Life & Banc Split Corp T.LBS

Alternate Symbol(s): LFBCF | T.LBS.PR.A

Financial Services Asset Management

Life & Banc Split Corp. (the Fund) is a Canada-based mutual fund company. The Fund's investment objective is to provide holders of Preferred shares with fixed cumulative preferential quarterly cash distributions and to return the original issue price on the maturity date, and to provide holders of Class A shares with regular monthly cash distributions and the opportunity for growth in Net Asset Value per Class A share. To achieve these objectives, the Fund invests in a portfolio comprised of common shares of approximately six Canadian banks and four publicly traded Canadian life insurance companies. The Fund also writes covered call options and cash-covered put options in respect of the portfolio to generate additional distributable income for the Fund and/or to reduce the volatility of the Fund. The Fund's investment manager is Brompton Funds Limited.

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Life & Banc Split Corp

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Post by mousermanon Mar 15, 2023 3:56pm

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Post# 35340869

Moody's downgrades the US banks

Now i noted that Moody's didnt specifically say CAD banks, but TD and BMO have a big presence in the US... overal LBS has lost nearly a dollar off the unit nav in a week, and that is before dsitributions.

Ratings giant Moody's has warned of more pain ahead for the US banking system after a run on deposits led to the collapse of Silicon Valley Bank.

Moody's cut its outlook for the sector to "negative" from stable, warning of "a rapid deterioration in the operating environment".

The downgrade came as banking shares in the US and Europe rebounded following earlier losses.

But Moody's said some other banks faced risks of customer withdrawals.

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