NAV May 23~$14.88. Closing premium on capital shares: ~$0.78.
Ex-dividend, the equivalelnt unit NAV would be ~$14.64, more than 3.1% off the next payment target of $15.10.
Markets are looking bleak this morning, with the futures decisively in the red. Oil, gold, and natural gas are positive which may help. The downgrade of CN Rail adversely impacted the NAV yesterday, as it dragged CP in sympathy. Valuations are a serious concern.