10.5% bond maturing April 27/17. (Top Pick Aug 13/13, Up 16.00%) US$ Bond. It is a cement company that is being consolidated in China. He bought more after it dropped.

6.5% bond maturing March 15/21. (Top Pick Aug 13/13, Up 11.00%) A growing Canadian oil and gas story. It was building up a cash pile before Cap-X got under way. He bought more when it went on sale. It is playing out with how the stock and the debt are performing.

Bond 8.0% November 2017. It is an improving story. They sold down some existing gas assets. Nickel prices are rising. They are paying down debt. A good yield enhancer and a short maturity date.

Perpetual preferred bond, issued by a high quality bank, one of the best banks in the world. Perpetual means you have to look at duration risk. It never has to be called. If rates rose significantly, this one would suffer. If it is one of the few long duration things he own, then it is fine.

5.125% bond maturing December 29, 2049. It is very, very likely to be called in five years. They are an improving credit story; capital levels and profit are up. Headline risk has diminished.

5.5% Bond Maturing May 28, 2021. Less than two times leverage, assets in oil and gas. A good story and a solid company.

BMO US High Dividend (ZWH-T) or BMO High Yield Corp Bond US Hedge to CAD (ZHY-T)? He would grudgingly prefer the ZWH, but he really doesn’t like any products that are traditional income interest rate sensitive.