Just received word that the OCBC Bk 4.2% NCPS preference share is going to be fully redeemed. That is very bad news. As it is now, there's not a lot of preference shares by the banks listed in at SGX, and yet one by one those good ones are redeemed. There used to be UOB's preference shares too, but that is gone by the wind too. Now, there's just the preference shares by CityDev, Hyflux, another OCBC 5.1%, DBS 4.7%, Fibrechem and lastly United engineers. OCBC is going to pay the last preferential dividend of $1.00 x 4.2% x 183/365 = $0.02106 per share and redeem back the preference shares at $1 par value. The trading price now is 1.020/1.025, so it's about right. If ever the price drops below 1.020, you should just buy it because you get net returns ......