Stock Opinions by Hank Cunningham - Stockchase Experts
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Hank Cunningham

On Stockchase since : Jun 2005

Fixed Income Strategist at Odlum Brown Limited

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Stock Opinions by Hank Cunningham - Stockchase Experts

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General Market Comment 

February 1, 2016

Bonds. A lot of things are going on in the bond space considering the action and inaction we have seen from Central Banks globally. The Fed looks like they are out on a limb all by themselves at the moment, and thinks they are done for the moment now, especially with the Bank of Japan’s last manoeuvre. He is in the camp where he feels the US economy is fine and bubbling along at about 3%. The consumer is in great shape, housing market is good and auto sales are good. The manufacturing side is suffering from the strong dollar, but the economy itself is in very good shape. This is a market of lows; low inflation, low commodity prices, low interest rates, and it is going to stay that way for a while. Thinks there is a real opportunity in the high yield market right now. The Cdn$ is undervalued by a good 10%-15%, so the US$ coming off the boil will help alleviate the downward pressure that we have seen. There is a lot of attractive risk/reward possibilities in the high-yield bond market. There are equity type returns available, in a market where the volatility is less than the stock market, and that deserves close scrutiny.

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Bonds. A lot of things are going on in the bond space considering the action and inaction we have seen from Central Banks globally. The Fed looks like they are out on a limb all by themselves at the moment, and thinks they are done for the moment now, especially with the Bank of Japan’s last manoeuvre. He is in the camp where he feels the US economy is fine and bubbling along at about 3%. The consumer is in great shape, housing market is good and auto sales are good. The manufacturing side is suffering from the strong dollar, but the economy itself is in very good shape. This is a market of lows; low inflation, low commodity prices, low interest rates, and it is going to stay that way for a while. Thinks there is a real opportunity in the high yield market right now. The Cdn$ is undervalued by a good 10%-15%, so the US$ coming off the boil will help alleviate the downward pressure that we have seen. There is a lot of attractive risk/reward possibilities in the high-yield bond market. There are equity type returns available, in a market where the volatility is less than the stock market, and that deserves close scrutiny.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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SELL

There is not much upside in a floating rate security in Canada right now. This is not a vehicle that is going to earn you very much return here.

E.T.F.'s
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There is not much upside in a floating rate security in Canada right now. This is not a vehicle that is going to earn you very much return here.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$9.870
Owned Owned
Unknown

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BUY

Where to put $25,000 in an RRSP? This is a 1-10-year corporate ladder bond ETF iShares (CBH-T) that he would recommend. You’ll get a yield higher than a GIC. It has a really diverse portfolio of securities. (Also See Top Picks for XHY-T)

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Where to put $25,000 in an RRSP? This is a 1-10-year corporate ladder bond ETF iShares (CBH-T) that he would recommend. You’ll get a yield higher than a GIC. It has a really diverse portfolio of securities. (Also See Top Picks for XHY-T)

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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$19.660
Owned Owned
Unknown

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BUY
Royal Bank(RY-T) 

February 1, 2016

New Preferred shares? Thinks this is referring to one that was just issued that has an annual dividend rate of 5.5%. A nice new benchmark rate with about a 465 spread reset. This stabilizes the preferred market, and is one you can buy and hold.

banks
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New Preferred shares? Thinks this is referring to one that was just issued that has an annual dividend rate of 5.5%. A nice new benchmark rate with about a 465 spread reset. This stabilizes the preferred market, and is one you can buy and hold.

banks
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$71.270
Owned Owned
Unknown

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SELL

April 9, 2019 bond with a rate of 3.95%. Unlikely you can sell this at a higher price than what it is at now, because it is rolling down the yield curve and getting close to maturity. These bonds are very liquid and you can sell them at any time, and then pick up another one that will mature in 2 or 3 years. He would not hold this bond to maturity.

management/diversified
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April 9, 2019 bond with a rate of 3.95%. Unlikely you can sell this at a higher price than what it is at now, because it is rolling down the yield curve and getting close to maturity. These bonds are very liquid and you can sell them at any time, and then pick up another one that will mature in 2 or 3 years. He would not hold this bond to maturity.

management/diversified
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$41.520
Owned Owned
Unknown

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HOLD
General Market Comment 

February 1, 2016

Reset preferreds? Better off holding an old preferred reset for 4 or 5 years, ignoring its market price until interest rates rise, or Sell and take the loss and buy into one of the new preferred resets, with the minimum guarantee? What conditions would be required for the old resets to get back anywhere near their par value? There would have to be a substantial increase in 5 year Canada bond yields for that to happen, or a substantial increase in treasury bill yields. That is not going to happen this year. Anyone owning a preferred resets this year is going to be out of luck. Just hold on to these.

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Reset preferreds? Better off holding an old preferred reset for 4 or 5 years, ignoring its market price until interest rates rise, or Sell and take the loss and buy into one of the new preferred resets, with the minimum guarantee? What conditions would be required for the old resets to get back anywhere near their par value? There would have to be a substantial increase in 5 year Canada bond yields for that to happen, or a substantial increase in treasury bill yields. That is not going to happen this year. Anyone owning a preferred resets this year is going to be out of luck. Just hold on to these.

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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
Unknown

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N/A
General Market Comment 

February 1, 2016

Have investment-grade corporate bond yields increased? Yes. There has been a lot of dislocation for credit markets, particularly in the 2nd half of the year when the Government bonds outperformed corporate bonds substantially. With government yields rallying, it is natural for corporate spreads to widen, as the corporate bond market is not as liquid. There is also not as many market makers.

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Have investment-grade corporate bond yields increased? Yes. There has been a lot of dislocation for credit markets, particularly in the 2nd half of the year when the Government bonds outperformed corporate bonds substantially. With government yields rallying, it is natural for corporate spreads to widen, as the corporate bond market is not as liquid. There is also not as many market makers.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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PAST TOP PICK

(A Top Pick Feb 11/15. Up 4.42%.) 4% bond maturing April 16, 2018. Brookfield is an undervalued investment. He likes the bonds very much.

property mngmnt/investment
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(A Top Pick Feb 11/15. Up 4.42%.) 4% bond maturing April 16, 2018. Brookfield is an undervalued investment. He likes the bonds very much.

property mngmnt/investment
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$22.360
Owned Owned
Yes

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PAST TOP PICK

(A Top Pick Feb 11/15. Up 0.94%.) Likes this because it is diversified, and you are not guessing where interest rates are going. He likes the 10 year laddered, because the average yield pickup from 6 to 10 years has been 100 basis points over the last 25 years.

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(A Top Pick Feb 11/15. Up 0.94%.) Likes this because it is diversified, and you are not guessing where interest rates are going. He likes the 10 year laddered, because the average yield pickup from 6 to 10 years has been 100 basis points over the last 25 years.

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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$19.660
Owned Owned
Yes

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TOP PICK

(A Top Pick Feb 11/15. Down 10.5%.) This has been one of the worst years ever for the high-yield market. He has been in and out of this twice since his recommendation. This is nothing, but US high-yield bonds, and hedged back to the Cdn$. Well diversified both by maturity and credit. The yield to maturity is slightly under 9%.

E.T.F.'s
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(A Top Pick Feb 11/15. Down 10.5%.) This has been one of the worst years ever for the high-yield market. He has been in and out of this twice since his recommendation. This is nothing, but US high-yield bonds, and hedged back to the Cdn$. Well diversified both by maturity and credit. The yield to maturity is slightly under 9%.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$18.000
Owned Owned
Yes

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COMMENT
General Market Comment 

February 1, 2016

Bank perpetual shares? These are like long-term bonds, very long duration with fixed dividend rates. If interest rates don’t go anywhere over time, then these shouldn’t go anywhere either. However, if a bear market in bonds develops, perpetual preferreds will hit the floor pretty fast. If interest rates in the next year go from 2% to 3%, that will put a big dent in the perpetual preferred market.

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Bank perpetual shares? These are like long-term bonds, very long duration with fixed dividend rates. If interest rates don’t go anywhere over time, then these shouldn’t go anywhere either. However, if a bear market in bonds develops, perpetual preferreds will hit the floor pretty fast. If interest rates in the next year go from 2% to 3%, that will put a big dent in the perpetual preferred market.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
General Market Comment 

February 1, 2016

Regular GICs versus Market-linked GICs? Doesn’t think anybody should buy Market-linked GICs. The selling feature of a GIC is that you get your money back, and the negative return on the equity component. That is not necessarily the case. You don’t get the full return of the index that it is linked to, you don’t get the dividend income from it because they took it away to just buy futures with the money. You can do better yourself by buying a GIC and an ETF.

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Regular GICs versus Market-linked GICs? Doesn’t think anybody should buy Market-linked GICs. The selling feature of a GIC is that you get your money back, and the negative return on the equity component. That is not necessarily the case. You don’t get the full return of the index that it is linked to, you don’t get the dividend income from it because they took it away to just buy futures with the money. You can do better yourself by buying a GIC and an ETF.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT

The average maturity of a corporate bond index would probably be 6-7 years. Doesn’t like the iShares product line, and prefers the laddered ETF’s to the street corporate bond ones. Nevertheless, corporate bond yields have widened out so far from government bonds, that he thinks there is going to be a very good compounding effect by owning corporate bonds from this point on, especially in the low inflation environment.

E.T.F.'s
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The average maturity of a corporate bond index would probably be 6-7 years. Doesn’t like the iShares product line, and prefers the laddered ETF’s to the street corporate bond ones. Nevertheless, corporate bond yields have widened out so far from government bonds, that he thinks there is going to be a very good compounding effect by owning corporate bonds from this point on, especially in the low inflation environment.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$21.090
Owned Owned
Unknown

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COMMENT
General Market Comment 

February 1, 2016

A good investment vehicle for an 89-year-old other than GICs? The only thing he would recommend would be Government of Canada treasury bills. They are the safest investment in Canada. Yield almost nothing, but you get your money back every 30 days if you buy a 30-day treasury bill. This is the ultimate in safety, liquidity and safety of principal.

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A good investment vehicle for an 89-year-old other than GICs? The only thing he would recommend would be Government of Canada treasury bills. They are the safest investment in Canada. Yield almost nothing, but you get your money back every 30 days if you buy a 30-day treasury bill. This is the ultimate in safety, liquidity and safety of principal.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
Unknown

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DON'T BUY

Doesn’t like this very much. The convertible market in Canada is very low quality. It consists of nothing, but unrated, junior, subordinated debentures, issued by people who couldn’t borrow money any other way. There are very few decent industrial names in this, and a lot of them are energy names.

E.T.F.'s
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Doesn’t like this very much. The convertible market in Canada is very low quality. It consists of nothing, but unrated, junior, subordinated debentures, issued by people who couldn’t borrow money any other way. There are very few decent industrial names in this, and a lot of them are energy names.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$17.600
Owned Owned
No

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SELL
Bombardier Inc (B)(BBD.B-T) 

February 1, 2016

Is the 7.35% 2026 bond safe? This is not safe. There are so many bonds that this company has issued that will mature before this one does. A lot of things that are going to happen to this company. It has been propped up by governments for a long time. It is pretty safe to say that bondholders will take a haircut of some kind, before this thing is resolved.

transportation equip & components
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Is the 7.35% 2026 bond safe? This is not safe. There are so many bonds that this company has issued that will mature before this one does. A lot of things that are going to happen to this company. It has been propped up by governments for a long time. It is pretty safe to say that bondholders will take a haircut of some kind, before this thing is resolved.

transportation equip & components
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.960
Owned Owned
Unknown

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DON'T BUY
General Market Comment 

February 1, 2016

Money Market Funds? Like all mutual funds, these never mature. They are typically invested in commercial paper, not entirely risk free. He would rather see individuals buy treasury bills, GICs and bonds. You never get your money back.

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Money Market Funds? Like all mutual funds, these never mature. They are typically invested in commercial paper, not entirely risk free. He would rather see individuals buy treasury bills, GICs and bonds. You never get your money back.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
Unknown

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N/A
General Market Comment 

February 1, 2016

Bank Rate Reset Preferreds resetting in 3 to 5 years? He has bad news for anybody having only preferreds with the reset happening this year. Already they had resent spreads that were narrower than ones that were issued later on. Was the last drop in 5-year bond yields, that pretty well sells the fate for any of the 2016 resets. It changes in 2017, 2018 and 2019. The resets start to get wider. Hopes that interest rates will be higher a couple years from now, but there is no guarantee they will. Buying the new ones that have come out with a 5.5% annual dividend plus the massive reset spread, pretty well guarantees that you get a chance to have your money back in 5 years.

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Bank Rate Reset Preferreds resetting in 3 to 5 years? He has bad news for anybody having only preferreds with the reset happening this year. Already they had resent spreads that were narrower than ones that were issued later on. Was the last drop in 5-year bond yields, that pretty well sells the fate for any of the 2016 resets. It changes in 2017, 2018 and 2019. The resets start to get wider. Hopes that interest rates will be higher a couple years from now, but there is no guarantee they will. Buying the new ones that have come out with a 5.5% annual dividend plus the massive reset spread, pretty well guarantees that you get a chance to have your money back in 5 years.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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DON'T BUY

This is only a fund of funds. All it does is invest in other ETF’s. He doesn’t see any upside in these.

E.T.F.'s
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This is only a fund of funds. All it does is invest in other ETF’s. He doesn’t see any upside in these.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$10.360
Owned Owned
Unknown

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BUY

A safe way to play the fixed income side of a portfolio. This company roams the world looking for opportunities in the fixed income market. It has produced very good long-term returns, and he would recommend it.

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A safe way to play the fixed income side of a portfolio. This company roams the world looking for opportunities in the fixed income market. It has produced very good long-term returns, and he would recommend it.

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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$19.970
Owned Owned
Unknown

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TOP PICK
Transalta Corp(TA-T) 

February 1, 2016

6.4% bond maturing Nov 18/19 at $96. The yield to maturity is 7.63%, which is still an investment grade bond. It was rated as a BBB minus, but Moody’s downgraded it to one notch below investment grade late last year, and their bonds have fallen by about 15 points. They have 2 bonds maturing between now and 2019. Their forecasts are for about $1 billion in EBITDA in the next 2 years.

electrical/electronic
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6.4% bond maturing Nov 18/19 at $96. The yield to maturity is 7.63%, which is still an investment grade bond. It was rated as a BBB minus, but Moody’s downgraded it to one notch below investment grade late last year, and their bonds have fallen by about 15 points. They have 2 bonds maturing between now and 2019. Their forecasts are for about $1 billion in EBITDA in the next 2 years.

electrical/electronic
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$4.910
Owned Owned
Yes

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TOP PICK

2.8% bond maturing Sept 22/25 at $102. He is all for quality these days and this is a solid single A credit that has zero problems on the credit side. There are very few of these kinds of bonds in Canada.

Transportation
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2.8% bond maturing Sept 22/25 at $102. He is all for quality these days and this is a solid single A credit that has zero problems on the credit side. There are very few of these kinds of bonds in Canada.

Transportation
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$74.450
Owned Owned
Yes

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COMMENT
General Market Comment 

August 10, 2015

Markets. He is expecting a gradual cyclical rise in US interest rates because he thinks the US is moving through a faster growth clip, still muddling through, but getting better. The employment is getting stronger and getting closer to full employment levels. Starting to kick in a little inflation. It has been slow and drawn out. Feds will likely raise rates in Sept. and also in Dec.

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Markets. He is expecting a gradual cyclical rise in US interest rates because he thinks the US is moving through a faster growth clip, still muddling through, but getting better. The employment is getting stronger and getting closer to full employment levels. Starting to kick in a little inflation. It has been slow and drawn out. Feds will likely raise rates in Sept. and also in Dec.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
General Market Comment 

August 10, 2015

Fixed Equities and Bonds: He feels that this is a big transition period because the rates of return available on the fixed income market have been very poor. People will be switching out of bonds to stocks as time goes on. His focus is on preservation of capital and not reaching for yield.

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Fixed Equities and Bonds: He feels that this is a big transition period because the rates of return available on the fixed income market have been very poor. People will be switching out of bonds to stocks as time goes on. His focus is on preservation of capital and not reaching for yield.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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COMMENT
General Market Comment 

August 10, 2015

US Growth. He thinks we are heading for 3% plus territory here. Starting to see wage increases, We have strong employment, strong housing market and consumer confidence is strong.

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US Growth. He thinks we are heading for 3% plus territory here. Starting to see wage increases, We have strong employment, strong housing market and consumer confidence is strong.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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COMMENT
General Market Comment 

August 10, 2015

Cdn Bond Markets. Preferred share holders have been suffering. Prefers are not his favourite investments. He likes the bond and equity camp . Bonds are ranked senior to prefers, which means bond interest gets paid before prefers dividends do and prefer shares don't grow with the growth of the company. No earnings upside for growth. Too late to sell though and feels that there could be some opportunities. Feels that the preferred share holders should hang on here.

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Cdn Bond Markets. Preferred share holders have been suffering. Prefers are not his favourite investments. He likes the bond and equity camp . Bonds are ranked senior to prefers, which means bond interest gets paid before prefers dividends do and prefer shares don't grow with the growth of the company. No earnings upside for growth. Too late to sell though and feels that there could be some opportunities. Feels that the preferred share holders should hang on here.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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COMMENT
General Market Comment 

August 10, 2015

When the Fed raises rates, long term US bonds will drop, but would Canadian bonds follow suit? There is no guarantee that long term US bonds will drop if Fed raises rates. The yield curve could flatten, bonds don't fall as much as you think they would. Canada will probably underperform here. Can't see anything happening here with bonds and our weak economy.

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When the Fed raises rates, long term US bonds will drop, but would Canadian bonds follow suit? There is no guarantee that long term US bonds will drop if Fed raises rates. The yield curve could flatten, bonds don't fall as much as you think they would. Canada will probably underperform here. Can't see anything happening here with bonds and our weak economy.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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DON'T BUY
General Market Comment 

August 10, 2015

Sherritt bonds 8% 2018 It is always a challenge to hold individual high yield bonds and Sherritt is in hard times and he doesn't like the credit. He thinks it is one of those cases where you might want to get your money back, half of it or all of it. . Real risk here, the nickel market is extremely weak here. They have nickel in Cuba and they have a new project which isn't doing very well. They paid their dividend last quarter, but they recorded a sizable loss. He doesn't like their credit. A speculative security at this time.

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Sherritt bonds 8% 2018 It is always a challenge to hold individual high yield bonds and Sherritt is in hard times and he doesn't like the credit. He thinks it is one of those cases where you might want to get your money back, half of it or all of it. . Real risk here, the nickel market is extremely weak here. They have nickel in Cuba and they have a new project which isn't doing very well. They paid their dividend last quarter, but they recorded a sizable loss. He doesn't like their credit. A speculative security at this time.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
Unknown

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HOLD
General Market Comment 

August 10, 2015

Bombardier 7.35% , 2026 bonds (B BBD'B-T) He doesn't like to see individual investors buying specific high yield bonds. It could blow up on you. Bombardier will survive. They will pay their interest and they have good sponsorship. He recommends holding these bonds, but it is a weak hold.

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Bombardier 7.35% , 2026 bonds (B BBD'B-T) He doesn't like to see individual investors buying specific high yield bonds. It could blow up on you. Bombardier will survive. They will pay their interest and they have good sponsorship. He recommends holding these bonds, but it is a weak hold.

Unknown
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0 comments
Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
Unknown

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BUY

He steers clients toward ETFs instead of high yield bonds. He likes XHY-T which he has recommended frequently. He likes this because it has 450 issues and believes that if one of them goes down it won't hurt your performance. He believes in preservation of capital and not reaching for yield. Recommends sticking to consumer products and the non-cyclical companies. Stay save. This has all US high yielding securities.

E.T.F.'s
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He steers clients toward ETFs instead of high yield bonds. He likes XHY-T which he has recommended frequently. He likes this because it has 450 issues and believes that if one of them goes down it won't hurt your performance. He believes in preservation of capital and not reaching for yield. Recommends sticking to consumer products and the non-cyclical companies. Stay save. This has all US high yielding securities.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$20.120
Owned Owned
Unknown

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BUY

He would recommend this as a core holding in the bond portion of a balanced portfolio. He thinks this is the area of the market that people should concentrate their fixed income holding on a 1-5 year term to protect capital . He is a laddered advocate and this is a good quality laddered index and has around 60 bonds in it. He likes it.

E.T.F.'s
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He would recommend this as a core holding in the bond portion of a balanced portfolio. He thinks this is the area of the market that people should concentrate their fixed income holding on a 1-5 year term to protect capital . He is a laddered advocate and this is a good quality laddered index and has around 60 bonds in it. He likes it.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$19.480
Owned Owned
Unknown

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PAST TOP PICK
BCE Inc.(BCE-T) 

August 10, 2015

(Past Top Pick June 6, 2014, matures June 18, 2019, up 4.68%) The yield curve was very steep at the time and they favoured a strategy called “rolling down the yield curve” with all of his past top picks for this date. He also based this pick on his view that you have other bonds in your portfolio. He chose bonds that was best for the curve on a risk reward point of view.

telephone utilities
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(Past Top Pick June 6, 2014, matures June 18, 2019, up 4.68%) The yield curve was very steep at the time and they favoured a strategy called “rolling down the yield curve” with all of his past top picks for this date. He also based this pick on his view that you have other bonds in your portfolio. He chose bonds that was best for the curve on a risk reward point of view.

telephone utilities
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$54.010
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Unknown

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PAST TOP PICK
(Past Top Pick June 6, 2014, matures April 9, 2019 up 4.55%) It is a credit that he always likes, they take advantage of the bond market, produce good returns and they have a strong balance sheet. Beats inflation and you earn your money back in a relatively small time. You earn something.
property mngmnt/investment
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(Past Top Pick June 6, 2014, matures April 9, 2019 up 4.55%) It is a credit that he always likes, they take advantage of the bond market, produce good returns and they have a strong balance sheet. Beats inflation and you earn your money back in a relatively small time. You earn something.
property mngmnt/investment
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$20.550
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PAST TOP PICK
(Past Top Pick June 6, 2014, Bond matures May 24,2018, up 3.79%) Had a good balance sheet, but folded into Loblaws now, Performed well. Most bonds yields have been going sideways since late 2014.
specialty stores
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(Past Top Pick June 6, 2014, Bond matures May 24,2018, up 3.79%) Had a good balance sheet, but folded into Loblaws now, Performed well. Most bonds yields have been going sideways since late 2014.
specialty stores
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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COMMENT
General Market Comment 

August 10, 2015

What would a bond portfolio for new clients look like? He recommends 20% in ETFs and high yield managed funds and 80 % in laddered funds.

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What would a bond portfolio for new clients look like? He recommends 20% in ETFs and high yield managed funds and 80 % in laddered funds.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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TOP PICK
General Market Comment 

August 10, 2015

Telus Bond matures in January 26, 2021, 3.60% Recent shift at the top was a surprise, and could be unsettling for shareholders. However, he feels that it doesn't change the credit and the new CEO, a former CEO, should be able to regain the reins pretty quickly. It fits in with his overall rolling down the curve strategy and having a varety of well diversified group. He favours non-cyclical companies, consumer oriented if possible. He avoids the energy, metal and oil sectors. He respects the new CEO.

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Telus Bond matures in January 26, 2021, 3.60% Recent shift at the top was a surprise, and could be unsettling for shareholders. However, he feels that it doesn't change the credit and the new CEO, a former CEO, should be able to regain the reins pretty quickly. It fits in with his overall rolling down the curve strategy and having a varety of well diversified group. He favours non-cyclical companies, consumer oriented if possible. He avoids the energy, metal and oil sectors. He respects the new CEO.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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TOP PICK
General Market Comment 

August 10, 2015

Bank of Montreal Bond matures March 16, 2022, 2.12% This is a safety of principle.. The maturity made sense to him. The bonds are relatively close to par, not giant premiums. He feels the bonds are safe because it is with a bank, especially if you own other bonds with shorter maturities.

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Bank of Montreal Bond matures March 16, 2022, 2.12% This is a safety of principle.. The maturity made sense to him. The bonds are relatively close to par, not giant premiums. He feels the bonds are safe because it is with a bank, especially if you own other bonds with shorter maturities.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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TOP PICK
General Market Comment 

August 10, 2015

Shoppers Drug Mart Bond, matures May 24, 2018, 2.36% Likes the credit. They are either A or A+ or A-. They are staying away from triple B securities.

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Shoppers Drug Mart Bond, matures May 24, 2018, 2.36% Likes the credit. They are either A or A+ or A-. They are staying away from triple B securities.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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COMMENT
General Market Comment 

August 10, 2015

What is the risk of holding a bond ETF as opposed to individual corporate bonds if held to maturity? #1. ETFs never mature, if they do , they just rollover into another bond within the the contents of what the ETF stands for.. While individual bonds, you know exactly when and how much you are getting back. #2. ETFs are better diversified, it is harder to diversify with bonds unless you have a bigger portfolio. #3 There is a risk if all ETFs investors decided that they wanted their money out at the same time. If you own an individual bond you are certain of what you are going to get back.

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What is the risk of holding a bond ETF as opposed to individual corporate bonds if held to maturity? #1. ETFs never mature, if they do , they just rollover into another bond within the the contents of what the ETF stands for.. While individual bonds, you know exactly when and how much you are getting back. #2. ETFs are better diversified, it is harder to diversify with bonds unless you have a bigger portfolio. #3 There is a risk if all ETFs investors decided that they wanted their money out at the same time. If you own an individual bond you are certain of what you are going to get back.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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Unknown

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COMMENT
General Market Comment 

August 10, 2015

Scotia Bank Bonds. They are high quality, they are A+ bonds, safe investment with a lower yield. Sleep at night bonds with no worries at all. He doesn't favour any bank bonds over another, but they offer different types. You have to examine each issue very carefully.

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Scotia Bank Bonds. They are high quality, they are A+ bonds, safe investment with a lower yield. Sleep at night bonds with no worries at all. He doesn't favour any bank bonds over another, but they offer different types. You have to examine each issue very carefully.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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COMMENT
General Market Comment 

August 10, 2015

Caller has a portfolio of 1.5 million and would like a 5 % return. He feels that you have to accept what the market is giving you right now. When people start arguing with the market you usually lose. You can't get 5% for investment grade bonds right now. You can get 2 to 2.5%. He recommends high yield bond funds. BCE common yield is pretty close to 5 %. Also, high quality companies such as the banks, BCE and Power Corps could give you 4%. .

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Caller has a portfolio of 1.5 million and would like a 5 % return. He feels that you have to accept what the market is giving you right now. When people start arguing with the market you usually lose. You can't get 5% for investment grade bonds right now. You can get 2 to 2.5%. He recommends high yield bond funds. BCE common yield is pretty close to 5 %. Also, high quality companies such as the banks, BCE and Power Corps could give you 4%. .

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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$0.020
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Unknown

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COMMENT
General Market Comment 

August 10, 2015

Caller want's to know if Canada 5 year bond has prices baked in, in regards to the oil price erosion. The last cut wasn't a surprise, and the yeilds actually went up since the bank cut it's rate on July 21. Market is still uncertain if the rate will be cut again. In the meantime we will see firming in the US rates which will mitigate anymore decline in 5 year bond yields.

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Caller want's to know if Canada 5 year bond has prices baked in, in regards to the oil price erosion. The last cut wasn't a surprise, and the yeilds actually went up since the bank cut it's rate on July 21. Market is still uncertain if the rate will be cut again. In the meantime we will see firming in the US rates which will mitigate anymore decline in 5 year bond yields.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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Unknown

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COMMENT
Manulife Financial(MFC-T) 

August 10, 2015

What does he think of floatingt rate funds such as Manulife Floating Rate Senior loan fund for the fixed income protion of a portolio? He likes these in general. He endorses the IA Clarington Floating Rate fund and the other is the Mackenzie floating rate fund. They are a form of inflation protection.

insurance
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What does he think of floatingt rate funds such as Manulife Floating Rate Senior loan fund for the fixed income protion of a portolio? He likes these in general. He endorses the IA Clarington Floating Rate fund and the other is the Mackenzie floating rate fund. They are a form of inflation protection.

insurance
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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$23.270
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Unknown

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COMMENT
General Market Comment 

August 10, 2015

Caller wants to understand Strip Bonds. Zero coupon bond originally was from a Bond with 6 coupons on it, that would be torn off for each payment. They would “strip” them off and sell them separately. These were zero interest bonds, that were sold at a big discount from their face value. Maturing in 10 years. $50 today would have a guaranteed compounded return from now until then. They were government issued triple A, or double A securities. Ideal for RSP. They can also be traded. These days the yields are so low there isn't any demand for strip bonds. If you want a fixed amount in the future, you can buy it today as an investment.

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Caller wants to understand Strip Bonds. Zero coupon bond originally was from a Bond with 6 coupons on it, that would be torn off for each payment. They would “strip” them off and sell them separately. These were zero interest bonds, that were sold at a big discount from their face value. Maturing in 10 years. $50 today would have a guaranteed compounded return from now until then. They were government issued triple A, or double A securities. Ideal for RSP. They can also be traded. These days the yields are so low there isn't any demand for strip bonds. If you want a fixed amount in the future, you can buy it today as an investment.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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COMMENT
General Market Comment 

August 10, 2015

What percent of a portfolio would you allocate to bonds for two people entering retirment and how would you allocate it? There is no one answer. Depends on confort level. With bond yields so low these days it's tempting to focus on the equity portion.

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What percent of a portfolio would you allocate to bonds for two people entering retirment and how would you allocate it? There is no one answer. Depends on confort level. With bond yields so low these days it's tempting to focus on the equity portion.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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$0.020
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Unknown

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HOLD
General Market Comment 

August 10, 2015

Brookfield Preferred Share Series E. He's confused as to what this share does. Complicated formula for calculating dividends and you can convert it to fixed assets. Doesn't know why they sell these things. He likes Brookfield itself, things won't get any worse for them, so hold them if you have them. Don't buy though.

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Brookfield Preferred Share Series E. He's confused as to what this share does. Complicated formula for calculating dividends and you can convert it to fixed assets. Doesn't know why they sell these things. He likes Brookfield itself, things won't get any worse for them, so hold them if you have them. Don't buy though.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
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Unknown

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N/A
General Market Comment 

February 11, 2015

US Economy. Last Friday’s US employment report pretty well put the seal on a rate increase this year, probably by June. The US is on a self-sustaining expansion now. We are way below where rates should be, so one modest increase here is not going to halt the economy in its tracks. A 2.5%-3% would be a normal rate, sort of in line with GDP growth.

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US Economy. Last Friday’s US employment report pretty well put the seal on a rate increase this year, probably by June. The US is on a self-sustaining expansion now. We are way below where rates should be, so one modest increase here is not going to halt the economy in its tracks. A 2.5%-3% would be a normal rate, sort of in line with GDP growth.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
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_N/A

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N/A
General Market Comment 

February 11, 2015

Cdn Economy. He had a feeling that the Bank of Canada was going to drop the rates, because the two-year yield had fallen like a stone, but he still didn’t see any reason why they had to do it. Another increase is already discounted in the market for 2.5% next month. If there is anybody thinking that the Bank of Canada does not want the currency lowered, they now have their answer.

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Cdn Economy. He had a feeling that the Bank of Canada was going to drop the rates, because the two-year yield had fallen like a stone, but he still didn’t see any reason why they had to do it. Another increase is already discounted in the market for 2.5% next month. If there is anybody thinking that the Bank of Canada does not want the currency lowered, they now have their answer.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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$0.020
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_N/A

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N/A
General Market Comment 

February 11, 2015

Preferred shares price declines? The Bank of Canada really triggered this with their surprise cut. This all occurred when global rates were falling, which means that five-year yields have just absolutely tanked. They are going to call most of these preferreds, and probably issue them at a narrower spread.

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Preferred shares price declines? The Bank of Canada really triggered this with their surprise cut. This all occurred when global rates were falling, which means that five-year yields have just absolutely tanked. They are going to call most of these preferreds, and probably issue them at a narrower spread.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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N/A
General Market Comment 

February 11, 2015

Risk in bond ETF’s as opposed to individual corporate bonds, if held to maturity? There are a few subtle risks in ETF’s that should be explained. With individual bonds you know exactly what you are going to get back, when you are going to get it back, and how much it is going to be. ETF’s by nature invest in a basket or an underlying index of bonds. There is no guarantee they can buy all the bonds in an underlying corporate, because some of the corporates are impossible to buy. Your money never matures in an ETF, which is the same criticism he has in mutual funds. The good thing about ETF’s is that they have good diversification and low fees, compared to mutual funds. He prefers individual bonds.

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Risk in bond ETF’s as opposed to individual corporate bonds, if held to maturity? There are a few subtle risks in ETF’s that should be explained. With individual bonds you know exactly what you are going to get back, when you are going to get it back, and how much it is going to be. ETF’s by nature invest in a basket or an underlying index of bonds. There is no guarantee they can buy all the bonds in an underlying corporate, because some of the corporates are impossible to buy. Your money never matures in an ETF, which is the same criticism he has in mutual funds. The good thing about ETF’s is that they have good diversification and low fees, compared to mutual funds. He prefers individual bonds.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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COMMENT

He is in favour of high-yield bonds. Ishares High-Yield Bond (XHY-T) that he favours, because it is hedged to the Cdn$. High-yield bonds have seemed to recover from the nasty shock that occurred when the energy price disaster hit in the 4th quarter. About 20% of the US high-yield market is in energy bonds.

E.T.F.'s
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He is in favour of high-yield bonds. Ishares High-Yield Bond (XHY-T) that he favours, because it is hedged to the Cdn$. High-yield bonds have seemed to recover from the nasty shock that occurred when the energy price disaster hit in the 4th quarter. About 20% of the US high-yield market is in energy bonds.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$39.310
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No

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N/A
General Market Comment 

February 11, 2015

Equities vs. Bonds? Thinks stocks are not that dangerous right now, because they are being underpinned by cheap money. Bonds are probably a little riskier right now than they have been for a long time, because their yields are artificially compressed, and at some point in time will rebound.

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Equities vs. Bonds? Thinks stocks are not that dangerous right now, because they are being underpinned by cheap money. Bonds are probably a little riskier right now than they have been for a long time, because their yields are artificially compressed, and at some point in time will rebound.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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N/A
General Market Comment 

February 11, 2015

A corporate, government or other ETF that would do OK in a gradually rising interest rate environment? You could look at iShares Core Cdn Short Term (XSH-T) which has a short duration of about 2.8 years. Also, the iShares 1-10 Yr (CBH-T) which has a duration under 5 years and a reasonable diversification. These are 2 that he would recommend. (See Top Picks.)

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A corporate, government or other ETF that would do OK in a gradually rising interest rate environment? You could look at iShares Core Cdn Short Term (XSH-T) which has a short duration of about 2.8 years. Also, the iShares 1-10 Yr (CBH-T) which has a duration under 5 years and a reasonable diversification. These are 2 that he would recommend. (See Top Picks.)

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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N/A
General Market Comment 

February 11, 2015

Senior Secured Floating Rate Loan Fund for a 75 year old? He has a problem with this investment. He would like to know who the issuer was of the paper and decries this kind of investment, because people are reaching for yield in products that they have no business being in.

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Senior Secured Floating Rate Loan Fund for a 75 year old? He has a problem with this investment. He would like to know who the issuer was of the paper and decries this kind of investment, because people are reaching for yield in products that they have no business being in.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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PAST TOP PICK
BCE Inc.(BCE-T) 

February 11, 2015

(A Top Pick Jan 29/14. Up 6.8%.) 3.35% bond maturing June 18/19. The bonds are fairly liquid and good quality as well. Have a good following in the retail world.

telephone utilities
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(A Top Pick Jan 29/14. Up 6.8%.) 3.35% bond maturing June 18/19. The bonds are fairly liquid and good quality as well. Have a good following in the retail world.

telephone utilities
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$56.120
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Yes

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DON'T BUY
General Market Comment 

February 11, 2015

US bonds? Doesn’t think you should buy any US bonds right now. The Cdn$ has fallen too far and too fast, and has fallen below its purchasing power of parity. Over time it will work its way higher again, maybe to the mid-$.80’s and perhaps close to $.90. You have much less risk by staying in the Canadian bond market at this point.

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US bonds? Doesn’t think you should buy any US bonds right now. The Cdn$ has fallen too far and too fast, and has fallen below its purchasing power of parity. Over time it will work its way higher again, maybe to the mid-$.80’s and perhaps close to $.90. You have much less risk by staying in the Canadian bond market at this point.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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$0.020
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Unknown

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N/A
General Market Comment 

February 11, 2015

3 months to 1 year effect on Canadian markets of the recent Bank of Canada rate cut and European quantitative easing? Indirectly this has an effect because it makes people look for more risks because bond yields are going to be close to zero for the next period of time. People look around for something to buy that makes more sense, and Canadian equities would be an attractive place for global investors to look.

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3 months to 1 year effect on Canadian markets of the recent Bank of Canada rate cut and European quantitative easing? Indirectly this has an effect because it makes people look for more risks because bond yields are going to be close to zero for the next period of time. People look around for something to buy that makes more sense, and Canadian equities would be an attractive place for global investors to look.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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COMMENT
DH Corporation(DH-T) 

February 11, 2015

Convertible debenture. Should I convert now? If the bond still yields more than the stock, you should probably hold it. If that’s the case, it is likely that the company will force the conversion, which they can do.

other services
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Convertible debenture. Should I convert now? If the bond still yields more than the stock, you should probably hold it. If that’s the case, it is likely that the company will force the conversion, which they can do.

other services
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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N/A
General Market Comment 

February 11, 2015

What do rising rates do to high yielding equities such as Emera (EMA-T), Fortis (FTS-T), TransCanada (TRP-T) or Enbridge (ENB-T)? In this marketplace, the yield on bonds is so much lower than these higher yielding utilities, that if there is any weakness at all, it will be very, very slight in the early stages of rising yields.

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What do rising rates do to high yielding equities such as Emera (EMA-T), Fortis (FTS-T), TransCanada (TRP-T) or Enbridge (ENB-T)? In this marketplace, the yield on bonds is so much lower than these higher yielding utilities, that if there is any weakness at all, it will be very, very slight in the early stages of rising yields.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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N/A
General Market Comment 

February 11, 2015

Rate Reset vs. Perpetual Preferreds? Definitely avoid perpetuals, because they will be the worse hit by rising bond yields, which is going to happen eventually. Rate resets are the only preferreds to buy, and right now you would want to buy bank ones trading at a discount from their Call price if you can find them.

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Rate Reset vs. Perpetual Preferreds? Definitely avoid perpetuals, because they will be the worse hit by rising bond yields, which is going to happen eventually. Rate resets are the only preferreds to buy, and right now you would want to buy bank ones trading at a discount from their Call price if you can find them.

Unknown
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Hank Cunningham

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HOLD
Enbridge(ENB-T) 

February 11, 2015

Series 13 preferreds. What has made them fall below par so quickly after being issued in July? Current prices $23.38. The bank rate, plus falling global bond yields pushed the Canada 5 year yield to .7 today. It has been a sharp fall of over 1.7% from a year ago. Anything that is reset is reset from the five-year Government of Canada bond. It is probably too late to sell.

oil/gas pipelines
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Series 13 preferreds. What has made them fall below par so quickly after being issued in July? Current prices $23.38. The bank rate, plus falling global bond yields pushed the Canada 5 year yield to .7 today. It has been a sharp fall of over 1.7% from a year ago. Anything that is reset is reset from the five-year Government of Canada bond. It is probably too late to sell.

oil/gas pipelines
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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BUY
General Market Comment 

February 11, 2015

Laddering bonds using 20% RBC Target 2015 (RQC-T), 2016 (RQD-T), 2017 etc.? He likes the target maturities. These are a bunch of bonds in a basket of each of those maturities. Very low cost. Bank of Montréal has ETF’s similar to this, with a shorter maturity. Not quite as effective, but very attractive.

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Laddering bonds using 20% RBC Target 2015 (RQC-T), 2016 (RQD-T), 2017 etc.? He likes the target maturities. These are a bunch of bonds in a basket of each of those maturities. Very low cost. Bank of Montréal has ETF’s similar to this, with a shorter maturity. Not quite as effective, but very attractive.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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N/A
General Market Comment 

February 11, 2015

Target maturity bond ETF’s as an alternative to buying individual bonds? He still prefers individual bonds.

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Target maturity bond ETF’s as an alternative to buying individual bonds? He still prefers individual bonds.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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N/A
General Market Comment 

February 11, 2015

Bond education. He has authored a book called “In Your Best Interests” and “The Ultimate Guide To the Canadian Bond Market” is the trailer. This is available at any Odlum Brown branch or at Amazon. You can also ask him questions on his website www.inyourbestinterest.ca where you can ask him questions.

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Bond education. He has authored a book called “In Your Best Interests” and “The Ultimate Guide To the Canadian Bond Market” is the trailer. This is available at any Odlum Brown branch or at Amazon. You can also ask him questions on his website www.inyourbestinterest.ca where you can ask him questions.

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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
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_N/A

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HOLD
General Market Comment 

February 11, 2015

Videotron 2020 corporate bonds maturing in 2020 at a coupon rate of 7.125%? This is an attractive coupon and he likes the credit. If you sell them, you are not going to be able to replace the income.

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Videotron 2020 corporate bonds maturing in 2020 at a coupon rate of 7.125%? This is an attractive coupon and he likes the credit. If you sell them, you are not going to be able to replace the income.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
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Unknown

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TOP PICK

1-to-10 year corporate bond ladder. He prefers individual bonds, rather than funds, especially mutual funds. For those people who don’t have the money, the desire, or the access to bonds to do it with individual bonds, then this windows the same thing. There are a lot of bank bonds in this. The rationale between a 1 to 10 year ladder, is because the yield pickup from 5 to 10 years has averaged over 1% for the last 20 years. You benefit when long-term rates fall as well as when long-term rates rise.

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1-to-10 year corporate bond ladder. He prefers individual bonds, rather than funds, especially mutual funds. For those people who don’t have the money, the desire, or the access to bonds to do it with individual bonds, then this windows the same thing. There are a lot of bank bonds in this. The rationale between a 1 to 10 year ladder, is because the yield pickup from 5 to 10 years has averaged over 1% for the last 20 years. You benefit when long-term rates fall as well as when long-term rates rise.

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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$20.240
Owned Owned
No

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TOP PICK

4% bond maturing April 16, 2018. Thinks this is an undervalued bond, but is also an example of what kind of return you get in the short-term bond market. Yield is just over 2%. He likes the company, which has done very well. This bond is higher yielding than mostly anything in that term.

property mngmnt/investment
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4% bond maturing April 16, 2018. Thinks this is an undervalued bond, but is also an example of what kind of return you get in the short-term bond market. Yield is just over 2%. He likes the company, which has done very well. This bond is higher yielding than mostly anything in that term.

property mngmnt/investment
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$22.360
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Unknown

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TOP PICK

The collapse of energy prices put a shudder of fear through the high-yield bond market, to the extent that a massive redemption occurred and high-yield bond markets climbed. Has a yield of about 6.2% with 500-600 different issues in it. This is hedged, so there is no currency risk in it.

E.T.F.'s
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The collapse of energy prices put a shudder of fear through the high-yield bond market, to the extent that a massive redemption occurred and high-yield bond markets climbed. Has a yield of about 6.2% with 500-600 different issues in it. This is hedged, so there is no currency risk in it.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$21.320
Owned Owned
Unknown

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PAST TOP PICK

(A Top Pick Jan 29/14. Up 3.9%.) 5.29% bond maturing April 25/17. There were 2 reasons behind this pick. Brookfield is one of his favourite credits and seems to be undervalued in the bond market. It was a good cushion against a rising yield. (See Top Picks)

property mngmnt/investment
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(A Top Pick Jan 29/14. Up 3.9%.) 5.29% bond maturing April 25/17. There were 2 reasons behind this pick. Brookfield is one of his favourite credits and seems to be undervalued in the bond market. It was a good cushion against a rising yield. (See Top Picks)

property mngmnt/investment
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$22.360
Owned Owned
Yes

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PAST TOP PICK
Shoppers Drug Mart Corp(SC-T) 

February 11, 2015

(A Top Pick Jan 29/14. Up 4.98%.) 2.36% bond maturing May 24/18. He had liked the balance sheet and the bond has done really well.

specialty stores
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(A Top Pick Jan 29/14. Up 4.98%.) 2.36% bond maturing May 24/18. He had liked the balance sheet and the bond has done really well.

specialty stores
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$60.830
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Yes

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N/A
General Market Comment 

November 20, 2014

Bond Yields. As to whether bond yields are going up or down, the forces are pretty well-balanced right now. The bias is towards slightly higher rates from this point, but not by very much. Feels rates are going to inch up a little. In the early part of the year, there was a big shift in demand. There was far more money to invest in bonds than there was bonds available. US deficit shrank, and all the geopolitical tensions caused foreign investors to flee into the treasury market. Inflation has been low and growth has been weaker than expected and commercial banks have been shoring up their balance sheets because of the new law, so there have been more buyers of US government corporate bonds than sellers. In the last 12 months, government yields have fallen and US corporate bonds have risen, which tells you there is trouble in the junk bond market. Part of the reason for that is the energy patch, where a lot of weak balance sheets are emerging with the plummeting of the price of oil. The boom for high-yield bonds seems to be over, the number of people issuing them has fallen and there are fewer investors wishing to buy them.

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Bond Yields. As to whether bond yields are going up or down, the forces are pretty well-balanced right now. The bias is towards slightly higher rates from this point, but not by very much. Feels rates are going to inch up a little. In the early part of the year, there was a big shift in demand. There was far more money to invest in bonds than there was bonds available. US deficit shrank, and all the geopolitical tensions caused foreign investors to flee into the treasury market. Inflation has been low and growth has been weaker than expected and commercial banks have been shoring up their balance sheets because of the new law, so there have been more buyers of US government corporate bonds than sellers. In the last 12 months, government yields have fallen and US corporate bonds have risen, which tells you there is trouble in the junk bond market. Part of the reason for that is the energy patch, where a lot of weak balance sheets are emerging with the plummeting of the price of oil. The boom for high-yield bonds seems to be over, the number of people issuing them has fallen and there are fewer investors wishing to buy them.

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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
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_N/A

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N/A
General Market Comment 

November 20, 2014

How will currently listed debentures react when long-term interest rates go up? Will it be more dramatic or the same as bond yields? “Listed bonds” would be convertible bonds in Canada, and as a group of bonds, they are unrated and subordinated at very low quality. Many of them are small and don't trade very actively. They will rise in yield as long as the conversion value isn't worth much. Many of these have become overvalued. Their prices will fall as general yields rise, but not in a straight line because the conversion value may kick in and cause them not to fall as much as regular bonds. He does not invest in convertible debentures and thinks they are junk. If you really like the company, buy the common.

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How will currently listed debentures react when long-term interest rates go up? Will it be more dramatic or the same as bond yields? “Listed bonds” would be convertible bonds in Canada, and as a group of bonds, they are unrated and subordinated at very low quality. Many of them are small and don't trade very actively. They will rise in yield as long as the conversion value isn't worth much. Many of these have become overvalued. Their prices will fall as general yields rise, but not in a straight line because the conversion value may kick in and cause them not to fall as much as regular bonds. He does not invest in convertible debentures and thinks they are junk. If you really like the company, buy the common.

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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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$0.020
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_N/A

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N/A
General Market Comment 

November 20, 2014

Brookfield preferred shares E and F? He thinks these are a Hold. Brascan is now owned by Brookfield, which is a good quality company. Thinks that one of these is a floating-rate preferred and this is the one you should probably hold in a rising interest-rate environment.

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Brookfield preferred shares E and F? He thinks these are a Hold. Brascan is now owned by Brookfield, which is a good quality company. Thinks that one of these is a floating-rate preferred and this is the one you should probably hold in a rising interest-rate environment.

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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

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$0.020
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_N/A

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N/A
General Market Comment 

November 20, 2014

Brascan Corp 5.95% maturing Jan 14/35? This is very long term and he has a preference to “not” Buy long term corporate bonds. If you look back 20 years you see all the companies that have gone out of business. There is a lot of risk in these bonds if rates do start to rise. If rates on these bonds went up 1%, the price would fall $12.

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Brascan Corp 5.95% maturing Jan 14/35? This is very long term and he has a preference to “not” Buy long term corporate bonds. If you look back 20 years you see all the companies that have gone out of business. There is a lot of risk in these bonds if rates do start to rise. If rates on these bonds went up 1%, the price would fall $12.

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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
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_N/A

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DON'T BUY
Transalta Corp(TA-T) 

November 20, 2014

6.2% strip bonds maturing in 2030? This is very long-term and his preference is to “not” Buy long term corporate bonds. The credit rating on this company is a low BBB, verging on a BB+, so it is not very high quality.

electrical/electronic
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6.2% strip bonds maturing in 2030? This is very long-term and his preference is to “not” Buy long term corporate bonds. The credit rating on this company is a low BBB, verging on a BB+, so it is not very high quality.

electrical/electronic
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$11.500
Owned Owned
No

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HOLD

Thoughts on the 2018 and 2020 bonds considering the recent events? The company just redeemed a lot of its earlier bonds and issued the bond in 2022, to put out the maturity date so there is less pressure for the company to meet any principal maturities short term. If you own, he would Hold. This company has always had a good rapport with the street.

integrated mines
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Thoughts on the 2018 and 2020 bonds considering the recent events? The company just redeemed a lot of its earlier bonds and issued the bond in 2022, to put out the maturity date so there is less pressure for the company to meet any principal maturities short term. If you own, he would Hold. This company has always had a good rapport with the street.

integrated mines
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$2.680
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No

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COMMENT

These units have produced almost 12% in the last 12 months. The average term on this ETF is almost 7 years, so it is a good bet on the long-term market. Doesn't think the next 12 months are going to produce anything like that. This is an ultra bond fund for anybody that wants to play the bond market.

E.T.F.'s
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These units have produced almost 12% in the last 12 months. The average term on this ETF is almost 7 years, so it is a good bet on the long-term market. Doesn't think the next 12 months are going to produce anything like that. This is an ultra bond fund for anybody that wants to play the bond market.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$119.380
Owned Owned
Unknown

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N/A
General Market Comment 

November 20, 2014

Bought Province of Ontario bonds, 4.2% coupon at a discount and are now worth $108+. Maturity is 2018. Is it better to take the gain now or ride it out? If this is a large part of your portfolio, you might think about reducing it and taking some of those capital gains. However, he is still in favour of purchasing 2018-2019 bonds for his “rolling down the yield curve” strategy.

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Bought Province of Ontario bonds, 4.2% coupon at a discount and are now worth $108+. Maturity is 2018. Is it better to take the gain now or ride it out? If this is a large part of your portfolio, you might think about reducing it and taking some of those capital gains. However, he is still in favour of purchasing 2018-2019 bonds for his “rolling down the yield curve” strategy.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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N/A
General Market Comment 

November 20, 2014

Bond ETF's or individual corporate bonds held to maturity? The basic problem here is that ETF's do not mature. When he advocates ladders, they get individual bonds and they know when their money is going to come due, exactly how much and when. With an ETF, you are at the mercy of the market. He feels you are better off with individual bonds.

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Bond ETF's or individual corporate bonds held to maturity? The basic problem here is that ETF's do not mature. When he advocates ladders, they get individual bonds and they know when their money is going to come due, exactly how much and when. With an ETF, you are at the mercy of the market. He feels you are better off with individual bonds.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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PAST TOP PICK
BCE Inc.(BCE-T) 

November 20, 2014

(A Top Pick Jan 29/14. Up 4.28%.) 3.35% bond maturing June 18/19. This has rolled down the curve and the price is higher. You get the price higher plus the coupon.

telephone utilities
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(A Top Pick Jan 29/14. Up 4.28%.) 3.35% bond maturing June 18/19. This has rolled down the curve and the price is higher. You get the price higher plus the coupon.

telephone utilities
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$53.220
Owned Owned
Yes

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PAST TOP PICK

(A Top Pick Jan 29/14. Up 3.1%.) 5.29% bond maturing April 25/17. This was part of his “rolling down the yield curve” strategy, to take advantage of the steep yield curve. You buy 3, 4 and 5 year corporate bonds, and as they get shorter in term, they fall in yield and up in price, because they're getting closer to maturity and the spread narrows also, because there is less credit risk as the bond shortens.

property mngmnt/investment
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(A Top Pick Jan 29/14. Up 3.1%.) 5.29% bond maturing April 25/17. This was part of his “rolling down the yield curve” strategy, to take advantage of the steep yield curve. You buy 3, 4 and 5 year corporate bonds, and as they get shorter in term, they fall in yield and up in price, because they're getting closer to maturity and the spread narrows also, because there is less credit risk as the bond shortens.

property mngmnt/investment
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$22.360
Owned Owned
Yes

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PAST TOP PICK
Shoppers Drug Mart Corp(SC-T) 

November 20, 2014

(A Top Pick Jan 29/14. Up 2.96%.) 2.36% bond maturing May 24/18. This has rolled down the curve with a positive return of over 3%. It will continue to generate positive returns.

specialty stores
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(A Top Pick Jan 29/14. Up 2.96%.) 2.36% bond maturing May 24/18. This has rolled down the curve with a positive return of over 3%. It will continue to generate positive returns.

specialty stores
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$60.830
Owned Owned
Yes

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DON'T BUY

Thinks the boom is over in the high-yield market, and the price of this particular ETF will likely work itself lower. Very liquid and very diversified, but a major percentage of the bond held in this ETF is in the energy patch and there is a lot of concern about some of the credit worthiness of some of the issues as long as the price of oil stays where it is or goes even lower. Thinks you will get a chance to buy it cheaper.

E.T.F.'s
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Thinks the boom is over in the high-yield market, and the price of this particular ETF will likely work itself lower. Very liquid and very diversified, but a major percentage of the bond held in this ETF is in the energy patch and there is a lot of concern about some of the credit worthiness of some of the issues as long as the price of oil stays where it is or goes even lower. Thinks you will get a chance to buy it cheaper.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$21.210
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Unknown

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BUY

Likes the 1-5 year corporate laddered ETF. It is a nice, safe ETF and you will get the kind of returns that he has shown in Past Picks. This is better than cash and is very safe.

E.T.F.'s
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Likes the 1-5 year corporate laddered ETF. It is a nice, safe ETF and you will get the kind of returns that he has shown in Past Picks. This is better than cash and is very safe.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$19.540
Owned Owned
No

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HOLD

7.5% Sept 24/2020 bond? This is one of the better firms that is dealing with the street. Just redeemed a lot of their bonds early and replaced them with a longer term bond. They have a balance sheet where there are no forthcoming principal maturities that will cause them any anxiousness in the bond market.

integrated mines
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7.5% Sept 24/2020 bond? This is one of the better firms that is dealing with the street. Just redeemed a lot of their bonds early and replaced them with a longer term bond. They have a balance sheet where there are no forthcoming principal maturities that will cause them any anxiousness in the bond market.

integrated mines
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$2.680
Owned Owned
Unknown

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COMMENT

iShares 1-5 yr Ladder Corp Bond ETF (CBO-T) or iShares 1-5 yr Government Bond ETF (CLF-T)? He prefers this one because the risk is very low and it is a very well diversified short-term portfolio and will give you extra yield over time over the government one. If safety of capital is paramount, then he would suggest half-and-half.

E.T.F.'s
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iShares 1-5 yr Ladder Corp Bond ETF (CBO-T) or iShares 1-5 yr Government Bond ETF (CLF-T)? He prefers this one because the risk is very low and it is a very well diversified short-term portfolio and will give you extra yield over time over the government one. If safety of capital is paramount, then he would suggest half-and-half.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$19.540
Owned Owned
Unknown

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COMMENT

iShares 1-5 yr Ladder Corp Bond ETF (CBO-T) or iShares 1-5 yr Government Bond ETF (CLF-T)? He prefers the corporate one because the risk is very low and it is a very well diversified short-term portfolio. It will give you extra yield over time, over this one. This one will suit those who are risk adverse and willing to accept lower returns. If safety of capital is paramount, then he would suggest half-and-half.

E.T.F.'s
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iShares 1-5 yr Ladder Corp Bond ETF (CBO-T) or iShares 1-5 yr Government Bond ETF (CLF-T)? He prefers the corporate one because the risk is very low and it is a very well diversified short-term portfolio. It will give you extra yield over time, over this one. This one will suit those who are risk adverse and willing to accept lower returns. If safety of capital is paramount, then he would suggest half-and-half.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$19.250
Owned Owned
Unknown

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N/A
General Market Comment 

November 20, 2014

How do I find detailed information preferred shares? The most comprehensive source for preferred shares information is Hymas Inv Canada (WWW.HIMIVEST.COM) and has more information than you can ever digest about preferred shares.

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How do I find detailed information preferred shares? The most comprehensive source for preferred shares information is Hymas Inv Canada (WWW.HIMIVEST.COM) and has more information than you can ever digest about preferred shares.

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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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SELL
BCE Inc.(BCE-T) 

November 20, 2014

7.65% bond due Dec 30/31? If you own, he would suggest you sell. He doesn't like long-term corporate bonds. You probably have done well on them, but he would like you to have something shorter term than that. You are going to give up income and yield if you sell them and he thinks Bell is going to make it to 2031, but rates could rise in the next year or 2. Long-term bonds are subject to price swings.

telephone utilities
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7.65% bond due Dec 30/31? If you own, he would suggest you sell. He doesn't like long-term corporate bonds. You probably have done well on them, but he would like you to have something shorter term than that. You are going to give up income and yield if you sell them and he thinks Bell is going to make it to 2031, but rates could rise in the next year or 2. Long-term bonds are subject to price swings.

telephone utilities
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$53.220
Owned Owned
Unknown

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N/A
General Market Comment 

November 20, 2014

Holding 2021 Real Return Bonds? He would consider holding these. These are fairly short-term and are the shortest Real Return bonds in the market. There is not much downside risk in these, even if the yield rises sharply.

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Holding 2021 Real Return Bonds? He would consider holding these. These are fairly short-term and are the shortest Real Return bonds in the market. There is not much downside risk in these, even if the yield rises sharply.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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N/A
General Market Comment 

November 20, 2014

Energy bonds. Some of the spreads may be widening out. Would this be an opportunity to lock in a higher yield? What names would you recommend? He would not be touching any of the convertible bonds, unless he felt the price of oil was going to rebound. An ETF might be the better way, as picking individual oil bonds is fraught with difficulty, unless you buy a package of them.

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Energy bonds. Some of the spreads may be widening out. Would this be an opportunity to lock in a higher yield? What names would you recommend? He would not be touching any of the convertible bonds, unless he felt the price of oil was going to rebound. An ETF might be the better way, as picking individual oil bonds is fraught with difficulty, unless you buy a package of them.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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TOP PICK
TMX Group(X-T) 

November 20, 2014

3.25% bonds maturing Oct 3/18. One of the themes in his 3 picks is quality. He is taking cautionary measures to guard against BBB bonds starting to underperform the market. Also, preservation of capital in these very low rates is #1 in his mind.

other services
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3.25% bonds maturing Oct 3/18. One of the themes in his 3 picks is quality. He is taking cautionary measures to guard against BBB bonds starting to underperform the market. Also, preservation of capital in these very low rates is #1 in his mind.

other services
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$52.650
Owned Owned
Yes

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TOP PICK

3.95% bonds maturing Apr 9/19. One of the themes in his 3 picks is quality. He is taking cautionary measures to guard against BBB bonds starting to underperform the market. Also, preservation of capital in these very low rates is #1 in his mind.

management/diversified
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3.95% bonds maturing Apr 9/19. One of the themes in his 3 picks is quality. He is taking cautionary measures to guard against BBB bonds starting to underperform the market. Also, preservation of capital in these very low rates is #1 in his mind.

management/diversified
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$55.340
Owned Owned
Yes

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TOP PICK
BCE Inc.(BCE-T) 

November 20, 2014

3.25% bonds maturing June 17/20. One of the themes in his 3 picks is quality. He is taking cautionary measures to guard against BBB bonds starting to underperform the market. Also, preservation of capital in these very low rates is #1 in his mind.

telephone utilities
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3.25% bonds maturing June 17/20. One of the themes in his 3 picks is quality. He is taking cautionary measures to guard against BBB bonds starting to underperform the market. Also, preservation of capital in these very low rates is #1 in his mind.

telephone utilities
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$53.220
Owned Owned
Yes

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N/A
General Market Comment 

June 6, 2014

Markets. There is a global savings glut where more money is chasing fewer bonds, US slow down, Low EU inflation and many more factors contribute to this. We should see a re-acceleration in growth in the second half of this year. Invest in investment grade 4-5 year corporate bonds. Stick with quality. He was not banking on the US slowing earlier this year. US deficit has improved rapidly and now there is a net shortage of government bonds. People thought the commodity market would be flat this year, but it is up and holding its own.

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Markets. There is a global savings glut where more money is chasing fewer bonds, US slow down, Low EU inflation and many more factors contribute to this. We should see a re-acceleration in growth in the second half of this year. Invest in investment grade 4-5 year corporate bonds. Stick with quality. He was not banking on the US slowing earlier this year. US deficit has improved rapidly and now there is a net shortage of government bonds. People thought the commodity market would be flat this year, but it is up and holding its own.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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N/A
General Market Comment 

June 6, 2014

Preferred perpetual in a rising interest rate environment. The features and options are in the hands of the issuer. They perform badly in a rising interest rate environment and you should not hold them. Prefers reset varieties.

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Preferred perpetual in a rising interest rate environment. The features and options are in the hands of the issuer. They perform badly in a rising interest rate environment and you should not hold them. Prefers reset varieties.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
No

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N/A
General Market Comment 

June 6, 2014

Bond Ladder. Disciplined way to protect capital and earn a decent return. Staggered maturities. Divide into partials and invest in increasing maturity durations and then renew as each year matures.

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Bond Ladder. Disciplined way to protect capital and earn a decent return. Staggered maturities. Divide into partials and invest in increasing maturity durations and then renew as each year matures.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
_N/A

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DON'T BUY
General Market Comment 

June 6, 2014

Convertible bonds give you the right to convert into a common share at a pre-determined price, but pay interest until converted. You have to know the underlying company before you buy them. They are expensive now and often yield less than the underlying portfolio.

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Convertible bonds give you the right to convert into a common share at a pre-determined price, but pay interest until converted. You have to know the underlying company before you buy them. They are expensive now and often yield less than the underlying portfolio.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
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Unknown

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BUY
General Market Comment 

June 6, 2014

Laddered GICs: He is in favour of them if you have limited access to bonds. You don’t pay a premium to buy them like corporate bonds. They are safe to $120,000 up to 5 years due to insurance (so use 5 year ladders). They are for people who are not willing to put their capital at risk. It is a dangerous time to reach for yield right now with corporate bonds. You get the most principle risk.

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Laddered GICs: He is in favour of them if you have limited access to bonds. You don’t pay a premium to buy them like corporate bonds. They are safe to $120,000 up to 5 years due to insurance (so use 5 year ladders). They are for people who are not willing to put their capital at risk. It is a dangerous time to reach for yield right now with corporate bonds. You get the most principle risk.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
Unknown

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BUY
General Market Comment 

June 6, 2014

GICs: Illiquid – you can’t trade them. It comes down to relative yield. Prefers 1 to 10 year ladder. There is a place for them and they are safe.

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GICs: Illiquid – you can’t trade them. It comes down to relative yield. Prefers 1 to 10 year ladder. There is a place for them and they are safe.

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
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Unknown

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DON'T BUY

Not big on this kind of ETF. Contains the kinds of securities from before 2008. A junk bond portfolio of floating rate bonds. High MER. Perhaps as part of portfolio where you want to take risk.

E.T.F.'s
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Not big on this kind of ETF. Contains the kinds of securities from before 2008. A junk bond portfolio of floating rate bonds. High MER. Perhaps as part of portfolio where you want to take risk.

E.T.F.'s
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$20.350
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Unknown

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TOP PICK
BCE Inc.(BCE-T) 

June 6, 2014

3.35% Bond Maturing June 18/19. (Top Pick May 6/13, Up 2.03%) Lower in price but made a positive return because of yield. Less principle risk as you get closer to maturity. When you get within 2 years you exchange it for another 5 year bond unless you are in a ladder. Will continue to produce positive returns. Lowering principle risk. ‘A’ rating.

telephone utilities
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3.35% Bond Maturing June 18/19. (Top Pick May 6/13, Up 2.03%) Lower in price but made a positive return because of yield. Less principle risk as you get closer to maturity. When you get within 2 years you exchange it for another 5 year bond unless you are in a ladder. Will continue to produce positive returns. Lowering principle risk. ‘A’ rating.

telephone utilities
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$50.430
Owned Owned
Yes

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PAST TOP PICK
General Market Comment 

June 6, 2014

Reliance LP 4.574% maturing March 15/17. (Top Pick May 6/13, Up 4.41%)

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Reliance LP 4.574% maturing March 15/17. (Top Pick May 6/13, Up 4.41%)

Unknown
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Hank Cunningham

Fixed Inco, Odlum Brown Limited...

Price Price
$0.020
Owned Owned
Yes

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PAST TOP PICK

5% maturing December 1/18. (Top Pick May 6/13, Up 3.51%)

property mngmnt/investment
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5% maturing December 1/18. (Top Pick May 6/13, Up 3.51%)

property mngmnt/investment