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Big Banc Split Corp T.BNK

Alternate Symbol(s):  T.BNK.PR.A

The investment objectives for the Preferred Shares are to provide their holders with fixed cumulative preferential monthly cash distributions in the amount of $0.05 per Preferred Share ($0.60 per annum or 6.0% per annum on the issue price of $10.00 per Preferred Share) until November 30, 2023 (the Maturity Date) and to return the original issue price of $10.00 to holders on the Maturity Date. The Company will invest on an approximately equally-weighted basis in Portfolio Shares of the following publicly traded Canadian banks: Bank of Montreal; Canadian Imperial Bank of Commerce; National Bank of Canada; Royal Bank of Canada; The Bank of Nova Scotia; and The Toronto-Dominion Bank. The Portfolio will generally be rebalanced on a quarterly basis, starting on September 30, 2020, so that as soon as practicable after each calendar quarter the Portfolio Shares will be held on an approximately equal weight basis.


TSX:BNK - Post by User

Big Banc Split Corp > Get out while you still have $ left
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Comment by wallop13on Jan 18, 2016 1:18pm
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Post# 24469241

RE:RE:RE:RE:RE:RE:RE:RE:Get out while you still have $ left

RE:RE:RE:RE:RE:RE:RE:RE:Get out while you still have $ left
VladimirPutin wrote: Your math seems off a bit from my calculations based on current FFO.  Can you please post your numbers showing cash flow and don't forget the USD/CAD exchange.  I figure they are not able to sustain it here but if we move to $40 then it's dividend is safe.  You are forgetting that 50% will be hedged above $80.  With no hedges I agree they would have lost the dividend 6 months back just like BTE.


I just took the cash flow from operations in Q3, removed the funds recived from the hedge and x it by 4.


Cash from operations $547 million
Minus gains from hedges $174 million = 370 million ( I noticed that 443 million were unrealized)
x 4 = -1,492 million. 

My bad. So the dividend is sustainable at $48 with no production growth. I think it's pretty hard to factor the currency in unless we know all their expenses are fixed in CAD. But it's obviously positive.

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