Episode 21 – Quarterly Fixed Income Update
July 18, 2019

Episode 21 – Quarterly Fixed Income Update

Sarah Wildman is joined by Geoff Castle for the first of the Pender Quarterly Fixed Income Update Podcasts.

Subtitle: Investing in the “less exotic”

Sarah Wildman is joined by Geoff Castle for the first of the Pender Quarterly Fixed Income Update Podcasts. Geoff is the portfolio manager of the Pender Corporate Bond Fund. They discuss the current fixed income environment, negative rates, the preferred shares market, current investment stories and current market risks. Geoff also shares what he’s reading this summer.

Key Takeaways

[01:09] Sarah begins the conversation by discussing the current fixed income market environment and the changes over the past year. Geoff explains how the reality of the 2019 credit market versus the 2018 expectations “were almost diametrically opposite”.
[04:10] Geoff discusses the presence of negative interest rates in the bond market and his opinion on owning a negative-yielding bond.
[06:07] Geoff clarifies his recent references to “Bidsville and Ask-a-Toon” in relation to the “bid” and “ask” signs on the Bloomberg Terminal.
[09:29] New Pender Corporate Bond Fund positions being held in the distressed security space are discussed.
[11:53] Geoff shares his thoughts on the current preferred shares market in relation to the reduction in the five-year Canadian interest rate.
[16:12] Geoff describes his excitement around a newly introduced position in Restaurant Brands International.
[19:19] Geoff tells Sarah about the current risks facing the Pender Corporate Bond Fund.
[20:17] Geoff shares one of his greatest book recommendations that he recently re-read.

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