An ENB Raise could eliminate the current ENS comfort zoneThe Premium to the ENS Common NAV is only 2% as I write this. That means there is lots of room between where the UNIT NAV is and where the UNIT Market price has to get to before Middlefield pounds us with anther Raise despite the large Premium on the Prefs.
However, WHEN Enbride announces a "bought deal", which will almost certainly drive down the ENB share price, our current comfort zone could disappear in a hurry.
I don't see ENB dropping another $3 per share again this time around as ENB is already down about $2 since the company announced that it had cleared a "at the market financing".
As always, remain alert. Most investors think Split funds are sleepy products. Nothing could be further from the truth.