Latest Expert Opinions

Signal
Opinion
Expert
BUY
BUY
April 24, 2012
Bond Maturing in 2015. Hold or sell? This company is a distressed credit. He feels the 2013, 2014 and 2015 are Buys at current levels. Trading too cheap relative to what he thinks the eventual work out will be. He is fairly sceptical that all of these bonds will mature. (He owns some of their debentures.)
Yellow Media Inc (Y-T)
April 24, 2012
Bond Maturing in 2015. Hold or sell? This company is a distressed credit. He feels the 2013, 2014 and 2015 are Buys at current levels. Trading too cheap relative to what he thinks the eventual work out will be. He is fairly sceptical that all of these bonds will mature. (He owns some of their debentures.)
Joey Mack
Director, Fixed Income, ScotiaCapital
Price
$0.065
Owned
Yes
DON'T BUY
DON'T BUY
April 24, 2012
Preferred A’s. Capstone would be considered as a B type credit, which is close to junk credit which he normally does not like. When you are playing high-yield, you want to be in the senior debt, which is ranked so much higher in the capital structure. This one has weak credit and is trading at a distressed level and is pretty illiquid for trading.
Preferred A’s. Capstone would be considered as a B type credit, which is close to junk credit which he normally does not like. When you are playing high-yield, you want to be in the senior debt, which is ranked so much higher in the capital structure. This one has weak credit and is trading at a distressed level and is pretty illiquid for trading.
Joey Mack
Director, Fixed Income, ScotiaCapital
Price
$3.800
Owned
Unknown
HOLD
HOLD
April 24, 2012
This company is being acquired. What happens to the 6.25% convertible shares that are maturing Dec/14? A “change of control” clause gets triggered and NAL will basically offer you your money back. You don't want to do that because this takeover creates a stronger company and credit quality is improving.
NAL Energy Corp (NAE-T)
April 24, 2012
This company is being acquired. What happens to the 6.25% convertible shares that are maturing Dec/14? A “change of control” clause gets triggered and NAL will basically offer you your money back. You don't want to do that because this takeover creates a stronger company and credit quality is improving.
Joey Mack
Director, Fixed Income, ScotiaCapital
Price
$7.250
Owned
Unknown
COMMENT
COMMENT
April 24, 2012
6.75% bond maturing 2039. Hold, Sell or Buy? This is relatively cheap compared to government bonds. However, given his view on the long end of the market, this is offset and then some. The low end of the corporate space is probably fully valued here and you due to see some negative returns over the next 12 months.
6.75% bond maturing 2039. Hold, Sell or Buy? This is relatively cheap compared to government bonds. However, given his view on the long end of the market, this is offset and then some. The low end of the corporate space is probably fully valued here and you due to see some negative returns over the next 12 months.
Joey Mack
Director, Fixed Income, ScotiaCapital
Price
$19.620
Owned
Unknown
COMMENT
COMMENT
April 24, 2012
Preferred Series T bonds maturing Aug/14? They don't actually mature on that date. This is actually a reset date. At that date, they have the right to Call them or reset the dividend at a spread over Canada's. With recent changes in bank regulations, he expects they will be called on that date. Trading at a premium. This will disappear over time. He likes them.
Royal Bank (RY-T)
April 24, 2012
Preferred Series T bonds maturing Aug/14? They don't actually mature on that date. This is actually a reset date. At that date, they have the right to Call them or reset the dividend at a spread over Canada's. With recent changes in bank regulations, he expects they will be called on that date. Trading at a premium. This will disappear over time. He likes them.
Joey Mack
Director, Fixed Income, ScotiaCapital
Price
$56.540
Owned
Unknown
COMMENT
COMMENT
April 24, 2012
B series 6.7% maturing Dec 31/51. One of the old-style capital securities and 2051 would be when the whole capital trust would wrap up normally. If they do not call it, you have the right to convert these bonds into preferred shares with a dividend well above what this company would provide in the market today. That would be a great trade in of it self. You could then convert those preferreds back into common stock at a discount to the market. They won't let this happen so they will Call this bond and a notice will be out sometime in May.
B series 6.7% maturing Dec 31/51. One of the old-style capital securities and 2051 would be when the whole capital trust would wrap up normally. If they do not call it, you have the right to convert these bonds into preferred shares with a dividend well above what this company would provide in the market today. That would be a great trade in of it self. You could then convert those preferreds back into common stock at a discount to the market. They won't let this happen so they will Call this bond and a notice will be out sometime in May.
Joey Mack
Director, Fixed Income, ScotiaCapital
Price
$13.160
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
April 24, 2012
(A Top Pick March 21/11.) Has reached its full value.
Cogeco Cable (CCA-T)
April 24, 2012
(A Top Pick March 21/11.) Has reached its full value.
Joey Mack
Director, Fixed Income, ScotiaCapital
Price
$47.900
Owned
Unknown