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Canadian Convertible Debenture Market

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The Canadian Convertible Debenture Market:  list

IMG_2026_400x400.JPG?v=1467481997

AUG. 2019

Risk ——: UnderV / Company — : Coupon : Maturity : Db.Price: Y.T.M.
Lower:
ARE.DB.C : 6.05% / Aecon Group : 5.00% : 31-Dec-23 : $105.10 : 3.71%
Mod.  :
AD.DB       : 9.53% / Alaris Royalty: 5.50% : 30-Jun-24 : $  95.75 : 6.54%
EIF.DB.K.  : 7.85% / Exch.Inc.Corp: 5.75% : 31-Mar-26 : $100.24: 5.70%
EIF.DB.J   : 5.37% / Exch.Inc.Corp: 5.35% : 30-Jun-25 : $100.25 : 5.30%

+ CHE.db.D : SGY.db : CF.db : DHX.db : ...

Underlying shares (of discounted Debs)

1/ EIF-etc. : fr. Jun.2017 : 10d (updated 9/5/19)

wP0PCGy.gif

2/ DHX -etc. from 1/1/2016 : Invesque : IVQ.DB.V - IVQ.U =

PU0nx8U.gif

: BCV-etc ... Update : 10d : $21.59 w/ 4.63% yield ($1.00 div.?) - BCV is a us convertible fund (shows how cv bonds are performing)

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Exploiting Opportunities in an Overlooked Asset Class

Published by on

Convertible Debentures can provide extremely attractive risk/return opportunities for investors

The Canadian Convertible Debenture market in particular is one of our favorite “asset classes” in which to hunt for compelling investment opportunities for our discretionary Diversified Income Portfolio which is currently ~ 36% exposed to this area.

A convertible debenture is a hybrid security which has some of the features of both bonds and equities.  It is essentially an issuer unsecured debt obligation which comes with a set maturity date, maturity value, and a built-in conversion option to equity that can provide significant upside potential. 

A convertible debenture is almost always a safer way for an investor to be exposed to a particular company compared to buying its common or preferred shares directly.  However, if you do not like the nature of a firm’s business (i.e. a highly cyclical resource issuer), the state of the firm’s balance sheet, or have questions about the firm’s expected profitability, overall direction and/or management quality should probably stay away from its convertible debentures as well. 

You will often see the terms convertible bond and convertible debenture used interchangeably – with the distinction being that some convertible bonds are secured debt obligations but most convertible debentures issued in Canada are not secured.  To further confuse matters “debentures” often have different definitions in different countries - i.e. U.K. issued debentures are usually secured1 while in the U.S. debentures refer specifically to an unsecured corporate bond2.  With any investment it is important to understand what you are buying, how it works and what a reasonable return expectation is for the investment under a variety of scenarios.  It is important to have an appreciation of the issuer’s financial stability. Complicating matters for investors researching convertible debenture opportunities in Canada is the fact that most issues are not rated by any credit rating agencies.  The risk profile of individual convertible debentures varies greatly as they are regularly issued from a wide range of companies - from very small micro-cap “start-ups” right up to large, multi-billion dollar firms. 

Only investors that are comfortable picking their own stocks should consider buying their own convertible debentures.  Convertible debentures are not a “guaranteed investment” like a GIC which has CDIC coverage.  They are however safer than buying the issuing company’s common shares or preferred shares.   

> More: http://borisoffcoxwealth.com/blog/2419607-The-Canadian-Convertible-Debenture-Market--Exploiting-Opportunities-in-an-Overlooked-Asset-Class

OTHER Info sources:

Felix Choo, CFA at : https://convertibledebentures.blogspot.ca/. / List : peanut-power-rankings.html

Divestor -------------- : http://divestor.com/?p=7523

Finl Post Prices -- : http://business.financialpost.com/markets

Canadian REITS - : https://en.wikipedia.org/wiki/List_of_REITs_in_Canada

BCV / Bancroft -- : http://gabelli.com/Gab_pdf/finan/-123.pdf : Calamos Cv. Holdings : Portfolios :

List-All- 9/2018- : DB-1 : DB-2 : DB-3 : DB-all :

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DEBENTURES are frequently used in Debt Restructurings in Canada, like this one, announced yesterday:

Concordia Int'l / CXR.t ... update - the long slide! from over c$100 in late 2015, to c$0.36

OrQM7Bp.gif

Concordia plan slashes debt, replaces CEO, wipes out stock in $2.4-billion deal

Concordia International Corp. reached an agreement with its creditors to cut its debt load by US$2.4 billion in a deal that ousts the chief executive and will leave shareholders all but wiped out.

The pharmaceutical company’s turnaround accord includes raising US$586.5 million through a private equity rights offering and new secured debt of about US$1.4 billion, and cutting annual interest expense by $171 million, according to a statement Wednesday. Holders of about 72 per cent of the secured debt and 64 per cent of the unsecured debt have signed off on the plan, which also received Ontario court approval.

Secured debt holders would receive cash and new secured debt equal to 93.4 per cent of their principal amount, including a 5 per cent early consent cash consideration. The funds raised through the equity rights offering will be put toward acquiring 88 per cent of the outstanding shares to compensate secured debt holders. Those were trading for 45 cents at 9:40 a.m. in Toronto, down 14 cents.

Unsecured debt holders will receive about 12 per cent of the common shares in the restructured company and existing shareholders will hold on to 0.35 per cent of the common shares. Stakeholders will vote on the plan on June 19.

> http://business.financialpost.com/investing/concordia-plan-slashes-debt-replaces-ceo-wipes-out-most-stock
 

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Top 5 from felix choo
======
issuer ---- : ticker symb : coupon : maturity : conver: comm : %ytm : yr.tm : req'chg. : $deb.pr: model : u/o-value :
Surge Ergy. : SGY.DB -- : 5.75% : 31dec.22 : $ 2.75 : $   2.40 : 3.81% : 4.68 : +14.6% : 108.25 : 111.53 : - 3.03% :
Hydro One- : H.IR *  --- : 4% 0% : 30sep.27 : $21.45 : $20.45 : 0.22% : 9.43 : +  4.6% : $28.50 : $35.07 : - 23.1% :
Div. royalty : DIV.DB --- : 5.25% : 31dec.22 : $  4.55 : $  3.29 : 5.25% : 4.68 : +38.5% : $99.99 : 104.05 : - 4.06% :
Tricon (us) : TCN.db.u : 5.75% : 31mar.22 : $10.30 : $  7.90 : 4.62% : 3.93 : +30.3% : 104.00 : 105.51 : -1.46% :
AHIP Reit - : HOT.db.u : 5.00% : 30 jun.22 : $  9.25 : $  6.40 : 5.96% : 4.18 : +44.5% : $96.50 : 100.32 : - 3.96% :
=========
> https://convertibledebentures.blogspot.hk/

SGY.t / Surge Ergy. : SGY.DB ... 10Y : 5Y : Last: C$ 2.31 / pe: n/a ,  yield: 4.11% ($ 1.58 -$2.65)

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H.t / Hydro One- : H.IR * ... 10Y : 5Y : Last: C$20.52 / pe: 18.5, yield: 4.29% ($20.10 -24.13)

miYHnNR.gif

DIV.t / Div. royalty : DIV.DB ... 10Y : 5Y : Last: C$  3.30 / pe: 30.0 , yield: 6.74% ($ 2.20 -$3.74)

vh3wYPm.gif

TCN.t / Tricon (us) : TCN.db.u ... 10Y : 5Y : Last: C$9.90 x .78 = $7.64 / pe: 21.2, yield: 2.83% ($9.57 -12.05)

nT4I7mu.gif

HOT.t / AHIP Reit - : HOT.db.u ... 10Y : 5Y :

AHIP = American Hotel Income Properties REIT LP (HOT.TOR)

8gRod8y.gif

 

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Second FIVE

issuer -- : ticker symb : coupon : maturity : conver.: comm. : %ytm : yr.tm : req'chg.: $deb.pr: model : u/o-value :
Morneau Sh: MSI.db.A : 4.75% : 30 jun. 21 : $25.10 : $ 25.28 : 0.91% : 3.18 : inMoney: 112,00 : 109.48 : +2.25% :
Cargojet----- : CJT.DB.C : 4.65% : 31 dec.21 : $58.65 : $65.26 :-1.72% : 3.68 : inMoney: 124.27 : 121.70 : +2.07% :
DHX Media- : DHX.DB - : 5.88% : 30 sep.24 : $  8.00 : $  3.60 : 8.32% : 6.43 :  122.2% : $88.00 : $97.62 : -10.94% :
Algoma Ctl. : ALC.db.A : 5.25% : 30 jun. 24 : $21.15 : $15.20 : 4.41% : 6.18 : +39.1% : 104.50 : 106.19 : - 1.62% :
Prem.Brand : PBH.db.G: 4.65% : 30 apr. 25 : 182.51 : 120.37 : 4.32% : 7.01 : +51.6% : 102.00 : 102.51 : - 0.50% :
==========

MST.t / Morneau Sh : MSI.db.A . 10Y : 5Y :

d3Rnusi.gif

CJT.t / CargoJet -- : CJT.DB.C ... 10Y : 5Y :

Wrdhelc.gif

DHX.B.t / DHX Media : DHX.DB - .. 10Y : 5Y :

KpEi8w2.gif

ALC.t / Algoma Ct'l - : ALC.db.A . 10Y : 5Y :

yavNOFV.gif

PBH.t / Prem.Brands : PBH.db.G . 10Y : 5Y :

00r6Kxg.gif

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Another FIVE

issuer ---- : ticker symb : coupon : maturity : conver: comm : %ytm : yr.tm : req'chg. : $deb.pr: model : u/o-value :
Exch.Inc.Cp: EIF.DB.G -: 6.00% : 31 mar.21: $31.70 : $31.17 : 3.46% : 2.93 :  + 1.7% : 107.00 : 111.54 :  - 4.24% :
Pure FamR : RUF.DB.U : 6.50% : 30 sep. 20: $  5.65 : $  7.28 :-4.66% : 2.43 :InMoney: 129.00 : 127.45 : + 1.20% :
Innergex---- : INE.DB.A  : 4.25% : 31 aug.20: $15.00 : $13.65 : 3.00% : 2.35 : +  9.9% : 103.80 : 103.20 : - 0.39% :
OsiskoGold: OR.DB ---- : 4.00% : 31 dec.22 : $22.89 : $12.80 : 4.00% : 4.68 : +78.8% : 100.00 : 101.55 : -1.55% :
Dorel Ind.---: DII.DB.U - : 5.50% : 30 nov.19 : $46.75 : $21.69 : 5.17% : 1.59 : 115.5% : 100.50 : 100.51 : - 0.01% :
==========

EIF.t / Exchange Inc. Fd. : EIF.?? -- . 10Y : 5Y :

pB0BoB2.gif

RUF.UN.t / Pure Fam.Reit : RUF.DB.U : 10Y : 5Y :

BNfWmxf.gif

INE.t / Innergex Renew.Energy : INE.DB.A  : 10Y : 5Y :

NG8kT0k.gif

OR.t / Osisko Gold Roy'l : OR.DB -- . 10Y : 5Y :

2rdvpJL.gif

DII.B.t / Dorel Ind.s : DII.DB.U - . All : 10Y : 5Y :

5CAF1yQ.gif

==

nwh-un

rh0xOct.gif

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Investors who are still anxious about volatility should look to stash income stocks in their portfolios in the spring and summer months.

Hydro One Ltd. (TSX:H)

Hydro One is an Ontario-based utility company. Shares fell 2.1% on May 16, and the stock has plunged 15.5% in 2018 so far.Controversy has been swirling around its CEO and board with Ontario PC leader Doug Ford taking routine pot shots at the company’s leadership. Hydro One released strong first-quarter results on May 15 and hiked its dividend.

In the first quarter, Hydro One reported earnings per share of $0.37 compared to $0.28 in Q1 2017. The company hiked its quarterly dividend 5% to $0.23 per share. Shareholders are no doubt frustrated that the company has become embroiled in a contentious election.

In a May 15th interview, Hydro One CEO Mayo Schmidt said that political interference had hurt the utility. He touted the company’s progress in bumping profit up 33% and delivering $114 million in cost savings since its IPO. The results are promising at Hydro One, but more drama could be on the horizon, as Doug Ford looks poised to win the Ontario premiership in the June 7th election. Now could be a good time to scoop up the stock at a bargain.

Exco Technologies Ltd. (TSX:XTC)

Cogeco Communications Inc. (TSX:CCA)

https://www.fool.ca/2018/05/17/3-sneaky-dividend-stocks-to-pick-up-today/

4% Rec. Conv. Debs/ H.IR (Instalment Receipts)

CA:H.IR / Hydro One Ltd. 4% Rec. (TOR) ... H.IR : vs. H.T : bid/offer :

xx

On August 9, 2017, in connection with the acquisition of Avista Corporation, the Company completed the sale of $1,540 million aggregate principal amount of 4.00% convertible unsecured subordinated debentures (Convertible Debentures) represented by instalment receipts, which included the exercise in full of the over-allotment option granted to the underwriters to purchase an additional $140 million aggregate principal amount of the Convertible Debentures. The Convertible Debentures instalment receipts trade on the Toronto Stock Exchange under the ticker symbol “H.IR”. The Convertible Debentures were sold as part of Hydro One’s acquisition financing strategy to acquire Avista Corporation (see section Other Developments – Avista Corporation Purchase agreement), which includes the issuance of $1,540 million of Hydro One common shares and US$2.6 billion of Hydro One debt. The Convertible Debentures were sold to satisfy the equity component of the acquisition financing strategy

To mitigate the foreign currency risk related to the portion of the Avista Corporation acquisition purchase price financed by the issuance of Convertible Debentures, in October 2017, the Company entered into a deal-contingent foreign exchange forward contract to convert $1.4 billion Canadian to US dollars at an initial forward rate of 1.27486 Canadian per 1.00 US dollars and a range up to 1.28735 Canadian per 1.00 US dollars based on the settlement date. The contract is contingent on... At December 31, 2017, a fair value loss of $3 million was recorded with a corresponding derivative liability

> (pg. 27/100) : https://www.hydroone.com/investorrelations/Reports/Hydro One Limited Annual Report 2017.pdf

...Upon closing of the Avista Corporation transaction and conversion of the Convertible Debentures into Hydro One common shares, the Province’s ownership of Hydro One will decrease to approximately 42.3%. See section “Liquidity and Financing Strategy”. The Province waived its pre-emptive right to participate in the Debenture Offering under the governance agreement entered into between Hydro One and the Province dated November 5, 2015 (Governance Agreement). In consideration of granting the waiver, Hydro One agreed that until July 19, 2018: (i) the Company shall not issue common shares pursuant to the Company’s equity compensation plans and any dividend reinvestment plan in an aggregate number that exceeds 1% of the common shares

> (pg. 32/100) : https://www.hydroone.com/investorrelations/Reports/Hydro One Limited Annual Report 2017.pdf

On August 9, 2017, in connection with the acquisition of Avista Corporation, the Company completed the sale of $1,540 million aggregate principal amount of 4.00% convertible unsecured subordinated debentures (Convertible Debentures) represented by instalment receipts, which included the exercise in full of the over-allotment option granted to the underwriters to purchase an additional $140 million aggregate principal amount of the Convertible Debentures (Debenture Offering). The Convertible Debentures were sold on an instalment basis at a price of $1,000 per Convertible Debenture, of which $333 (Initial Instalment) was paid on closing of the Debenture Offering and the remaining $667 (Final Instalment) is payable on a date (Final Instalment Date) to be fixed by the Company following satisfaction of conditions precedent to the closing of the acquisition of Avista Corporation. The gross proceeds received from the Initial Instalment were $513 million. The Company incurred financing costs of $27 million, which are being amortized to financing charges over approximately 10 years, the contractual term of the Convertible Debentures, using the effective interest rate method. The Convertible Debentures will mature on September 30, 2027. A coupon rate of 4% is paid on the $1,540 million aggregate principal amount of the Convertible Debentures, and based on the carrying value of the Initial Instalment, this translates into an effective annual yield of 12%. After the Final Instalment Date, the interest rate will be 0%. The interest expense recorded in 2017 is $24 million. If the Final Instalment Date occurs on a day that is prior to the first anniversary of the closing of the Debenture Offering, holders of the Convertible Debentures who have paid the Final Instalment on or before the Final Instalment Date will be entitled to receive, in addition to the payment of accrued and unpaid interest to and including the Final Instalment Date, an amount equal to the interest that would have accrued from the day following the Final Instalment Date to and including the first anniversary of the closing of the Debenture Offering had the Convertible Debentures remained outstanding and continued to accrue interest until and including such date (Make-Whole Payment). No Make-Whole Payment will be payable if the Final Instalment Date occurs on or after the first anniversary of the closing of the Debenture Offering. At the option of the holders and provided that payment of the Final Instalment has been made, each Convertible Debenture will be convertible into common shares of the Company at any time on or after the Final Instalment Date, but prior to the earlier of maturity or redemption by the Company, at a conversion price of $21.40 per common share, being a conversion rate of 46.7290 common shares per $1,000 principal amount of Convertible Debentures. The conversion feature meets the definition of a Beneficial Conversion Feature (BCF), with an intrinsic value of approximately $92 million. Due to the contingency associated with the debentureholders’ ability to exercise the conversion, the BCF has not been recognized. Between the time the contingency is resolved and the Final Instalment Date, the Company will recognize approximately $92 million of interest expense associated with amortization of the BCF.

> (pg.75 /100): https://www.hydroone.com/investorrelations/Reports/Hydro One Limited Annual Report 2017.pdf

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New Convertible Issue From Hydro One - A 12% Yield And A Discount ...

Jul 20, 2017 - Hydro One (OTC:HRNNF)[TSX:H] is a major regulated utility based in ... is being marketed as installment receipts for a convertible debenture.

2 /

The hottest stock on the TSX isn't even a stock — yet | Financial Post

business.financialpost.com/investing/the-hottest-stock-on-the-tsx-isnt-even-a-stock-yet

Sep 18, 2017 - The instalment receipts were again the most active stock for the week ended Sept. 1... (19.67 million) and Canadian Natural Resources Ltd. (19.24 million). ... Smith also said the Avista purchase makes sense for Hydro One.

3 /

Markets : Stock Quote Beginner View: Stock technical analysis for H.IR ...

bullishinvestor.com/markets/stock_quote/?s=H.IR:CA
  1.  
Hydro One Limited Instalment Receipts (H.IR:CA:TSX) ... The stock price direction for the day forH.IR:CA is UP. The stock is experiencing a downtrend as of late, ...

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US Cv Bonds -

> Gabelli: http://www.gabelli.com/Gab_pdf/finan/-123.pdf

Macquarie Infrastructure Corp.,   2.000%, 10/01/23 : 2,084,000 : 2,098,832    1,878,503
DISH Network Corp.,                      3.375%, 08/15/26 : 2,975,000 : 3,084,130    2,707,312
Chesapeake Energy Corp.,            5.500%, 09/15/26 : 1,500,000 : 1,508,690    1,317,900
Global Eagle Entertainment Inc.   2.750%, 02/15/35 : 1,625,000 : 1,362,693    1,048,117
BioMarin Pharmaceutical Inc.,      0.599%, 08/01/24 : 1,550,000 : 1,522,108    1,494,710
Dermira Inc., (a)                               3.000%, 05/15/22 : 0,500,000 : 0,551,115    0,404,625
Horizon Pharma Investment Ltd.  2.500%, 03/15/22 : 0,750,000 : 0 784,485    0;677,681
Royal Gold Inc.,                                 2.875%, 06/15/19 : 0,600,000 : 0,597,241    0,643,500

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DII.B.t / Dorel Ind.s : DII.DB.U - . All : 10Y : 5Y :

9WqJXfj.gif

(in edit)

JhkGhDy.gif

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CHART this? Surge Energy

SGY etc / all-Data :

CDd8a7H.gif

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SURGE Energy / SGY.t ... update : $1.71 / SGY.DB 5.75% 31Dec.22 / Conv.@$2.75 : $98.25 (58% over cv.val.$62.2)

lLpo7tM.gif

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Cheapest vs. Model
Company-- Discount: Symbol- : $Price : XStrike: Below : CvDeb : Model : Coup.: %YTM :
Aecon Grp. (13.63%) ARE.DB.C $18.71: $24.00: -00.0%: 103.77: 117.91: 5.00%: 4.18%:
DHX Media (19.79%) DHX.DB :  $02.71: $08.00: -00.0%: $79.99: $95.82: 5.88%: 10.5%:
Chemtrade (12.43%) CHE.DB.D $12.03: $26.70: -00.0%: $88.00: $98.94: 4.75%: 7.41%:
Hydro One  (11.14%) HHHH??? $19.40: $21.40: -00.0%: $24.75: $27.51: 4%-0%: ??
Other
Canaccord (05.84%) CF.DB.A  : $06.87: $10.00: -31.3%: 102.50: 108.40: 6.25%: 5.68%:

Stock charts

ARE / Aecon Group Inc .... 5yr : 1r / 10d - $18.72

fNu5R9s.gif

DHX / DHX Media Ltd .... 5yr : 1r / 10d - $3.52

p9KcgGP.gif

CHE.un / Chemtrade Logistics Income Fund .... all : 10yr : 5yr : 1r / 10d - $11.65

5ngoBfD.gif

H / Hydro One Ltd..... all : 1r / 10d -

BGaaZ6i.gif

CF /Canaccord Genuity .... 5yr : 1r / 10d - $ 6.51

QNgQo1g.gif

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IVQ.U / Investque - a Scam maybe? 

Relies on REVALUATIONS to make money
T.IVQ.DB.U: Last $80.00 ($75.00,13k - $85.00,30k) YrL:$70.00- YrH:$100.85

XBJWOb1.png

IVQ.U on Toronto ... update : Last: C$6.46, down from C$9.00 Yr's High: -xx%

FcUHmFU.gif

" Invesque Inc is a Canada-based company. It is engaged in owning income-producing seniors housing and care properties. The company focuses on to acquire and invest in properties which offer transitional care, long-term care, memory care assisted living, and independent living programs. The rental income generates maximum revenue for the company. It offers its services to the United States of America. "

TORONTO, ONTARIO, DECEMBER 18, 2018 – Invesque (TSX:IVQ.U) announced today a cash dividend in the amount of US$.06139 per common share for the period from December 1, 2018 to December 31, 2018. The dividend will be payable on January 15, 2019 to shareholders of record as of December 31, 2018.

=====

 

 

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Chemtrade Logistics Income Fund
 
T.CHE.DB.B 5.25%: Last $96.00 ($96.50,10k - $98.00,35k) YrL:$89.87- YrH:$103.50
T.CHE.DB.C 5.00%: Last $89.50 ($89.00,24k - $89.50,15k) YrL:$85.00- YrH:$102.95
T.CHE.DB.D 4.75%: Last $86.00 ($86.00,36k - $88.00,48k) YrL:$75.00- YrH:$100.75 cv

CHE.DB.C / ChemtradeLog. 5.00% 31.Aug.23 : Conv.$10.48 @$90.00, YTM: 7.58% (model: $97.13, 7.92% U/val.)
CHE.DB.D / ChemtradeLog. 4.75% 31May.24 : Conv.$10.48 @$84.95, YTM: 8.25% (model: $95.65, 12.6% U/val.)

CHE.u ... update ... Last: $10.79, Yield: 11.17%  / Range: $10.03 to 19.02

K9zI7BH.gif

==

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Canaccord Genuity Group
symbol: QtrDiv: Yield%: LastPr. (Bid -Size -- Offer -Size): YrLow - YrHigh : Cv @
T.CF.P.A $.243d:6.99%: $13.90 ($13.65,.1k - $13.90,.1k) $13.02- $16.98: ??
T.CF.P.C $.312d:7.75%: $16.10 ($16.00,.1k - $16.10,.5k) $14.81- $19.33: ??
Bal.Sheet
CF-com :$5.97 x116.M: $690.8M Bt-0.349 P/B: 1.166, P/CF: 1.979
CF.P.A : $13.90 x4.54M: $63.11M Bt-1.798
CF.P.C : $16.10 x4.00M: $62.68M Bt-1.452
CF.DB.A / CanaccordG 6.25% 31Dec.2023 : Conv.$10.00 @$98.70, YTM: 6.56% (model: $101.85, N/A valuation)

CF ... update ... Last: $ 5.97, Yield:  0.67%  / Range: $ 5.49 to $7.49

c2GlMGD.gif

==

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Latest Report, 2019 - for the Historical record

RYpKFku.png

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I put Aecon Debs on my Watch list... partly because I like the chart

ARE.DB.C / Aecon Group 5% 31Dec.2023 : Conv.$24.00 @$103.00, YTM: 4.33% (model: $112.06, 8.8% U/val.)

ARE.t / Aecon ... all-data : 5-yr : 1-yr : 10d / Last: $17.68 vs. $24.00 conversion price, needs 35.7% gain

vFfwxOv.gif

==

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Taking a second look at this one

DHX.t / DHX Media ... update : 5-yr :

WG4waUq.gif

xx

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OR.t / Osisko Gold Royalties Ltd ... all-data : C$11.83 -0.08

dplS5PS.gif

OR.DB / Osisko Gold Royalties 4% 31Dec.2022 : Conv.$22.89 @$99.00, YTM: 4.28% (model: $101.04, 2.1% U/val.)

 

OR.db.u ... chart / Last: 99.30 · 100.00 - conv. at $22.89. which is 93.5% above recent price of $11.83

UR9PvTr.png

OR-etc / vs: GDX and UGLD ... update :

uFuWNMb.gif

Ratio: OR.t to-UGLD : xx - OR.t-inUSD :

xLK0whJ.png

2019-01-07 10:11 C:OR   12.23 News Release Osisko Gold completes $9.8-million in share buybacks
2018-12-19 17:08 C:OR   11.12 News Release Osisko Gold acquires 20 million Barkerville shares

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Aurora Cannabis Inc. ACB, +4.71% ACB, +4.97% said late Wednesday that it planned to raise $250 million via convertible debt.

Aurora stock fell more than 6% in after-hours trading. The company said it plans to use the cash for Canadian and international expansion, as well as for acquisitions and "working capital requirements" as the businesses grows. Aurora said it will give whoever buys the debt the chance to buy an additional $37.5 million of convertible debt. The notes will be due in 2024.

Aurora stock closed up 4.7% to $7.33 during the regular session as the ETFMG Alternative Harvest ETF MJ, +1.32% fell 1.9%.

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Top DBs - / Company— : Rate: Maturity-— : Conv@: $-Price: YTM- : Model : U/val./ Last : ComShs
ARE.DB.C / Aecon Group 5.0% 31Dec.2023: $24.00: $103.00: 4.335: $112.1: 8.80%/ 104.0: $18.27 :
HOT.DB.U / AhipReit us$ 5.0% 30Jun.2022: $09.25: $ 84.99: 10.21% $97.31: 14.5%/ $92.2: $00.00 :
Che.DB.C / ChemtradeL. 5.0% 31Aug.2023: $24.85: $ 90.00: 7.58 %: $97.13: 7.92%/ $88.5: $10.60 :

========

ARE -etc ... Update : 10d :

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Globe says Newman expects "soft" Q4 from Chemtrade

2019-01-29 08:40 ET - In the News

The Globe and Mail reports in its Tuesday, Jan. 29, edition that Desjardins Securities analyst David Newman expects "soft" fourth quarter financial results from Chemtrade Logistics Income Fund ($10.27), pointing to weakness in its key chlor-alkali chemicals. The Globe's David Leeder writes in the Eye On Equities column that with a "buy," Mr. Newman's share target dipped to $14 from $15.50. Analysts on average target the shares at $16. Mr. Newman says in a note: "2018 was a transitional year for CHE, which faced several operational challenges. While the market may be pricing in a potential distribution cut, balance sheet challenges, a deceleration in economic growth and lingering operational issues, we believe the company should gradually regain its footing with expected stronger operational execution and continued strong demand for many of its chemicals. ... With the stock regaining its footing, our work would suggest an increasingly asymmetric return." The Globe reported on Aug. 5, 2018, that Mr. Newman raised his rating for Chemtrade to "buy" from "hold." Mr. Newman hiked his share target by a loonie to $17. Chemtrade shares could then be had for $16.45.

. . . Mr. Bout says in a note: "Our EBITDA forecasts are lowered and, similar to the rest of our Chemicals coverage, we are dropping our target multiple to reflect ongoing concerns of a global slowdown (target multiple moves from 8.5 times to 7.0 times) and the uncertain economic environment/cyclicality of chlor-alkali. Leverage also remains a concern, with net debt/EBITDA of 4.1 times as at Q3/18. We believe that Chemtrade Logistics will continue to be a 'show-me' story given the number of operational/WSSC legal reserve issues in 2018.

2019-01-29 08:40 C:CHE   10.27 In the News Globe says Newman expects "soft" Q4 from Chemtrade
2019-01-22 09:55 C:CHE   10.57 News Release Chemtrade Logistics to pay 10-cent distribution Feb. 28
2019-01-22 08:30 C:CHE   10.57 News Release Chemtrade Logistics to release 2018 results Feb. 13
2019-01-11 09:12 C:CHE   10.43 In the News Globe says CIBC's Bout lowers Chemtrade to "neutral"

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CHE / ChemTrade, trades in Canada, as CA:CHE.un

Top DBs - / Company— : Rate: Maturity-— : Conv@: $-Price: YTM- : Model : U/val./ Last : ComShs
Che.DB.B / ChemtradeL. 5.25% 30Jun.201? : $28.00: $ 96.60: 8 ?? % :
Che.DB.C / ChemtradeL. 5.00% 31Aug.2023: $24.85: $ 88.50: 8.05 %: $97.77: 10.5%/ $88.0: $10.41 :
Che.DB.D / ChemtradeL. 4.75% 31May.2024: $26.70: $ 86.00: 8.03 %: $96.43: 12.1%/ $86.5: $10.41 :

 

- Q3- Pg.23

OUTLOOK : We remain confident...
that our portfolio of businesses, business model and our strong balance sheet will allow us to comfortably sustain our distributions and increase our financial flexibility by reducing leverage

> http://www.chemtradelogistics.com/main/wp-content/uploads/Q3-2018_CLIF_Report.pdf

m3F4RtM.png

Particularly interested in caustic soda and hydrochloric acid markets in the north-west
HYDROCHLORIC ACID
+ Regaining strength
CAUSTIC SODA
  + Demand remains firm, pricing continues to have upward momentum (despite recent volatility)
+ Strong pricing forecast at least through 2023

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US oriented Conv. Debenture fund

BCV / Bancroft Fund Ltd. (NYSE American)  ... update :

21.27
Change:
arrow +0.05

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Sym : Price: MktCap EntVal : Ebitda: EV/eb: Debt : Db.Ev : Earns : PER-: DivF : Yield : BkVal : P/BV :
Cco.t 16.56: $6.55b: $6.95M $617.M : r: 11.1: $1.50b: r 2.43: $0.42: 39.4 : $0.08 : 0.49%: 12.62: 131% :
NEM : 33.15: $17.7b : $20.2B: $2.74b: r:7.36: $4.26b: r 1.55: $0.64: 51.8 : $0.56 : 1.68%: 19.70 : 168%:
Reit
PEI … $5.91 $489M: $2.17b: $197.M : r: 11.0 : $1.66b: r 8.43: (1.98): N/a- : $0.84: 14.3%: $6.25:  95.% :
R-C$
HOTu $6.94 $542M: $1.27b: $93.8M: r:13.5: $743M: r 7.92 : $0.11 : 00.0 : $0.85: 12.4%: $6.09: 114 % :
NWH. 11.27  $1.52b: $4.86b: $258.M: r: 18.9: $3.00b r 11.6 : $0.45: 25.1 : $0.80: 7.11%: $9.15: 123 % :
CHE . $9.56 $885M: $2.14b: $306M: r: 7.01 : $1.27b: r 4.15 : (1.42): N/a- : $1.20: 12.5%: 10.98: 87.% :
DHX. $2.35 $317.M: $1.21b : $69.5M: r: 17.5: $678M: r9.76 : (0.37): N/a- : $0.10: 4.17%: $2.53:  93.% :
DUM. 00.00 $00.0b: $00.0b: $000M: r: 00.0: $000b: r 00.0: $0.00: 00.0 : $0.00: 0.00%: 00.00: 000% :

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