Earnings
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March 20, 2019 - MFC
New! Manulife Financial Corp. 2018 Earnings & Price Target Update .....
March 19, 2019 - NPI
Northland Power Inc. 2018 Earnings & Price Target Update .....
March 17, 2019 - PKI
Parkland Fuel Corp. 2018 Earnings & Price Target Update .....
March 16, 2019 - DR
Medical Facilities Corp. 2018 Earnigns & Price Target Update .....
March 15, 2019 - NFI
New Flyer Group Inc. 2018 Earnings & Price Target Update .....
March 14, 2019 - CNQ
Canadian Natural Resources Ltd. 2018 Earnings & 2019 Price Target .....
March 12, 2019 - SU
Suncor Energy Inc. 2018 Earnings & 2019 Price Target .....
Recommendation Changes
NPI, NFI, ALA, PPL, TRP, more...

Non Inflationary Growth; Earnings: RPI, EIF, CRR, REI. SRU - Preferred Shares

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Recent economic data is confirming there is little risk any of the major economies will overheat enough to generate sustained inflation. US central bank chief Jerome Powell has confirmed there is no rush at all to raise interest rates.

GDP growth rates are returning to the long run normal level of about 2%, inflation forecasts are much the same at 2%, labour data is inconsistent. Central bankers are spending much less time at the media microphones talking about raising rates. This is a big change from as recently as January of this year, when popular opinion was central banks were firm in their resolve to keep on with raising interest rates. The era of technology is muting inflation, and increasing productivity. Even trade tariffs and ballooning US trade imbalances are not enough to kick start inflation. The lack of inflation is also the reason why rising government debt levels are being tolerated by the bond markets. It is important for this to continue; comments this week discuss why.

The waning outlook for higher interest was also apparent last week in the Canadian preferred share segment. On average there was no change in price for the fixed rate preferred share issues, rate reset preferred shares lost 1.8%. In a flat to possibly declining interest rate environment, the value accorded to the rate reset feature is lessening. For a flat interest rate outlook, rate reset preferred shares will have to be priced to yield the same as comparable fixed rate names. If the outlook shifts to a drop for interest rates, the rate reset feature will be accorded even less value. The reappearance of fixed rate preferred share new issues might not be that far off.

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New Issues & Acquisition
March 21, 2019
New! Atrium Mortgage Investment Corporation - New Convertible Debenture
March 15, 2019
Coverage Universe - Weekly Price Changes - Mar 8-15, 2019
March 8, 2019
Coverage Universe - Weekly Price Changes - Mar 1-8, 2019
March 7, 2019
Exchange Income Corp. 5.75% Convertible Debenture New Issue
March 4, 2019
Brookfield Renewable Energy Partners - 5.75% Rate Reset Preferred Share New Issue
March 2, 2019
Coverage Universe - Weekly Price Changes - Feb 22-Mar 1, 2019
February 22, 2019
Coverage Universe - Weekly Price Changes - Feb 15-22, 2019
February 15, 2019
Coverage Universe - Weekly Price Changes - Feb 8-15, 2019