It amazed me, over the past 2 years or so, how the Perp Pref market in Canada was able to get so badly run down. Low interest rate environment, and endless new issues at increasingly higher dividend rates. All P1, and none of any interest to anyone. Could the experts explain it? Nope. Just another "bad day", right?
Then, on December 24, what's become the most noteworthy rally in Canadian perps in recent time, was sparked by an admitedly very poorly publicized, yet very vital and obviously pivotal, press release.
I've searched every pref blog I know to see how it's being discussed, but . . . nope, not there . . . not anywhere; not even here (yet, anyway!). Not even the most self-proclaimed pref gurus seem to know about it. (Don't worry guys, just keep doing YTW analysis, and forget about the relevent stuff! . . . like why your portfolio has increased in value by about 25% in the past 3 trading days)
At the very least, people, are you not curious why everyone (except you perhaps?) has all of a sudden jumped on the perpi bandwagon?
Preftrader
Tuesday, December 30, 2008
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