Heinzl’s mailbag: The dangers of juicy preferred share yields, where to hold RBC shares, and more [Toronto Globe and Mail (Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Toronto Globe and Mail
Heinzl’s mailbag: The dangers of juicy preferred share yields, where to hold RBC shares, and more The yields on preferred share exchange-traded funds look very appealing. The BMO Laddered Preferred Share Index ETF (ZPR), for example, yields about 6.7 per cent, and the iShares S&P/TSX Canadian Preferred Shares Index ETF (CPD) yields about 6.1 per cent. Do you think their dividends are sustainable? I’m skeptical. The reason preferred yields are so high is that preferred share prices have tumbled (prices and yields move in the opposite direction). And one reason prices have tumbled is that the market is dominated by rate-reset preferreds, whose dividends are adjusted every five years based on a predetermined yield spread over the five-year Government of Canada bond yield. With the coronavirus flattening the global economy and central banks slashing interest rates, the five-year bond yield has plunged to a near-record low of about 0.44 per cent (as of Friday afternoon). That’s a problem
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