Financial 15 Split Corp T.FTN

FTN unit NAV to Sept 30 = approx: $ 17.22

[mouserman]

SO given that the CAD has lost about 4.8% since September 15th, FTN managed to only lose 86 cents off the UNIT NAV in that time. 
So today with the last trade @ $8.70 the premium has grown to $1.48 BEFORE distributions.
This month the distributions will add up to 18 cents, but next month THAT amount grows a penny as Quadravest has hiked the FTN  preferred distributions by a penny. So that of course makes it harder to maintain the distribution i this mind of market.
After distributions the commons would have a value of $7.04 and the premium then would be approx:
23.5%
If you are bullish on a rebound in the banks in October , FTN value is as good an any of them, imo.
Current yield is 17.33%

[Snowsnake]

Does the new distribution rate take effect with the December payment or the January payment? I was thinking the fund would start to accrue at the new rate starting Dec 1, paying out in January. But I did not check this.

[mouserman]

FTN now in 23 % cash, and the distribution rate for preferreds will increase as of DEC 1 ,2022 Financial 15 Split Corp. (the “Company”) is pleased to announce the Preferred Share dividend rate for the fiscal year beginning December 1, 2022. Based on current market rates for preferred shares with similar terms, monthly payments to FTN.PR.A will be $0.06250 per share for an

[Snowsnake]

Decided to check directly with Quadravest: "The new rates would be for any payments declared after the December 1, 2022 effective date. So, beginning with December 30, 2022 record date, payable January 10, 2023".