FTN unit nav TO OCT 26 = approx: $15.60So FTN looks to have lost about 45 cents off the UNIT NAV since themidmonth update. Strong 1.1% move by UP the USD vs CAD has helped the US holdings look much stronger than they really were.
Financials pulled back a bit in the last hour of trading...
FTN premium here with the last trade @ $6.03 is approx: 43 cents before dist.
After distributions are figured in the commons have a value of about $5.41... so the premium then would be approx: 11.4%.
Hard to figure why the highest yielding split fund common has the lowest premium at this point. Could be the markets dont think the yield payouts on commons and preferreds ( these are going up in December) is going to be sustainable in the coming months.
SBC and LBS continue to have the highest premiums... and their payout to commons and preferreds are lower.