Earnings
December 17, 2017 - BRE
New! Brookfield Real Estate Services Inc. Q3-2017 Earnings Update .....
December 15, 2017 - RCI.B
New! Rogers Communications Inc. Q3-2017 Earnings and Price Target .....
December 14, 2017 - SJR.B
Shaw Communications Inc. 2017 Earnings & Price Target .....
December 13, 2017 - BCE
BCE - Q3-2017 Earnings, Price Target Update .....
December 12, 2017 - T
Telus Corp. Q3-2017 Earnings & Price Target Update .....
December 10, 2017 - KEG.UN
The Keg Royalties Income Fund - Q3-2017 Earnings .....
December 9, 2017 - MKP
MCAN Mortgage Corp. Q3-2017 Earnings & Price Target Update .....
December 7, 2017 - AI
Atrium Mortgage Investment Corp. Q3-2017 Earnings .....
Recommendation Changes
SJR.B, FN, KEY, MRT.UN, SRU.UN, more...

Central Banks, Bond Markets Out of Sync – Earnings: SRU, IPL, BNE, DR, HLP

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If you believe the bond market, low interest rates, the fuel for stock price growth, are not about to change anytime soon. The narrowing yield spread between 2 year and 10 year US government bonds and a weakening US dollar is sending a message to the US Central Bank to be careful. Comments this week explain this yield spread, known as the FRED spread and clarify the message it is sending, potentially affecting valuations of both dividend and growth focused equities.

Earnings updates include SmartCentres REIT(SRU.UN, SRU.DB.B), Inter Pipeline Ltd (IPL), Bonterra Energy Ltd (BNE), Medical Facilities Corp. (DR, DR.DB.A) and Mainstreet Health Investments Inc. (HLP.U, HLP.DB).

SmartCentres REIT Q3-2017 results were ahead of last year, for the nine months per unit AFFO per share was $0.02 or 1.3% under last year. The increase in vacancy rates following Target Stores exit from Canada in 2016 has proven temporary as this mainly Walmart anchored REIT remains an attractive location for retailers. SmartCentre, formerly SmartREIT prior to that Calloway REIT, earns 25% of annual rental income from Walmart. SmartCentres is transitioning from a pure retail focused REIT to a developer of residential properties in and around existing shopping centre properties providing a major avenue for growth. The impact of e-commerce is a risk factor; however this still only represents less than 10% of retail sales, visiting a bricks and mortar store is still preferred by most shoppers. Bricks and mortar stores can deploy e-commerce segments much more cheaply than e-commerce by can by locations. Distributions were increased in Nov-2017 with further increases expected from expansion into residential real estate development and sales.

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New Issues & Acquisition
December 15, 2017
New! Coverage Universe - Weekly Price Changes Dec 8-15, 2017
December 8, 2017
Coverage Universe- Weekly Price Changes Dec 1-8, 2017
December 6, 2017
AG Growth International - New Convertible Debenture
December 6, 2017
Kinder Morgan Canada Inc. 5.2% Rate Reset Preferred Share New Issue
December 5, 2017
Fiera Capital Corp. - New Convertible Debenture
December 4, 2017
Melcor REIT - New Convertible Debenture
December 4, 2017
Enbridge Rate Reset, Minimum Guarantee New Issue
December 1, 2017
Coverage Universe - Weekly Price Changes Nov 24-Dec 1, 2017