Mark Carpani

If ECB wasn’t there or Germany wasn’t there there wouldn’t be much demand for Spanish bonds, Market is telling you there you won’t get back 100 cents on the dollar. There is definitely going to be a hair cut. Most of investors in these countries are the banks. He would stay out of Europe until it settles down.

If rates gradually rise in the short term, then this fund will suffer. He thinks rates will rise modestly over this year. The coupon may not be enough to offset the loss in capital. The market expects 100 basis points be his firm expects somewhat (50-75) less.

Saw 5.7% bonds: Good franchise in the west. Change in CEO is good for bonds. Making money and executing and drama doesn’t’ concern him.

Bonds will out perform cash. Cash – 1%, bonds 5-6% or more. Bonds are better than cash right now.

Yellow Media 7.75 % 3/2/2020. High investment grade, generating good free cash flow. Deleveraging and paying down debt. Converted from income trust in November without any fall out. Doesn’t have a problem with the equity. Biggest risk is a big slowdown in the economy.

5.16% bond callable May 24/22. Trading at a discount. Yielding over 7%. Feels they have made the transformation out of the government’s hands and have divested a lot of non-core assets. Good global franchise.

Cara Operations: 9.15% due 12/01/2015. Widely known for Swiss Chalet and milestones, Kelsey’s, Montana’s. Biggest risk is downturn in restaurants.

(Top Pick Dec 29/09, Up 14.67)

(Top Pick Dec 29/09, Up 19.01%) Reach his targets that he set for it.

(Top Pick Dec 29/09, Up 6.53%) Case New Holland FRN 12/15/12

Not a bad sector. A good place to be instead of cash or GICs

Not a lot has changed since 2009 except overnight bank rates. The Canadian yield curve has rallied. There is not really any value at the short end and the risk is too high. At the short end, rates are as low as they are going to go. Prefers corporate bonds. Investment grade bonds are very attractive. Ireland or Greek credit problems will cause volatility.

Aeroplan Bonds: 6.95% 01/26/2017 The improving economic theme and the Aeroplan card attached to purchases. Broad customer base, deep penetration. Not all miles get redeemed (over 20%). Good cash flow, modest debt, and good franchise, higher income individuals.

Citigroup Bonds: 5.16% 05/24/2027 Thinks they have gone through the worst. Very, very good turnaround. Not super liquid so it takes time to get into this position. Have a good franchise. Have proven they can cut costs – management is doing a good job.

Manulife Bonds: 7.405% 12/31/2019 They have gone through the worst. This bonds represents good value on the yield curve.