The Canadian Convertible Debentures Project: February 2019

Saturday, February 23, 2019

Peanut Convertible Debentures Big Board (as at February 22, 2019)

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Tree swallows (Tachycineta bicolor) on a wire. Beaverhill Lake, Alberta. Copyright © 2018 Felix Choo / dingobear photography. Picture available for licensing at Alamy Images. Photo may not be reproduced without permission.

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This is the fourth update of the Peanut Convertible Debentures Big Board, and is current to February 22, 2019. For previous versions of the Peanut Big Board, please click here.

Important disclaimers: Like everything else on this website, content here is provided as information and opinions only and not intended to be a provision of investment advice or a recommendation of any investment action in any form. There is no guarantee, warranty, representation, or other assurance whatsoever on any of the information and opinions provided. Information and opinions reflect our views as of the date provided, but may change without notice. Investments made in convertible debentures are exposed to the risk of financial losses, and as with all disseminated information concerning investments, it is highly recommended that an individual consult with a qualified investment professional before making any investment decisions.

A Few Words about the Peanut Convertible Debentures Big Board

For those of you new around here, the Peanut Convertible Debentures Big Board is our attempt at providing a larger list of convertible debentures. The Peanut Big Board contains some of the same information you'll find in our popular Peanut Convertible Debentures Power Rankings, and this version covers 54 different convertible debenture issues. This time around, we added a couple of the larger cannabis convertible debentures outstanding in the market that I know some of you out there are interested in - specifically, the Organigram Holdings 6.00%, 31-January-2020 convertible debenture and the Supreme Cannabis 6.00%%, 19-October-2021 convertible debenture.

What the Peanut Big Board is not, however, is a complete list of all Canadian convertible debentures, nor is it a replacement for the Peanut Power Rankings, which is more detailed and provides notes and a quantitative estimate of the relative value of the convertible debenture issues we cover there. We know that the Peanut Big Board isn't a perfect solution to those of you looking for a replacement for the list that used to reside on the pages of the Financial Post, but hopefully you will find utility in its publication here nevertheless.

Ok, let's get to it. For the Peanut Convertible Debentures Big Board, please click on the table below to read it larger. If you still find it too small to read, please download the PNG file, which then can be zoomed to a size that you prefer.

Given the amount of time, effort, and resources that go into maintaining this blog and some of the other key features such as the Peanut Power Rankings and the Peanut Convertible Debentures Index™, at this point it's difficult to commit to a regular schedule in updating the Peanut Big Board. For now, we will get to it as and when we can. Hopefully this is fair; check back regularly for new updates..

Drop Us a Line, Drop Us a Dime

Thank you for reading The Canadian Convertible Debentures Project. As always, if you have any comments, questions, or feedback about convertible debentures and/or this blog, please leave us a comment at the bottom of the page or email us at convertibledebs@gmail.com. Note it may take us a few days to get back to you depending on our schedules.

In addition, for media, sponsoring, advertising, and/or financial institution inquiries, please email us at convertibledebs@gmail.com. We appreciate your interest!

If you enjoy reading this blog and have found it useful and valuable in your own investing in convertible debentures, we'd be humbled if you'd like to make a contribution to support us in our mission of making quality, independent, Canadian convertible debentures content freely available to all investors out there, big or small. We work hard to provide you with good quality information on convertible debentures that may be difficult to source elsewhere.

If you're interested in contributing, please click on the "donate" button below and follow the instructions. Donations to this blog may be made by credit card or PayPal, and are processed by PayPal as a third-party on a secure platform; we don't ever see or access your credit card number. We thank you for your continued support - we really appreciate it!

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Saturday, February 16, 2019

Peanut Convertible Debentures Big Board (February 15, 2019)

Chasing the midnight sun on distant Swedish shores. Lomma, Sweden. Copyright © 2009 Felix Choo / dingobear photography. Photo may not be reproduced without permission.

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This is the third update of the Peanut Convertible Debentures Big Board, and is current to February 15, 2019. For previous versions of the Peanut Big Board, please click here.

Important disclaimers: Like everything else on this website, content here is provided as information and opinions only and not intended to be a provision of investment advice or a recommendation of any investment action in any form. There is no guarantee, warranty, representation, or other assurance whatsoever on any of the information and opinions provided. Information and opinions reflect our views as of the date provided, but may change without notice. Investments made in convertible debentures are exposed to the risk of financial losses, and as with all disseminated information concerning investments, it is highly recommended that an individual consult with a qualified investment professional before making any investment decisions.

A Few Words about the Peanut Convertible Debentures Big Board

For those of you new around here, the Peanut Convertible Debentures Big Board is our attempt at providing a larger list of convertible debentures. This version covers 51 different convertible debenture issues (we removed the Hydro One Instalment Receipts that were redeemed on February 8, and didn't add any new issues this time around), and contains some of the same information you'll find in our popular Peanut Convertible Debentures Power Rankings.

What the Peanut Big Board is not, however, is a complete list of all Canadian convertible debentures, nor is it a replacement for the Peanut Power Rankings, which is more detailed and provides notes and a quantitative estimate of the relative value of the convertible debenture issues we cover over there. We know that the Peanut Big Board isn't a perfect solution to those of you looking for a replacement for the list that used to reside on the pages of the Financial Post, but hopefully you will find utility in its publication here nevertheless.

Ok, let's get to it. For the Peanut Convertible Debentures Big Board, please click on the table below to read it larger. If you still find it too small to read, please download the PNG file, which then can be zoomed to a size that you prefer.

Sunday, February 10, 2019

Peanut Convertible Debentures Index™ (January 2019 Review)

If the weather is going to stay this cold in Canada, then I'm going to just keep posting pictures of faraway tropical beaches. Kondoi Beach, Taketomi, Yaeyama Islands, Japan. Copyright © 2018 Felix Choo / dingobear photography. Photo may not be reproduced without permission.

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About a month ago, we rolled out the Peanut Convertible Debentures Index™, which we boldly predict will soon become the benchmark, gold standard Canadian convertible debentures index - if it hasn't already! 😉 For more background on the Peanut Convertible Debentures Index™, please click here.

Important disclaimers: Like everything else on this website, content here is provided as information and opinions only and not intended to be a provision of investment advice or a recommendation of any investment action in any form. There is no guarantee, warranty, representation, or other assurance whatsoever on any of the information provided. Information and opinions reflect our views as of the date provided, but may change without notice. Investments made in convertible debentures are exposed to the risk of financial losses, and as with all disseminated information concerning investments, it is highly recommended that an individual consult with a qualified investment professional before making any investment decisions.

Peanut Convertible Debentures Index™ (January 2019 Review)

For most investors, January was a month characterized by strong performance. Canadian equity markets rebounded strongly from the harrowing volatility and pessimism in the last quarter of 2018, and a suddenly dovish stance by North American central bankers caused bond yields to head lower, providing a bid for fixed income.

Obviously, this was clearly a supportive environment for Canadian convertible debentures, and the Peanut Convertible Debentures Index™ didn't disappoint, posting a solid 1.99% return in its inaugural month. This performance edged out the the one-month return of the only other Canadian convertible debenture index we're even aware of, the (less fun, hehe) FTSE TMX Canada Convertible Bond Index™, by one basis point.

Please click on the table below to also see how the Peanut Convertible Debentures Index™ compared with two exchange-listed Canadian convertible debenture ETFs, the iShares Convertible Bond Index (ticker: CVD) and the First Asset Convertible Bond Index (CXF), as well as the FTSE TMX Canada Universe Bond Index™ and the S&P/TSX Capped Composite Index. Pro tip: if you still find the table below too small to read after clicking on it, please download the PNG file, which then can be zoomed to a size that you prefer.

So, where do we go from here? Well, first, we're going to keep tracking the performance of the Peanut Convertible Debentures Index™, and see how our homegrown index stacks up against the rest. Who knows, perhaps one day we will get around to establishing our own ETF based on the Peanut Convertible Debentures Index™ (note to those of you with Bay Street firms that log in frequently to The Canadian Convertible Debentures Project: we see you! Maybe you ought to give us a call and pitch us an offer 😉). Haha, just joking. Or am I?

Of course, if you're a regular reader of this blog, you are probably already aware that we update the Peanut Convertible Debentures Index™ levels and daily percentage changes on a frequent basis in the dedicated widget on the right sidebar for desktop users and the Peanut Convertible Debentures Index™ page for both desktop and mobile users. Keep watching this space, 'til next time ...

Drop Us a Line, Drop Us a Dime

Thank you for reading The Canadian Convertible Debentures Project. As always, if you have any comments, questions, or feedback about convertible debentures and/or this blog, please leave us a comment at the bottom of the page or email us at convertibledebs@gmail.com. Note it may take us a few days to get back to you depending on our schedules.

In addition, for media, sponsoring, and/or financial institution inquiries, please email us at convertibledebs@gmail.com. We appreciate your interest!

If you enjoy reading this blog and have found it useful and valuable in your own investing in convertible debentures, we'd be humbled if you'd like to make a contribution to support us in our mission of making quality, independent, Canadian convertible debentures content freely available to all investors out there, big or small.

If you're interested in contributing, please click on the "donate" button below and follow the instructions. Donations to this blog may be made by credit card or PayPal, and are processed by PayPal as a third-party on a secure platform; we don't ever see or access your credit card number. We thank you for your continued support - we really appreciate it!

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Thursday, February 7, 2019

Peanut Big Board (February 7, 2019)

Island sunset. Fusaki Beach, Ishigaki, Yaeyama Islands, Japan. Copyright © 2018 Felix Choo / dingobear photography. Photo may not be reproduced without permission.

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This is the second update of the Peanut Convertible Debentures Big Board, and is current to February 7, 2019. For previous versions (well, version) of the Peanut Big Board, please click here.

Important disclaimers: Like everything else on this website, content here is provided as information and opinions only and not intended to be a provision of investment advice or a recommendation of any investment action in any form. There is no guarantee, warranty, representation, or other assurance whatsoever on any of the information provided. Information and opinions reflect our views as of the date provided, but may change without notice. Investments made in convertible debentures are exposed to the risk of financial losses, and as with all disseminated information concerning investments, it is highly recommended that an individual consult with a qualified investment professional before making any investment decisions.

A Few Words about the Peanut Convertible Debentures Big Board

For those of you new around here, the Peanut Convertible Debentures Big Board is our attempt at providing a larger list of convertible debentures. This version covers 52 different convertible debenture issues (we added the two outstanding Element Fleet Management issues this time around), and contains some of the same information you'll find in our popular Peanut Convertible Debentures Power Rankings.

What the Peanut Big Board is not, however, is a complete list of all Canadian convertible debentures, nor is it a replacement for the Peanut Power Rankings, which is more detailed and provides notes and a quantitative estimate of the relative value of the convertible debenture issues we cover over there. We know that the Peanut Big Board isn't a perfect solution to those of you looking for a replacement for the list that used to reside on the pages of the Financial Post, but hopefully you will find utility in its publication here nevertheless.

Ok, let's get to business. For the Peanut Convertible Debentures Big Board, please click on the table below to read it larger. If you still find it too small to read, please download the PNG file, which then can be zoomed to a size that you prefer.

Given the amount of time, effort, and resources that go into maintaining this blog and some of the other key features such as the Peanut Power Rankings and the Peanut Convertible Debentures Index™, at this point it's difficult to commit to a regular schedule in updating the Peanut Big Board. For now, we will get to it when we can - hopefully this is fair.

Drop Us a Line, Drop Us a Dime

Thank you for reading The Canadian Convertible Debentures Project. As always, if you have any comments, questions, or feedback about convertible debentures and/or this blog, please leave us a comment at the bottom of the page or email us at convertibledebs@gmail.com. Note it may take us a few days to get back to you depending on our schedules.

In addition, for media, sponsoring, and/or financial institution inquiries, please email us at convertibledebs@gmail.com. We appreciate your interest!

If you enjoy reading this blog and have found it useful and valuable in your own investing in convertible debentures, we'd be humbled if you'd like to make a contribution to support us in our mission of making quality, independent, Canadian convertible debentures content freely available to all investors out there, big or small.

If you're interested in contributing, please click on the "donate" button below and follow the instructions. Donations to this blog may be made by credit card or PayPal, and are processed by PayPal as a third-party on a secure platform; we don't ever see or access your credit card number. We thank you for your continued support - we really appreciate it!

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Sunday, February 3, 2019

February 1, 2019, Quick Update: Peanut Convertible Debentures Power Rankings

A polar vortex has descended upon most of the country (sidebar: we all need to move to Vancouver Island) and it's a Super Bowl Sunday featuring the New England Patriots for about the 25th consecutive time (yawn) and the illegitimate Los Angeles Rams (yes, I am a New Orleans Saints fan). Might as well update the Peanut Convertible Debentures Power Rankings, right?

So. This is the 39th update of the Peanut Power Rankings, which takes into account data current to February 1, 2019. Thank you for continuing to read and support the Canadian Convertible Debentures Project.

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For a summary of the rankings of our entire convertible debenture coverage universe including the quantitative model prices of, and notes on each issue we follow, click on the table below to view it larger.

For background information on the Peanut Power Rankings, please see our FAQs by clicking here.

Important: Like everything else on this website, content here is provided as information and opinions only and not intended to be a provision of investment advice or a recommendation of any investment action in any form. There is no guarantee, warranty, representation, or other assurance whatsoever on any of the information provided. Information and opinions reflect our views as of the date provided, but may change without notice. Investments made in convertible debentures are exposed to the risk of financial losses, and as with all disseminated information concerning investments, it is highly recommended that an individual consult with a qualified investment professional before making any investment decisions.

Canadian Convertible Debentures Project: In the Media

Late last year, our sleepy little blog received some ink in the press. On Tuesday, December 4, my interview with columnist, Larry MacDonald, ran in the Globe and Mail, where we talked about convertible debentures among other topics. The column is accessible online here for Globe and Mail subscribers; for those of you without a subscription, the column also appeared on page B8 of the print version of the newspaper. I don't think there was too much in the interview that we haven't already covered here at the Canadian Convertible Debentures Project, but maybe some of you will find it interesting.

Public Service Message: A New Convertible Debentures List

Throughout the last year or so, we've received numerous emails asking about the Financial Post's convertible debentures list, which has vanished without a trace from the newspaper's website. To make matters worse, the basic list published on the TSX website appears like it hasn't been updated since last fall.

Well, obviously this sucks like the state of refereeing in today's NFL, but since we like to try to solve problems here at the Canadian Convertible Debentures Project, we decided to go to work and came up with the Peanut Convertible Debentures Big Board, which you can access here. No, it's not a complete list of Canadian convertible debentures, but it is a bigger list than the one we have for the Peanut Power Rankings, and hopefully at least some of you out there will still find it useful.

Market Commentary - Quick Points (February 1, 2019)

Well, what a difference a month makes.
The much-maligned Canadian equity market was all systems go in January, with bargain hunters pushing the TSX up 8.26% since the start of the year.
Bond yields ... went lower. Remember when all anyone could talk about last year was how rates were going up and we should all be prepared? Hmmmm. Well ...
Higher equity markets and lower bond yields meant a good month for Canadian convertible debentures. As measured by our newly homegrown, homemade, farm-to-table Peanut Convertible Debentures Index™, Canadian convertible are up a handsome 2.03% year-to-date. Not bad, not bad at all.
Ok, back to interest rates: when Jerome Powell, the Fed Chairman, spoke earlier this week, it was surprising, even to us (who, if you read our stuff in the last year, that interest rates might not rise as much as everyone was expecting) just how dovish his comments seemed. This was pretty much a 180-degree turn from comments made in December. Many economists are now only expecting one more interest rate hike, at most, for 2019, and some are suggesting interest rate cuts could occur in 2020.
To us, this hints at two troubling possibilities. First, a US recession truly could happen next year, thanks in large part to the oh-so-many policy mistakes from the White House. Two, perhaps the Fed is losing its independence from said White House? Let's hope not for both of these possibilities, but we're living in surreal times and who's to discount anything anymore.
Actually, Powell's let's-wait-and-see stance was pretty much a page from Stephen Poloz's playbook here in Canada. With the US now on hold, that probably puts a cap on the number of interest rate hikes we'll see in Canada as well - we can't have the loonie taking off when the trade front is still a bit shaky. I'm expecting at most one more interest rate hike up here maybe late in the year and am no longer bearish on the Canadian dollar - 76 cents US sounds about right in these circumstances.
Thankfully for about 800,000 US federal employees and, quite frankly, the USA in general, the President decided to throw in the towel on the US federal government shutdown after he was played like a fiddle by Speaker Nancy Pelosi. The reprieve may only be temporary, however, and in the absence of a new deal on "border security" (note quotation marks), the US government may yet be shut down again later this month. As it is, the shutdown that just occurred likely shaved a few tenths of a point of Q1 GDP; we'll know for sure when the numbers roll in a little later.
More important to the economy and markets than the shutdown are the ongoing trade discussions between the US and China. Hard to say how this will turn out but if the outcome is disappointing, buckle up.
The US seems to be proceeding with an extradition request for Huawei CFO Meng Wangzhou. This obviously won't help Canada-China relations and we need all the good trade relations we can get right now.
Sidebar: with Canada mulling a Huawei ban similar to what's already been implemented in the US, Australia, and New Zealand, anybody else thinking that Nordic 5G equipment supplier competitors such as Ericsson and Nokia suddenly look interesting? Hmmm.
The WTI-WCS price differential has really narrowed in recent weeks, prompting the Alberta government to taper off its production curbs earlier than scheduled, which may provide a bump for Canada's economic growth.
Ok, that's it for now - time to brave the cold and shovel the walk. Stay diversified out there.

Picture of the Day

The polar vortex descends upon the Paris of the Prairies. Saskatoon, Saskatchewan. Copyright © 2013 Felix Choo / dingobear photography. Photo available for licensing at Alamy Images. Photo may not be reproduced without permission.

Drop Us a Line, Drop Us a Dime

Thank you for reading The Canadian Convertible Debentures Project. As always, if you have any comments, questions, or feedback about convertible debentures and/or this blog, please leave us a comment at the bottom of the page or email us at convertibledebs@gmail.com. Note it may take us a few days to get back to you depending on our schedules.

In addition, for media, sponsoring, and/or financial institution inquiries, please email us at convertibledebs@gmail.com. We appreciate your interest!

If you enjoy reading this blog and find it useful and valuable in your own investing in convertible debentures, we'd be humbled if you'd like to make a contribution to support us in our mission of making quality, independent, Canadian convertible debentures content freely available to all investors, big or small, out there. We thank you for your continued support!

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