuations depends on a foundation of inexpensive debt capital allowing the common shareholders to benefit from the leverage this gives to earnings. Take away the cheap debt with rising interest rates and it is not only bond valuations that suffer.

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New Issues & Acquisition
May 18, 2018
New! Coverage Universe - Weekly Price Changes May 11-18, 2018
May 17, 2018
New! Intact Financial Corp. 4.9% Rate Reset Preferred Share New Issue
May 17, 2018
New! Emera Inc. 4.9% Minimum Rate Reset Preferred Shares New Issue
May 12, 2018
Coverage Universe - Weekly Price Changes May 4--11, 2018
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April 27, 2018
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April 20, 2018
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April 13, 2018
Coverage Universe - Weekly Price Changes Apr 6 - Mar 13, 2018