FTN unit NAV to Sept 30 = approx: $ 17.22SO given that the CAD has lost about 4.8% since September 15th, FTN managed to only lose 86 cents off the UNIT NAV in that time.
So today with the last trade @ $8.70 the premium has grown to $1.48 BEFORE distributions.
This month the distributions will add up to 18 cents, but next month THAT amount grows a penny as Quadravest has hiked the FTN preferred distributions by a penny. So that of course makes it harder to maintain the distribution i this mind of market.
After distributions the commons would have a value of $7.04 and the premium then would be approx:
23.5%
If you are bullish on a rebound in the banks in October , FTN value is as good an any of them, imo.
Current yield is 17.33%