August 17, 2017 - HR.UN
New! H&R REIT - Q2-2017 Earnings .....
August 15, 2017 - RUS
New! Russel Metals Inc. - Earnings & Price Target .....
August 13, 2017 - CHE.UN
Chemtrade Logistics Income Fund - Q2-2017 Earnings & Price Target Update .....
August 12, 2017 - SRU.UN
Smart REIT - Q2-2017 Earnings & Price Target Update .....
August 10, 2017 - REI.UN
RioCan REIT - Q2-2017 Earnings & Price Target Update .....
August 9, 2017 - AX.UN
Artis REIT - Q2-2017 Earnings & Price Target Update .....
August 8, 2017 - CUF.UN
Cominar REIT - Q2-2017 Earnings & Price Target Update .....
August 6, 2017 - BIP.UN
Brookfield Infrastructure Partners LP- Q2-2017 Update .....
Recommendation Changes
AX.UN, CUF.UN, FTS, WCP, REF.UN, more...

Preferred Shares- Past, Present, Future - Earnings: EMA, RNW, CPX, INE, BEP

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When it comes to earning reliable income beginning when markets bottomed following the Global Financial Crisis, the universe of acceptable investments not only shrinks year by year, so do the available yields. One of the remaining sectors is preferred shares.

The preferred shares group has evolved from being largely populated with fixed-rate dividend payors, to a much greater prevalence of issues offering variable dividend rate-resets adjusted every 5 years based on the Government of Canada 5 year bond yield. Investors wanted protection from rising interest rates and corporate finance departments were more than happy to oblige. This week's economic comments focus on the price trends for each of these two distinctly different types of preferred shares since the Global Financial crisis, and the implications this has for future performance in this group and interest rates.

Earnings updates are focused on companies operating in the power generation and utility distribution businesses. The grouping includes Emera Inc. (EMA, EMA.PR.A,B,C, E,F) Transalta Renewables Inc. (RNW), Capital Power Corp.(CPX, CPX,PR.A,C,E,G), Innergex Renewable Energy Inc. (INE, INE.PR.A,C) and Brookfield Renewable Energy Partners LP (BEP.UN, BRF.PR, A,B,C,E,F. BEP.PR.E, G, I). The current dividend yields for each are 4.4%, 5.5%, 6.3%, 4.5% and 6% (in Canadian dollars) or on average 5.3% were they all purchased together at current prices. Each has the potential for dividend growth from active capital development programs and a regulatory regime that typically grant annual rate increases. Revenues are predominantly based on long term contracts with price escalations.

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New Issues & Acquisition
August 11, 2017
New! Weekly Price Changes Aug 4-11, 2017
August 9, 2017
Intact Financial Corp - 5.3% Fixed Rate Preferred Share New Issue
August 4, 2017
Weekly Price Changes July 28 - Aug 4, 2017
August 3, 2017
Kinder Morgan Canada - 5.25% Rate Reset Preferred Shares New Issue
July 28, 2017
Weekly Price Changes July 21-28, 2017
July 27, 2017
Capital Power Corp. 5.75% Rate Reset Preferred Share New Issue
July 21, 2017
Weekly Price Changes July 14-21, 2017
July 14, 2017
Weekly Price Changes July 7-14, 2017