Earnings
May 23, 2019 - CM
New! Canadian Imperial Bank of Commerce Q2-2019 Earnings - Price Target Update .....
May 23, 2019 - IPL
New! Inter Pipeline Ltd - Q1-2019 Earnings - Price Target Update .....
May 21, 2019 - KEY
Keyera Corp. Q1-2019 Earnings, Price Target Update .....
May 19, 2019 - CHE.UN
Chemtrade Logistics Income Fund - Q1-2019 Earnings, Price Target .....
May 18, 2019 - CNQ
Canadian Natural Resources Ltd. Q1-2019 Earnings .....
May 17, 2019 - FRU
Freehold Royalties Ltd - Q1-2019 Earnings, Price Target Update .....
May 15, 2019 - VET
Vermilion Energy Inc. Q1-2019 Earnings & Price Target Update .....
May 14, 2019 - ENB
Enbridge Inc. Q1-2019 Earnings & Price Target Update .....
Recommendation Changes
EIF, DR, FTS, CPX, CJR.B, more...

Coverage Universe - Weekly Price Changes - Feb 15-22, 2019

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Monetary Policy About Face

The outlook for interest rates has changed since the beginning of this year, from for sure going higher to now heading lower. This is in line with my expectations, except the extent and pace of the decline is larger and happening faster than anticipated. This is proving dizzying for markets, sensing the flight to the safety of bonds means the economy is weakening. Comments this week explain why rates have fallen further and faster than was forecast and how yield focused investors stand to gain from this.

Earnings reports this week include Power Corporation of Canada POW), Great-West Lifeco Inc.(GWO), Sun Life Inc. (SLF), Manulife (MFC) and Northland Power Corp. (NPI). With the exception of Northland Power Corp, the other four names are primarily in the insurance and investment management business. Revenue sources are from the sale of insurance and investment products and from investing funds held in reserves pending possible claims. Unlike the banks whom rely on earning a spread between deposit interest rates and lending rates, insurance companies with their substantial reserves invested in markets stand to do well when interest rates are low. They function as a no fee ETF with investment management services tossed in.

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New Issues & Acquisition
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New! TD Bank 5.1% Rate Reset Preferred Share New Issue
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Coverage Universe - Weekly Price Changes - May 3-10, 2019
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Capital Power Corp - $150M, 5.75% Mininum Rate Preferred Share New Issue
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