TD Bank (TD.PR.T.TO)

He would prefer to go into a call than buying the security. He would prefer ZWB for a better yield.

Perpetuals are going to lose ground in a rising interest rate environment. He recommends the rate resets better. Good credit quality from the company perspective.

(A Top Pick April 12/17 - Up 16%.) Not bad for a Canadian Bank. Strong growth in the US. One of the three banks they owned. They are benefiting from the US tax reform.

Canada has a banking oligopoly. The banks are a cornerstone in their portfolios. TD is the second largest bank. 15 ROE. Trades at 13.5 times earnings. Should benefit from interest rates increases in the US and lower tax rates. Now and perennially a great bedrock to a Canadian Equity portfolio. (Analysts’ price target is $80.03)

(TD.PR.T-T) (A Top Pick Sept 30/13. Up 4.35%.) Has done a little bit better than expected. This is really defensive and more for the short-term investor.