New product. 60% Canadian bank bonds, 25% instruments that work like preferred shares, but pay out income. Based on the Canadian banking system, which he's very confident in. Yield around 3%.
(A Top Pick Feb 22/22, Down 7%) It was a new product, a split between a preferred stock and a bond. It was paying a full point more than anything else. He was sitting in cash then. He bought a little of it and it disappointed. He will sell it.
Came out a few years ago with LCDN's (limited recourse capital notes) to add another dimension to the income stream of the banks. The markets was attracted to this for a while, but no longer. He once owned this.
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See other comments today on ZBI. No longer owns it.