Market Inquisitor

Tamen Dubito

Volatility rising in China Mainland again

The wild swings of the Chinese mainland market via ASHR CSI 300 China A-Shares ETF in 2015 have reserved a special place on my watch list. In essence, Chinese traders with new access to capital and leverage pushed up valuations of Chinese stocks, followed by 3 major collapses in price and government intervention finally stabilizing markets. This may become interesting again.

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Junk Bonds: Painful Memories – New Opportunities

During the early 2016 market sell off, few expected the sharp rebound that occurred shortly after, with high yield bonds rising close to 15%. With the election of Donald Trump heralding higher yields and lower crude prices, a lack of clear policy blueprints from both DJT and OPEC are leading to a junk bond sell off.

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After recommending the BMO Laddered Preferred Share ETF (ZPR.TO) in January, there has been an unexpectedly aggressively rally which saw the security rise from a low of $8.49 to the current price of $9.91. This post will serve an update on the security and future outlook on the performance of these shares.

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Bullish on Preferred Shares: ZPR.TO

Preferred shares are an interesting synthesis of debt and equity, retaining unique aspects of both securities. Two overnight rate cuts by the Bank of Canada and global macroeconomic instability, has seen rate reset preferred shares tumbling, closely following the 5-year yield. I entered positions in ZPR, a preferred shares ETF, in mid-January and will discuss the bullish view for the Canadian rate reset preferred share asset class.

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