I'm curious as to your reasoning for this one. Looks quite expensive. Did you purchase as a speculative play on short term rates?I just purchased some Sun Life floating Rate reset preferreds of Sun Life (SLF.PR.J) in my non registered account. Rate is set quarterly at 90 day Canada T-Bill rate plus 141 basis points.
At current price, the yield is 2.62% but rate adjusts every quarter. I have excess cash which is earning next to zero. I do expect short term rates to increase.I'm curious as to your reasoning for this one. Looks quite expensive. Did you purchase as a speculative play on short term rates?
I wouldn't go that far. Although they have done well recently. I do own a few and I think pretty much everything is in the green now.Rate resets are the new Gamestop.
Obviously it was a bad timing. I don't know why I bought it when I kept saying that tech was getting more and more overvalued and I called the drop after NASDAQ's 14,000. Since I wanted to swap XIT for HBGD, I should've simply sell XIT and wait a little bit...I may be late and I may lose money at this point, but it's only a small position