ENB.PF.V : No Conversion to FloatingReset

February 15th, 2019

Enbridge Inc. has announced:

that none of Enbridge’s outstanding Cumulative Redeemable Preference Shares, Series 5 (Series 5 Shares) will be converted into Cumulative Redeemable Preference Shares, Series 6 of Enbridge (Series 6 Shares) on March 1, 2019.

After taking into account all conversion notices received from holders of its outstanding Series 5 Shares by the February 14, 2019 deadline for the conversion of the Series 5 Shares into Series 6 Shares, less than the 1,000,000 Series 5 Shares required to give effect to conversions into Series 6 Shares were tendered for conversion.

ENB.PF.V is a US-Pay FixedReset, 4.40%+282, that commenced trading 2013-9-27 after being announced 2013-9-19. It will reset to 5.3753% effective 2019-3-1. The issue is not tracked by HIMIPref™.

ENB.PR.J : No Conversion to FloatingReset

February 15th, 2019

Enbridge Inc. has announced:

that none of Enbridge’s outstanding Cumulative Redeemable Preference Shares, Series 7 (Series 7 Shares) will be converted into Cumulative Redeemable Preference Shares, Series 8 of Enbridge (Series 8 Shares) on March 1, 2019.

After taking into account all conversion notices received from holders of its outstanding Series 7 Shares by the February 14, 2019 deadline for the conversion of the Series 7 Shares into Series 8 Shares, less than the 1,000,000 Series 7 Shares required to give effect to conversions into Series 8 Shares were tendered for conversion.

ENB.PR.J is a FixedReset, 4.40%+257, that commenced trading 2013-12-12 after being announced 2013-12-3. Notice of the reset to 4.449% was published 2019-1-30. I recommended against conversion. The issue is tracked by HIMIPref™ but relegated to the Scraps – FixedResets (Discount) subindex on credit concerns.

ENB.PR.P : No Conversion to FloatingReset

February 15th, 2019

Enbridge Inc. has announced:

that none of Enbridge’s outstanding Cumulative Redeemable Preference Shares, Series P (Series P Shares) will be converted into Cumulative Redeemable Preference Shares, Series Q of Enbridge (Series Q Shares) on March 1, 2019.

After taking into account all conversion notices received from holders of its outstanding Series P Shares by the February 14, 2019 deadline for the conversion of the Series P Shares into Series Q Shares, less than the 1,000,000 Series P Shares required to give effect to conversions into Series Q Shares were tendered for conversion.

ENB.PR.P is a FixedReset, 4.00%+250, that commenced trading 2012-9-14 after being announced 2012-9-4. Notice of the reset to 4.379% was published 2019-1-30. I recommended against conversion. It is tracked by HIMIPref™ but is relegated to the Scraps FixedReset Discount index on credit concerns.

PPL.PR.C : No Conversion to FloatingReset

February 15th, 2019

Pembina Pipeline Corporation has announced:

that none of Pembina’s Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 3 (“Series 3 Shares”) (TSX: PPL.PR.C) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 4 of Pembina (“Series 4 Shares”) on March 1, 2019.

After taking into account all conversion notices received from holders of its outstanding Series 3 Shares by the February 14, 2019 deadline for the conversion of the Series 3 Shares into Series 4 Shares, less than the 1,000,000 Series 3 Shares required to give effect to conversions into Series 4 Shares were tendered for conversion.

PPL.PR.C was issued as a FixedReset, 4.70%+260, that commenced trading 2013-10-2 after being announced 2013-9-23. Notice of the reset to 4.478% was given 2019-1-30. I recommended against conversion. The issue is tracked by HIMIPref™ but is relegated to the Scraps – FixedReset (Discount) subindex on credit concerns.

ALB.PR.C : Partial Call for Redemption

February 15th, 2019

Scotia Managed Companies has announced:

Preferred Shares for cash redemption on February 28, 2019 (in accordance with the Company’s Articles of Incorporation, as amended) representing approximately 6.646% of the outstanding Preferred Shares as a result of the special annual retraction of 69,816 Capital Shares by the holders thereof. The Preferred Shares shall be redeemed on a pro rata basis, so that each holder of Preferred Shares of record on February 26, 2019 will have approximately 6.646% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $25.67 per share.

In addition, holders of a further 36,100 Capital Shares and 18,050 Preferred Shares have deposited such shares concurrently for retraction on February 28, 2019. As a result, a total of 105,916 Capital Shares and 52,958 Preferred Shares, or approximately 9.748% of both classes of shares currently outstanding, will be redeemed.

Holders of Preferred Shares that are on record for dividends but have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to but not including February 28, 2019.
Payment of the amount due to holders of Preferred Shares will be made by the Company on February 28, 2019. From and after February 28, 2019 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.

Allbanc Split Corp. II is a mutual fund corporation created to hold a portfolio of publicly listed common shares of selected Canadian chartered banks. Capital Shares and Preferred Shares of Allbanc Split Corp. II are listed for trading on The Toronto Stock Exchange under the symbols ALB and ALB.PR.C respectively.

ALB.PR.C is a SplitShare, ~4.75%, maturing 2021-2-28, that commenced trading 2016-2-29. It is tracked by HIMIPref™ but relegated to the Scraps – SplitShare subindex on volume concerns.

February 15, 2019

February 15th, 2019
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -1.0169 % 2,187.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.0169 % 4,014.7
Floater 5.36 % 5.58 % 30,113 14.48 4 -1.0169 % 2,313.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0299 % 3,234.7
SplitShare 4.89 % 4.66 % 59,223 3.94 8 0.0299 % 3,862.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0299 % 3,014.0
Perpetual-Premium 5.86 % 3.02 % 85,067 0.08 4 0.1592 % 2,886.3
Perpetual-Discount 5.61 % 5.78 % 76,340 14.21 31 0.0042 % 2,966.3
FixedReset Disc 5.20 % 5.46 % 220,769 14.83 65 0.3699 % 2,185.2
Deemed-Retractible 5.36 % 6.24 % 99,121 8.12 27 0.1152 % 2,959.3
FloatingReset 4.42 % 5.75 % 60,315 8.42 6 -0.1431 % 2,386.9
FixedReset Prem 5.15 % 4.31 % 306,745 2.27 18 0.1115 % 2,526.7
FixedReset Bank Non 2.79 % 4.44 % 163,744 2.84 5 -0.0580 % 2,595.8
FixedReset Ins Non 5.06 % 6.96 % 132,040 8.23 22 0.6411 % 2,200.7
Performance Highlights
Issue Index Change Notes
MFC.PR.H FixedReset Ins Non -4.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.01
Bid-YTW : 6.95 %
BAM.PR.B Floater -2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 5.72 %
BIP.PR.F FixedReset Disc -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 21.03
Evaluated at bid price : 21.03
Bid-YTW : 6.17 %
TRP.PR.F FloatingReset -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 15.08
Evaluated at bid price : 15.08
Bid-YTW : 6.03 %
MFC.PR.G FixedReset Ins Non -1.48 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.00
Bid-YTW : 7.23 %
GWO.PR.N FixedReset Ins Non -1.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.25
Bid-YTW : 9.30 %
PWF.PR.A Floater -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 14.35
Evaluated at bid price : 14.35
Bid-YTW : 4.83 %
HSE.PR.E FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 6.88 %
SLF.PR.G FixedReset Ins Non -1.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.35
Bid-YTW : 9.46 %
W.PR.H Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.91 %
HSE.PR.A FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 6.34 %
BNS.PR.I FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 21.99
Evaluated at bid price : 22.52
Bid-YTW : 4.89 %
RY.PR.Z FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.19 %
SLF.PR.A Deemed-Retractible 1.09 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.31
Bid-YTW : 6.80 %
SLF.PR.I FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.28
Bid-YTW : 6.87 %
TRP.PR.D FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 5.95 %
IFC.PR.G FixedReset Ins Non 1.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.30
Bid-YTW : 6.64 %
MFC.PR.Q FixedReset Ins Non 1.21 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.85
Bid-YTW : 6.82 %
TD.PF.E FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 21.35
Evaluated at bid price : 21.66
Bid-YTW : 5.30 %
BMO.PR.T FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 5.35 %
BMO.PR.Y FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.31 %
NA.PR.S FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 5.75 %
RY.PR.H FixedReset Disc 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 19.49
Evaluated at bid price : 19.49
Bid-YTW : 5.22 %
TD.PF.D FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.28 %
TD.PF.I FixedReset Disc 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 22.37
Evaluated at bid price : 23.00
Bid-YTW : 5.16 %
SLF.PR.D Deemed-Retractible 1.81 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.23
Bid-YTW : 7.10 %
TRP.PR.G FixedReset Disc 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.97 %
NA.PR.G FixedReset Disc 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 21.58
Evaluated at bid price : 21.90
Bid-YTW : 5.34 %
PWF.PR.Q FloatingReset 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 14.32
Evaluated at bid price : 14.32
Bid-YTW : 5.75 %
MFC.PR.M FixedReset Ins Non 1.95 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.86
Bid-YTW : 7.59 %
MFC.PR.N FixedReset Ins Non 2.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.38
Bid-YTW : 7.82 %
BAM.PR.X FixedReset Disc 2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 14.60
Evaluated at bid price : 14.60
Bid-YTW : 5.93 %
IAF.PR.G FixedReset Ins Non 2.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.90
Bid-YTW : 7.13 %
RY.PR.M FixedReset Disc 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.23 %
IAF.PR.I FixedReset Ins Non 2.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.25
Bid-YTW : 6.73 %
PWF.PR.T FixedReset Disc 2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 19.46
Evaluated at bid price : 19.46
Bid-YTW : 5.40 %
BMO.PR.W FixedReset Disc 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 18.71
Evaluated at bid price : 18.71
Bid-YTW : 5.38 %
MFC.PR.J FixedReset Ins Non 3.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.85
Bid-YTW : 6.87 %
MFC.PR.L FixedReset Ins Non 3.51 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.27
Bid-YTW : 7.77 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.I FixedReset Disc 56,610 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 22.37
Evaluated at bid price : 23.00
Bid-YTW : 5.16 %
TD.PF.A FixedReset Disc 50,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 5.32 %
TRP.PR.K FixedReset Disc 41,476 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 23.06
Evaluated at bid price : 24.28
Bid-YTW : 5.61 %
MFC.PR.K FixedReset Ins Non 41,300 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.70
Bid-YTW : 7.17 %
BNS.PR.I FixedReset Disc 35,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 21.99
Evaluated at bid price : 22.52
Bid-YTW : 4.89 %
NA.PR.C FixedReset Disc 29,515 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 21.98
Evaluated at bid price : 22.40
Bid-YTW : 5.65 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.N FixedReset Ins Non Quote: 18.38 – 21.99
Spot Rate : 3.6100
Average : 1.9903

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.38
Bid-YTW : 7.82 %

MFC.PR.I FixedReset Ins Non Quote: 20.65 – 22.80
Spot Rate : 2.1500
Average : 1.1911

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.65
Bid-YTW : 6.96 %

EMA.PR.F FixedReset Disc Quote: 19.48 – 23.07
Spot Rate : 3.5900
Average : 2.8443

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 19.48
Evaluated at bid price : 19.48
Bid-YTW : 5.70 %

MFC.PR.H FixedReset Ins Non Quote: 21.01 – 22.20
Spot Rate : 1.1900
Average : 0.7082

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.01
Bid-YTW : 6.95 %

TRP.PR.G FixedReset Disc Quote: 19.50 – 20.50
Spot Rate : 1.0000
Average : 0.6784

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.97 %

TRP.PR.C FixedReset Disc Quote: 13.25 – 14.50
Spot Rate : 1.2500
Average : 0.9681

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-15
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 6.11 %

February 14, 2019

February 14th, 2019
rollercoaster_190214
Click for Big

TXPR closed at 622.57, down 0.09% on the day. Volume was 3.40-million, exceeded only by February 13 and January 18 in the past thirty days.

CPD closed at 12.49, up 0.32% on the day. Volume of 139,785 was more or less average in the context of the past thirty days.

ZPR closed at 10.09, down 0.10% on the day. Volume of 180,073 was average in the context of the past thirty days.

Getting there was all the fun though, with a roller-coaster day. The day’s low for TXPR was 617.27, down 0.99% from yesterday’s close, which it reached at 12:50pm. It then rose fairly steadily to 621.00 at 4:00pm, still down 0.34% on the day, but then (I think; I confess that a lot of the intricacies of Exchange calculations are not a major interest of mine) hit lots of MOC orders, although most were small. The reported close was, as mentioned before, 622.57, down 0.09% on the day.

txpr_190214
Click for Big

Five-year Canada yields eased off, down 6bp to 1.79% today.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -1.0630 % 2,210.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.0630 % 4,056.0
Floater 5.31 % 5.56 % 29,562 14.51 4 -1.0630 % 2,337.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.0299 % 3,233.8
SplitShare 4.89 % 4.93 % 60,013 3.95 8 0.0299 % 3,861.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0299 % 3,013.1
Perpetual-Premium 5.87 % 3.11 % 85,983 0.08 4 -0.2085 % 2,881.7
Perpetual-Discount 5.61 % 5.78 % 77,130 14.19 31 -0.4939 % 2,966.2
FixedReset Disc 5.21 % 5.50 % 223,952 14.69 65 -0.5698 % 2,177.1
Deemed-Retractible 5.37 % 6.24 % 99,865 8.12 27 -0.4249 % 2,955.9
FloatingReset 4.41 % 5.86 % 62,296 8.44 6 -1.4197 % 2,390.3
FixedReset Prem 5.16 % 4.33 % 309,611 2.27 18 -0.1419 % 2,523.8
FixedReset Bank Non 2.79 % 4.33 % 169,469 2.84 5 0.0083 % 2,597.3
FixedReset Ins Non 5.09 % 7.08 % 132,708 8.21 22 -0.7617 % 2,186.6
Performance Highlights
Issue Index Change Notes
MFC.PR.J FixedReset Ins Non -4.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.15
Bid-YTW : 7.29 %
PWF.PR.Q FloatingReset -3.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 14.05
Evaluated at bid price : 14.05
Bid-YTW : 5.86 %
BAM.PR.R FixedReset Disc -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 6.14 %
BAM.PR.T FixedReset Disc -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 6.22 %
TRP.PR.B FixedReset Disc -3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 6.15 %
TRP.PR.H FloatingReset -3.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 12.51
Evaluated at bid price : 12.51
Bid-YTW : 5.96 %
BAM.PR.X FixedReset Disc -2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 6.05 %
SLF.PR.D Deemed-Retractible -2.69 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.87
Bid-YTW : 7.32 %
TRP.PR.F FloatingReset -2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 5.90 %
IAF.PR.G FixedReset Ins Non -2.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.49
Bid-YTW : 7.39 %
TRP.PR.G FixedReset Disc -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 6.08 %
TRP.PR.D FixedReset Disc -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.02 %
TRP.PR.C FixedReset Disc -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 13.33
Evaluated at bid price : 13.33
Bid-YTW : 6.07 %
BAM.PR.C Floater -2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 12.55
Evaluated at bid price : 12.55
Bid-YTW : 5.58 %
BMO.PR.W FixedReset Disc -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 18.18
Evaluated at bid price : 18.18
Bid-YTW : 5.53 %
IFC.PR.G FixedReset Ins Non -2.09 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.05
Bid-YTW : 6.79 %
CU.PR.C FixedReset Disc -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 5.52 %
HSE.PR.G FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 19.37
Evaluated at bid price : 19.37
Bid-YTW : 6.89 %
RY.PR.S FixedReset Disc -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 5.03 %
TRP.PR.A FixedReset Disc -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 15.53
Evaluated at bid price : 15.53
Bid-YTW : 6.03 %
BIP.PR.A FixedReset Disc -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.61 %
BAM.PF.B FixedReset Disc -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 5.97 %
BAM.PF.F FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 19.51
Evaluated at bid price : 19.51
Bid-YTW : 6.05 %
BMO.PR.Y FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 5.39 %
MFC.PR.N FixedReset Ins Non -1.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.02
Bid-YTW : 8.06 %
MFC.PR.Q FixedReset Ins Non -1.53 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.60
Bid-YTW : 6.97 %
TD.PF.L FixedReset Prem -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 23.10
Evaluated at bid price : 24.85
Bid-YTW : 5.08 %
POW.PR.D Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 21.53
Evaluated at bid price : 21.79
Bid-YTW : 5.80 %
NA.PR.S FixedReset Disc -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 5.83 %
BAM.PF.D Perpetual-Discount -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 5.80 %
BAM.PF.C Perpetual-Discount -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.86 %
BAM.PR.N Perpetual-Discount -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.95 %
CM.PR.T FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 23.09
Evaluated at bid price : 24.82
Bid-YTW : 5.12 %
BMO.PR.E FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 21.92
Evaluated at bid price : 22.40
Bid-YTW : 5.09 %
TD.PF.I FixedReset Disc -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 22.12
Evaluated at bid price : 22.60
Bid-YTW : 5.26 %
MFC.PR.B Deemed-Retractible -1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.50
Bid-YTW : 7.19 %
PWF.PR.K Perpetual-Discount -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.84 %
TRP.PR.E FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 5.85 %
SLF.PR.A Deemed-Retractible -1.26 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.08
Bid-YTW : 6.93 %
POW.PR.G Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 23.99
Evaluated at bid price : 24.35
Bid-YTW : 5.81 %
BIP.PR.F FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 5.98 %
PWF.PR.S Perpetual-Discount -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.77 %
POW.PR.B Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.83 %
PWF.PR.Z Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 22.10
Evaluated at bid price : 22.40
Bid-YTW : 5.79 %
PWF.PR.F Perpetual-Discount -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 22.53
Evaluated at bid price : 22.78
Bid-YTW : 5.81 %
BMO.PR.S FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.45 %
BAM.PR.K Floater -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 12.42
Evaluated at bid price : 12.42
Bid-YTW : 5.64 %
PWF.PR.L Perpetual-Discount -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 21.86
Evaluated at bid price : 22.10
Bid-YTW : 5.81 %
HSE.PR.C FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 6.69 %
TD.PF.J FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 21.64
Evaluated at bid price : 21.95
Bid-YTW : 5.20 %
CM.PR.P FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 18.48
Evaluated at bid price : 18.48
Bid-YTW : 5.48 %
CM.PR.O FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 5.44 %
CM.PR.S FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 5.31 %
PWF.PR.P FixedReset Disc 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 5.84 %
HSE.PR.A FixedReset Disc 3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 6.27 %
Volume Highlights
Issue Index Shares
Traded
Notes
CM.PR.S FixedReset Disc 208,305 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 5.31 %
TD.PF.L FixedReset Prem 132,735 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 23.10
Evaluated at bid price : 24.85
Bid-YTW : 5.08 %
BNS.PR.Y FixedReset Bank Non 114,000 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.24
Bid-YTW : 3.60 %
PWF.PR.K Perpetual-Discount 100,142 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.84 %
IAF.PR.I FixedReset Ins Non 79,850 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.75
Bid-YTW : 7.02 %
TD.PF.H FixedReset Prem 70,224 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.43
Bid-YTW : 4.27 %
There were 61 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
EMA.PR.F FixedReset Disc Quote: 19.48 – 23.07
Spot Rate : 3.5900
Average : 2.0266

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 19.48
Evaluated at bid price : 19.48
Bid-YTW : 5.70 %

HSE.PR.A FixedReset Disc Quote: 13.65 – 15.50
Spot Rate : 1.8500
Average : 1.0594

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 6.27 %

TRP.PR.C FixedReset Disc Quote: 13.33 – 14.50
Spot Rate : 1.1700
Average : 0.6591

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 13.33
Evaluated at bid price : 13.33
Bid-YTW : 6.07 %

TD.PF.I FixedReset Disc Quote: 22.60 – 23.80
Spot Rate : 1.2000
Average : 0.7077

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 22.12
Evaluated at bid price : 22.60
Bid-YTW : 5.26 %

HSE.PR.C FixedReset Disc Quote: 18.61 – 19.75
Spot Rate : 1.1400
Average : 0.6813

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-14
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 6.69 %

MFC.PR.J FixedReset Ins Non Quote: 20.15 – 21.20
Spot Rate : 1.0500
Average : 0.6123

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.15
Bid-YTW : 7.29 %

February 13, 2019

February 13th, 2019
explosion_190213
Click for Big

TXPR closed at 623.12, down 0.89% on the day. Volume was a staggering 5.02-million, by far the highest of the past thirty days.

CPD closed at 12.45, down 1.11% on the day. Volume of 144,771 was more or less average in the context of the past thirty days.

ZPR closed at 10.10, down 0.98% on the day. Volume of 180,470 was average in the context of the past thirty days.

Something of this size is almost definitely a big player shifting position, and it looks like a reasonably well executed take-down, provided you ignore the fact that doing it all in one day cost them good money. TXPR was actually up a little on the day until 1:05, when a wave of selling took it down 40bp in a span of 15 minutes. It was then stable until 2:45pm, when another wave took it down 51bp in 20 minutes; it was then fairly stable through the close with no MOC orders.

txpr_190213Click for Big

The first wave, I’d guess, had the purpose of attracting buyers, who were able to satiate their appetites in the second wave.

It doesn’t look like this was in reaction to sudden changes in the five-year Canada yield, which was up 2bp to 1.84% today.

PerpetualDiscounts now yield 5.72%, equivalent to 7.44% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 3.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 350bp, a significant widening from the 340bp reported February 6.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.1331 % 2,234.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1331 % 4,099.6
Floater 5.25 % 5.45 % 30,016 14.70 4 0.1331 % 2,362.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.1246 % 3,232.8
SplitShare 4.89 % 4.93 % 59,836 3.95 8 0.1246 % 3,860.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1246 % 3,012.2
Perpetual-Premium 5.86 % -0.02 % 85,692 0.08 4 -0.0794 % 2,887.7
Perpetual-Discount 5.58 % 5.72 % 74,278 14.29 31 -0.3412 % 2,980.9
FixedReset Disc 5.18 % 5.48 % 213,762 14.69 65 -1.7059 % 2,189.6
Deemed-Retractible 5.35 % 6.23 % 97,609 8.14 27 -0.1323 % 2,968.5
FloatingReset 4.35 % 5.62 % 58,913 8.45 6 -0.2064 % 2,424.8
FixedReset Prem 5.15 % 4.25 % 309,800 2.28 18 -0.1265 % 2,527.4
FixedReset Bank Non 2.79 % 4.22 % 156,863 2.84 5 -0.1572 % 2,597.1
FixedReset Ins Non 5.05 % 6.99 % 131,727 8.23 22 -0.7318 % 2,203.4
Performance Highlights
Issue Index Change Notes
HSE.PR.E FixedReset Disc -5.40 % A reasonable quote. The issue traded 30,015 shares in a range of 19.77-21.08 (closing at 19.80) and was quoted at 19.80-86.

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.79 %

HSE.PR.G FixedReset Disc -5.09 % Another reasonable quote. The issue traded 4,241 shares in a range of 19.75-20.80 (closing at 19.75) before being quoted at 19.75-06.

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.76 %

HSE.PR.A FixedReset Disc -4.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 13.15
Evaluated at bid price : 13.15
Bid-YTW : 6.50 %
NA.PR.G FixedReset Disc -3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 5.42 %
HSE.PR.C FixedReset Disc -3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.62 %
CM.PR.P FixedReset Disc -3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 5.55 %
TD.PF.J FixedReset Disc -3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.39
Evaluated at bid price : 21.71
Bid-YTW : 5.25 %
RY.PR.J FixedReset Disc -2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.41 %
PWF.PR.P FixedReset Disc -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 13.85
Evaluated at bid price : 13.85
Bid-YTW : 5.95 %
NA.PR.W FixedReset Disc -2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 5.80 %
BMO.PR.D FixedReset Disc -2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 22.25
Evaluated at bid price : 22.78
Bid-YTW : 5.31 %
TD.PF.C FixedReset Disc -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 18.89
Evaluated at bid price : 18.89
Bid-YTW : 5.38 %
BAM.PR.Z FixedReset Disc -2.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 5.76 %
CM.PR.Q FixedReset Disc -2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 5.46 %
TD.PF.B FixedReset Disc -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.39 %
BNS.PR.I FixedReset Disc -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.90
Evaluated at bid price : 22.38
Bid-YTW : 4.93 %
BIP.PR.D FixedReset Disc -2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.92
Evaluated at bid price : 22.24
Bid-YTW : 6.22 %
NA.PR.S FixedReset Disc -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 5.75 %
BAM.PR.M Perpetual-Discount -2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.89 %
TD.PF.A FixedReset Disc -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 18.93
Evaluated at bid price : 18.93
Bid-YTW : 5.37 %
CM.PR.S FixedReset Disc -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 5.40 %
MFC.PR.I FixedReset Ins Non -2.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.55
Bid-YTW : 7.01 %
BAM.PR.N Perpetual-Discount -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 20.58
Evaluated at bid price : 20.58
Bid-YTW : 5.86 %
NA.PR.C FixedReset Disc -2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.99
Evaluated at bid price : 22.41
Bid-YTW : 5.65 %
MFC.PR.N FixedReset Ins Non -2.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.31
Bid-YTW : 7.86 %
CM.PR.O FixedReset Disc -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 5.51 %
BMO.PR.W FixedReset Disc -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 5.41 %
RY.PR.H FixedReset Disc -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 5.30 %
IAF.PR.I FixedReset Ins Non -2.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.83
Bid-YTW : 6.97 %
BMO.PR.T FixedReset Disc -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 5.41 %
MFC.PR.M FixedReset Ins Non -1.95 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.65
Bid-YTW : 7.73 %
BIP.PR.A FixedReset Disc -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 20.69
Evaluated at bid price : 20.69
Bid-YTW : 6.48 %
TD.PF.D FixedReset Disc -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.38 %
BAM.PF.D Perpetual-Discount -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.75
Evaluated at bid price : 21.75
Bid-YTW : 5.72 %
CM.PR.R FixedReset Disc -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 22.46
Evaluated at bid price : 23.12
Bid-YTW : 5.42 %
RY.PR.Z FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 5.24 %
BMO.PR.Y FixedReset Disc -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.30 %
TD.PF.I FixedReset Disc -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 22.31
Evaluated at bid price : 22.90
Bid-YTW : 5.18 %
BAM.PF.C Perpetual-Discount -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.78 %
TD.PF.E FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.41 %
TRP.PR.D FixedReset Disc -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 17.95
Evaluated at bid price : 17.95
Bid-YTW : 5.87 %
TRP.PR.A FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 15.83
Evaluated at bid price : 15.83
Bid-YTW : 5.92 %
BMO.PR.C FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 22.75
Evaluated at bid price : 23.61
Bid-YTW : 5.27 %
MFC.PR.L FixedReset Ins Non -1.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.91
Bid-YTW : 8.01 %
BAM.PF.B FixedReset Disc -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.86 %
BIP.PR.F FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.53
Evaluated at bid price : 21.85
Bid-YTW : 5.91 %
BMO.PR.S FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.39 %
TD.PF.K FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 5.21 %
MFC.PR.H FixedReset Ins Non -1.43 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.01
Bid-YTW : 6.37 %
CU.PR.C FixedReset Disc -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 5.41 %
RY.PR.M FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.36 %
MFC.PR.G FixedReset Ins Non -1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.40
Bid-YTW : 6.99 %
SLF.PR.B Deemed-Retractible -1.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.41
Bid-YTW : 6.79 %
BAM.PF.E FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 5.89 %
BMO.PR.E FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 22.11
Evaluated at bid price : 22.70
Bid-YTW : 5.02 %
PWF.PR.S Perpetual-Discount -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.24
Evaluated at bid price : 21.24
Bid-YTW : 5.70 %
BAM.PF.F FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 5.94 %
MFC.PR.J FixedReset Ins Non -1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.00
Bid-YTW : 6.77 %
TRP.PR.G FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 5.93 %
PWF.PR.L Perpetual-Discount -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 22.11
Evaluated at bid price : 22.33
Bid-YTW : 5.75 %
MFC.PR.F FixedReset Ins Non -1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.30
Bid-YTW : 9.31 %
RY.PR.S FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.65
Evaluated at bid price : 22.02
Bid-YTW : 4.93 %
SLF.PR.G FixedReset Ins Non -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.60
Bid-YTW : 9.25 %
TRP.PR.C FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 13.66
Evaluated at bid price : 13.66
Bid-YTW : 5.92 %
CU.PR.E Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 22.02
Evaluated at bid price : 22.02
Bid-YTW : 5.58 %
BAM.PR.C Floater 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 12.86
Evaluated at bid price : 12.86
Bid-YTW : 5.45 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.C FixedReset Disc 259,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 22.75
Evaluated at bid price : 23.61
Bid-YTW : 5.27 %
CM.PR.T FixedReset Disc 174,132 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 23.20
Evaluated at bid price : 25.16
Bid-YTW : 5.04 %
CM.PR.R FixedReset Disc 150,630 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 22.46
Evaluated at bid price : 23.12
Bid-YTW : 5.42 %
CU.PR.G Perpetual-Discount 114,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.65 %
NA.PR.C FixedReset Disc 85,080 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.99
Evaluated at bid price : 22.41
Bid-YTW : 5.65 %
CU.PR.C FixedReset Disc 77,220 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 5.41 %
There were 99 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.J FixedReset Disc Quote: 21.71 – 22.43
Spot Rate : 0.7200
Average : 0.4428

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.39
Evaluated at bid price : 21.71
Bid-YTW : 5.25 %

IAF.PR.I FixedReset Ins Non Quote: 20.83 – 21.41
Spot Rate : 0.5800
Average : 0.3487

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.83
Bid-YTW : 6.97 %

BAM.PR.Z FixedReset Disc Quote: 20.89 – 21.40
Spot Rate : 0.5100
Average : 0.2978

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 5.76 %

PVS.PR.F SplitShare Quote: 25.10 – 25.59
Spot Rate : 0.4900
Average : 0.2799

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.93 %

BAM.PR.M Perpetual-Discount Quote: 20.50 – 21.25
Spot Rate : 0.7500
Average : 0.5405

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.89 %

BIP.PR.D FixedReset Disc Quote: 22.24 – 22.78
Spot Rate : 0.5400
Average : 0.3409

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-13
Maturity Price : 21.92
Evaluated at bid price : 22.24
Bid-YTW : 6.22 %

HSE Downgraded to P-3(High) by S&P

February 13th, 2019

Standard & Poor’s has announced:

  • •S&P Global Ratings lowered its long-term issuer credit rating on Calgary, Alta.-based Husky Energy Inc. to ‘BBB’ from ‘BBB+’, based on the forecast deterioration of its cash flow metrics.
  • •We have removed the ratings from CreditWatch Negative, where they were placed Oct. 1, 2018.
  • •We are also lowering our senior unsecured debt rating to ‘BBB’ from ‘BBB+’.
  • •We also lowered our global scale preferred stock rating to ‘BB+’ from ‘BBB-‘, and lowered our Canada scale preferred stock rating to ‘P-3(High)’ from ‘P-2(Low)’.
  • •The stable outlook reflects our expectation that Husky should be able to maintain its cash flow and leverage metrics within the 35%-40% range throughout our 24-month outlook period. Cash flow metrics at these levels would adequately support the ‘BBB’ rating.


Our weakened Brent and West Texas Intermediate (WTI) price assumptions, compounded by our decreased Canadian heavy oil and natural gas prices, result in the company’s three-year weighted-average funds from operations (FFO)-to-debt ratio falling into the 35%-40% range. Cash flow metrics in this range, and our expectation of ongoing dividend payments, result in a deteriorated financial risk profile. Despite this deterioration, we believe the company’s overall credit profile, characterized by the scale and breadth of Husky’s upstream operations, and the integration benefits of its midstream assets, and downstream segment, continue to support an investment-grade rating.

Affected issues are HSE.PR.A, HSE.PR.B, HSE.PR.C, HSE.PR.E AND HSE.PR.G.

It will be recalled that I reported the Credit Watch Negative in October (which was concerned with the now-aborted MEG acquisition) and found the experience so enjoyable I reported it again in November.

DBRS confirmed its Pfd-2(low) rating in November and took no rating action when the MEG acquisition was aborted.

FTN.PR.A Dividend Rate is 5.50% until December 1, 2019

February 12th, 2019

It will be recalled that FTN.PR.A increased its dividend to 5.50% in September, 1997, effective for their fiscal year beginning December 1, 2017.

I am now advised by their Investor Relations department that:

The Company may reset the Preferred share rate with each fiscal year. Any change to the current rate must be announced no later than September 30th each year.

The Preferred share rate is subject to a minimum, established with any five year termination date extensions. The current minimum rate is 5.25% annually up until the December 1, 2020 termination date

The latest Annual Information Form (AIF) states that at a meeting held on May 14, 2014, shareholders gave their approval to allow the Company to have the “right” to establish the rate of dividends to be paid on the Preferred shares annually, commencing December 1, 2015.

The AIF further states the Company “may” determine the rate each fiscal year, thus a news release is only required if a change is made.

Therefore to clarify, the annual rate of 5.5% announced on September 29, 2017 (effective December 1, 2017), remains in place unless announced otherwise by a news release.

We do apologize for any confusion.

Well, it seems a little slap-dash to me. Their announcement of the boost specified an end-date and nothing about ‘until further notice’; none of their many press releases announce the decision.

But there you have it, they’ll continue to pay 5.50% at least until 2019-12-1. After that, nobody knows, but there is a minimum rate of 5.25% effective until maturity, 2020-12-1.