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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

Post by PUNJABIon Sep 13, 2016 6:09pm
171 Views
Post# 25233599

Not a good time to be invested in market.

Not a good time to be invested in market.

IEA changes forecast, warns oil glut will drag into 2017


https://www.bnn.ca/iea-changes-forecast-warns-oil-glut-will-drag-into-2017-1.565926

Crude oil prices are not going anywhere fast. There is OPEC meeting this month. If nothing comes out of that then crude oil is range bound and braking above WTI $50 would be a huge challenge.

Some of the oil companies that have survived so far but some may start to run in trouble in matter of year if the prices stay in the present range. Oil companies are fully exposed to oil prices their hedges have expired.  Companies that are sustainable around WTI $35 would be fine not that break even around WTI $50

It seems that the market wants to correct. After the run in oil stock there has been some weakness but oil stocks have kept most of their gains. For me to invest I want to see major correction in oil stock somewhere close to previous lows.

In the mean time I would mostly trade the stock as declining trend for small spreads. Do not file comfortable in market exposure at this time.

Not interested in giving up the gains from the last run up in oil stocks.
Waiting for more clarity in the oil sector.

At $2.17 BNK offers 1.36% gain and $5 per trade which is not very big spread. But once they announce the closing date may consider a block of shares at a lower price.

Today  there were bids of 10 million shares at $2.17. it consisted of over 40 orders. There are few bids from half million to 1.5 million shares. There could be an iceberg order too at close the some of bids were pulled and only 5.7 million bids left. The largest single bid is 900000 shares from Scotia. 4 500k bids from dif  brokers & one 884100 bid from BMO

On Friday BNK is deleted from the index there might be a few million shares being sold.  Unless all those bids disappear  it is not going to break $2.17

If the stock does breaks below $2.17 before pay day I am interested to park some money in BNK.



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