Morguard Real Estate Investment 5 25 convertible unsecured subordinated debentures T.MRT.DB.A

Started a decent position this past week

[EstevanOutsider]

had been in morguard before but sold out on the last rally as bond yield rips.

however this time i think i'll let sit and forget.

armoyan and sahi (mrc) taking over 90% leaves a big incentive in the next year to go private.

armoyan is not buying for a 4.25% yield. neither is morguard corp.

i suspect mrt could be sold for $12-13 in a firesale. the unit price is $5.55 today!

melcor went for a 50%+ premium and had worse assets, more free float.

mrt has some good offices in vancouver/ottawa + great retail assets.

i also think MRT could raise the distribution which was cut twice since covid.

in the story now so good luck to us all