Los Angeles-based City National Bank (CYNPRC) announced on Jan. 22 that it had agreed to be bought by the Royal Bank of Canada (NYSE: RY) for $5.4 billion. Global Income Edge holds its preferred shares in the Aggressive Portfolio.

According to RBC’s investor relation department, holders of all preferred shares of City National will be converted into preferred shares of RBC with “substantially similar” terms.

We will be advising investors on the value of holding on to RBC preferred shares as more details become available.

But for now City National preferred shares are  Hold.