Natixis Canada Blog

Month: October 2014


What to do with the RBC redemption announcement?

Jeff Herold
Jeff Herold, J. Zechner Associate, Lead Fixed Income Manager

Royal Bank of Canada announced today that it would be redeeming its $325,000,000 RY.PR.Y issue on November 24th.

The redemption was expected because the reset spread on this issue is +413 basis points, which would have produced a new fixed rate dividend in the area of 5.55%. While lower than the existing 6.10% rate, the new rate would have been much more expensive for the bank than they are currently issuing for.

Investors and advisors should carefully consider whether it makes sense to sell any RY.PR.Y holdings rather than waiting for the redemption to occur, because the expected return over the next month may not be very attractive.

Jeff Herold

NexGen Intrinsic Funds with Joe Sirdevan of Galibier Capital Management

Learn how Galibier Capital rigorously chooses stocks with enduring competitive advantages for his Intrinsic Growth portfolios in this video

sirdevan video

 

 

 

 

 

NexGen Intrinsic Growth Funds

  • Former Jarislowsky Fraser partner, Joe Sirdevan of Galibier Capital
  • Concentrated portfolio of Canadian & U.S. Equities
  • Valuation=focused, bottom-up stock selection

NexGen Intrinsic Balanced Funds

  • Former Jarislowsky Fraser partner, Joe Sirdevan of Galibier Capital
  • Concentrated portfolio of Equities & Fixed Income
  • Valuation-focused, bottom-up stock selection

 

To learn more, click here

NexGen Global Equity Portfolio Manager, Charles Lannon, on BNN

Charles Lannon, Director of Research at Toron AMI, appeared on BNN to discuss his latest top picks & past picks. In addition, his market outlook suggests a variety of global growth prospects: The U.S. and Japan accelerating, China decelerating, and Europe stuck in neutral.

Summary:Charles Lannon photo
– Analysis of 3 fresh Top Picks
– Performance of 3 Past Picks
– Current global outlook

To take a closer look, click here

All Available Instruments

Harold Scheer & Darren Ducharme – Baker Gilmore Associates Inc.

Baker Gilmore PhotoWhile the outlook for global economic activity – excluding North America – has softened, we expect it to improve in coming quarters; despite this, growth is likely to remain below levels that have historically been seen at this point in the recovery cycle and that would be expected given the level of monetary stimulus. In most developed markets – including Canada, the US, the UK and Australia – real GDP will likely expand between two and three percent over the next 12 to 18 months; activity in Japan and the Eurozone will be slower given ongoing structural challenges and deflationary risks. In emerging markets, activity will be stronger but still below recent averages, as maturing economies are increasingly forced to move away from export-focused growth models.

To read more about the market outlook and Baker Gilmore’s strategy, click here

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