Some quick mathPossibly this explains the discount on the prefs..no idea why the commons are where they are:
Current annual dividend is $0.77496 per share. Based on Nov 30, 2022 shares o/s 52,281,187 results in total cash outlay of $40,515,828. In F2022 the fund only received $22,637,150 in dividends from its investments.
To receive $40M in dividends the yield on its investments must be 5.55% (based on the FMV $720M at Nov 30, 2022). Some of the CAD banks pay this yield, but the US banks are not close.
Therefore, this could explain the discount on the prefs as the dividend payments are eating away at the NAV. However, this reasoning should result in the commons trading at a discount as well - so with those, I am perplexed.