The Financial Statements and related documents for Malachite Aggressive Preferred Fund are now available on the fund’s main page:
Archive for August, 2016
MAPF 2015 Year-End Financials
Tuesday, August 23rd, 2016Continued Delay For August PrefLetter
Tuesday, August 23rd, 2016As previously noted, my server has recently been “upgraded” ha-ha.
While my regular eMail now works the PrefLetter functionality, which uses PHP code on the server to send eMail, has been broken by this upgrade.
I am working to get PrefLetter out as soon as possible.
August 19, 2016
Tuesday, August 23rd, 2016Who woulda thunk it? Fiduciary rules have some drawbacks:
As brokers lay plans to satisfy new federal rules governing their relationships with retirement savers, one thing is becoming clear: Some clients will see their investment options diminished or face the prospect of higher fees.
Brokerage Edward Jones, anticipating the fiduciary rule that will require brokers to put the interests of retirement savers ahead of their own, said on Wednesday that it would stop offering mutual funds and exchange-traded funds in retirement accounts that charge investors a commission. The move makes the St. Louis firm the first big player to disclose detailed plans on retirement accounts that charge a commission.
Retirement savers could be forced to make decisions in the months ahead as other firms determine how they plan to operate under the Obama administration’s new rule, which starts to take effect in April. The rule doesn’t extend to nonretirement accounts.
I’ve heard that regulators everywhere are calling their kindergarten teachers and asking why everybody doesn’t just play nicely.
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 | -0.0702 % | 1,713.2 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0702 % | 3,129.6 |
Floater | 4.79 % | 4.46 % | 79,258 | 16.30 | 4 | -0.0702 % | 1,803.6 |
OpRet | 4.84 % | -10.50 % | 63,024 | 0.08 | 1 | 0.0396 % | 2,881.5 |
SplitShare | 5.07 % | 4.62 % | 116,443 | 2.26 | 5 | -0.1035 % | 3,428.3 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1035 % | 2,674.9 |
Perpetual-Premium | 5.44 % | -6.60 % | 76,010 | 0.09 | 12 | -0.0805 % | 2,703.9 |
Perpetual-Discount | 5.10 % | 5.06 % | 108,410 | 14.95 | 26 | -0.1084 % | 2,917.7 |
FixedReset | 4.88 % | 4.13 % | 146,949 | 7.10 | 89 | -0.0065 % | 2,089.4 |
Deemed-Retractible | 4.96 % | 1.44 % | 118,761 | 0.26 | 32 | 0.1536 % | 2,811.8 |
FloatingReset | 2.86 % | 3.97 % | 32,250 | 5.08 | 11 | 0.1474 % | 2,217.9 |
Performance Highlights | |||
Issue | Index | Change | Notes |
W.PR.K | FixedReset | -2.07 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-15 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 4.81 % |
RY.PR.Q | FixedReset | -1.31 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 26.30 Bid-YTW : 4.30 % |
CU.PR.G | Perpetual-Discount | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-22 Maturity Price : 22.44 Evaluated at bid price : 22.72 Bid-YTW : 4.96 % |
PWF.PR.P | FixedReset | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-22 Maturity Price : 13.93 Evaluated at bid price : 13.93 Bid-YTW : 4.04 % |
CCS.PR.C | Deemed-Retractible | 1.02 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.75 Bid-YTW : 5.29 % |
SLF.PR.J | FloatingReset | 1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.64 Bid-YTW : 10.11 % |
TRP.PR.D | FixedReset | 1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-22 Maturity Price : 18.11 Evaluated at bid price : 18.11 Bid-YTW : 4.36 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
BIP.PR.C | FixedReset | 122,110 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.36 Bid-YTW : 5.13 % |
BAM.PR.R | FixedReset | 106,706 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-22 Maturity Price : 16.26 Evaluated at bid price : 16.26 Bid-YTW : 4.58 % |
BNS.PR.E | FixedReset | 99,773 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 26.70 Bid-YTW : 4.01 % |
GWO.PR.H | Deemed-Retractible | 81,136 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.23 Bid-YTW : 5.45 % |
NA.PR.A | FixedReset | 77,390 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-15 Maturity Price : 25.00 Evaluated at bid price : 26.33 Bid-YTW : 4.46 % |
BMO.PR.S | FixedReset | 56,798 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-22 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 3.95 % |
There were 19 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
BAM.PR.S | FloatingReset | Quote: 14.75 – 15.50 Spot Rate : 0.7500 Average : 0.5516 YTW SCENARIO |
CM.PR.O | FixedReset | Quote: 19.42 – 19.92 Spot Rate : 0.5000 Average : 0.3041 YTW SCENARIO |
RY.PR.Q | FixedReset | Quote: 26.30 – 26.72 Spot Rate : 0.4200 Average : 0.2996 YTW SCENARIO |
CU.PR.E | Perpetual-Discount | Quote: 24.70 – 25.05 Spot Rate : 0.3500 Average : 0.2303 YTW SCENARIO |
BNS.PR.E | FixedReset | Quote: 26.70 – 26.94 Spot Rate : 0.2400 Average : 0.1586 YTW SCENARIO |
CU.PR.G | Perpetual-Discount | Quote: 22.72 – 23.01 Spot Rate : 0.2900 Average : 0.2109 YTW SCENARIO |
New Issue: W FixedReset 5.20%+452M520
Monday, August 22nd, 2016Spectra Energy has announced:
Westcoast Energy Inc. (the “Corporation”) announced today that it has entered into an agreement with a syndicate of underwriters co-led by TD Securities Inc. and CIBC Capital Markets. The underwriters have agreed to buy 8 million Cumulative 5-Year Minimum Rate Reset Redeemable First Preferred Shares, Series 12 (the “Series 12 First Preferred Shares”) at a price of $25.00 per share for aggregate gross proceeds of $200,000,000. The proceeds are expected to be used to fund capital expenditures and for general corporate purposes.
The Corporation has granted the underwriters an option to purchase up to 2 million additional Series 12 First Preferred Shares at the offering price, exercisable until 48 hours prior to closing, which, if fully exercised, would increase the total gross proceeds of the Series 12 First Preferred Share offering to $250,000,000.
The Series 12 First Preferred Shares will be issued to the public at a price of $25.00 per share and holders will be entitled to receive fixed cumulative preferential cash dividends, payable by quarterly instalments for an initial period of five years, as and when declared by the Board of Directors of the Corporation, at a rate of $1.30 per share per annum, to yield 5.20% annually. Thereafter, the dividend rate will reset every five years to the sum of the then current 5-Year Government of Canada Bond yield and 4.52%, provided that, in any event, such rate shall not be less than 5.20%. On October 15, 2021, and on October 15 of every fifth year thereafter, the Corporation may redeem the Series 12 First Preferred Shares in whole or in part at par.
Holders will have the right to elect to convert all or any of their Series 12 First Preferred Shares into an equal number of Cumulative Floating Rate Redeemable First Preferred Shares, Series 13 (the “Series 13 First Preferred Shares”) on October 15, 2021, and on October 15 of every fifth year thereafter. Holders of the Series 13 First Preferred Shares will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors of the Corporation, equal to the sum of the then current 3-month Government of Canada Treasury Bill yield and 4.52%. On October 15, 2026, and on October 15 of every fifth year thereafter, the Corporation may redeem the Series 13 First Preferred Shares in whole or in part at par. On any other date after October 15, 2026, the Corporation may redeem the Series 13 First Preferred Shares in whole or in part by the payment of $25.50 for each share to be redeemed.
The offering is being made only in the provinces of Canada under the Corporation’s short form base shelf prospectus dated March 18, 2016, and a prospectus supplement to such short form prospectus. The closing date of the offering is expected to be on or about August 30, 2016.
This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution.
Westcoast Energy Inc. is an indirect subsidiary of Spectra Energy Corp.
They later announced:
that as a result of strong demand for its previously announced offering it has agreed to increase the size of the offering to 12 million Cumulative 5-Year Minimum Rate Reset Redeemable First Preferred Shares, Series 12 (the “Series 12 First Preferred Shares”) at a price of $25.00 per share for aggregate gross proceeds of $300,000,000. There will not be an underwriters’ option as was previously granted. The Series 12 Preferred Shares are being offered on a bought deal basis by a syndicate of underwriters co-led by TD Securities Inc. and CIBC Capital Markets.
The proceeds are expected to be used to fund capital expenditures and for general corporate purposes.
The offering is being made only in the provinces of Canada under the Corporation’s short form base shelf prospectus dated March 18, 2016, and a prospectus supplement to such short form prospectus. The closing date of the offering is expected to be on or about August 30, 2016.
This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution.
Westcoast Energy Inc. is an indirect subsidiary of Spectra Energy Corp.
This creates an interesting tension with W.PR.K, which is a FixedReset, 5.25%+426M525, that commenced 2015-12-15 after having been announced 2015-11-24, in that the new issue has a significantly higher spread but a slightly lower guarantee.
August 19, 2016
Friday, August 19th, 2016HIMIPref™ 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 | 0.4229 % | 1,714.4 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4229 % | 3,131.8 |
Floater | 4.79 % | 4.47 % | 80,201 | 16.30 | 4 | 0.4229 % | 1,804.9 |
OpRet | 4.85 % | -10.50 % | 65,297 | 0.08 | 1 | 0.0000 % | 2,880.4 |
SplitShare | 5.06 % | 4.55 % | 107,724 | 2.26 | 5 | 0.0717 % | 3,431.8 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0717 % | 2,677.7 |
Perpetual-Premium | 5.44 % | -8.93 % | 75,587 | 0.09 | 12 | 0.0612 % | 2,706.1 |
Perpetual-Discount | 5.09 % | 4.93 % | 109,552 | 14.96 | 26 | 0.2378 % | 2,920.9 |
FixedReset | 4.88 % | 4.08 % | 147,030 | 7.12 | 89 | 0.0425 % | 2,089.5 |
Deemed-Retractible | 4.97 % | 2.47 % | 118,523 | 0.36 | 32 | -0.0529 % | 2,807.5 |
FloatingReset | 2.86 % | 3.96 % | 32,611 | 5.09 | 11 | 0.4778 % | 2,214.6 |
Performance Highlights | |||
Issue | Index | Change | Notes |
TRP.PR.D | FixedReset | -2.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-19 Maturity Price : 17.76 Evaluated at bid price : 17.76 Bid-YTW : 4.41 % |
CU.PR.C | FixedReset | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-19 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 4.10 % |
IAG.PR.A | Deemed-Retractible | -1.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.45 Bid-YTW : 5.66 % |
SLF.PR.G | FixedReset | -1.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.75 Bid-YTW : 9.34 % |
SLF.PR.I | FixedReset | 1.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.00 Bid-YTW : 6.61 % |
CU.PR.I | FixedReset | 1.03 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.57 Bid-YTW : 2.91 % |
BAM.PR.S | FloatingReset | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-19 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 4.82 % |
HSE.PR.E | FixedReset | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-19 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.06 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
FTS.PR.E | OpRet | 105,000 | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2016-09-18 Maturity Price : 25.00 Evaluated at bid price : 25.28 Bid-YTW : -10.50 % |
TD.PF.G | FixedReset | 63,754 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.83 Bid-YTW : 3.87 % |
RY.PR.H | FixedReset | 45,614 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-19 Maturity Price : 19.27 Evaluated at bid price : 19.27 Bid-YTW : 3.91 % |
BAM.PF.E | FixedReset | 45,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-19 Maturity Price : 20.07 Evaluated at bid price : 20.07 Bid-YTW : 4.28 % |
BMO.PR.T | FixedReset | 39,480 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-19 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 3.92 % |
BNS.PR.Q | FixedReset | 39,400 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.33 Bid-YTW : 3.43 % |
There were 13 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
TRP.PR.D | FixedReset | Quote: 17.76 – 18.40 Spot Rate : 0.6400 Average : 0.4109 YTW SCENARIO |
IAG.PR.A | Deemed-Retractible | Quote: 23.45 – 24.00 Spot Rate : 0.5500 Average : 0.3639 YTW SCENARIO |
CU.PR.C | FixedReset | Quote: 18.45 – 18.80 Spot Rate : 0.3500 Average : 0.2405 YTW SCENARIO |
GWO.PR.M | Deemed-Retractible | Quote: 26.58 – 26.90 Spot Rate : 0.3200 Average : 0.2440 YTW SCENARIO |
POW.PR.G | Perpetual-Premium | Quote: 26.50 – 26.80 Spot Rate : 0.3000 Average : 0.2379 YTW SCENARIO |
SLF.PR.G | FixedReset | Quote: 14.75 – 14.98 Spot Rate : 0.2300 Average : 0.1698 YTW SCENARIO |
August 18, 2016
Thursday, August 18th, 2016Hampton Creek, last discussed here on August 4 may have bought itself a world of trouble:
The U.S. Securities and Exchange Commission is looking into whether a San Francisco-based food technology startup broke the law by not disclosing that it was buying its own vegan mayonnaise from stores, which made the product appear to be more successful than it was, according to people familiar with the matter.
The agency is trying to determine whether Josh Tetrick’s Hampton Creek Inc. improperly recognized revenue from purchases made with company money, said the people, who asked not to be named because the matter isn’t public. The opening of an SEC inquiry into the buybacks is a preliminary step and doesn’t mean the company will face an enforcement action.
In drone news, Intel touts a drone platform:
Intel Corporation today announced its involvement in the development of multiple best-in-class unmanned aerial vehicles (UAVs), commonly called drones, showcasing how they interact with their environment, solve problems and thrill users by helping them explore and interact with their worlds unlike ever before.
Intel® Aero Platform for UAVs
Intel’s® Aero Platform is available today for developers to build their own drones. This purpose-built, UAV developer kit powered by an Intel® Atom™ quad-core processor combines compute, storage, communications and flexible I/O all in a form factor the size of a standard playing card. When matched with the optional Vision Accessory Kit, developers will have tremendous opportunities to launch sophisticated drone applications into the sky. Aero supports several “plug and play” options, including a flight controller with Dronecode PX4 software, Intel® RealSense™ technology for vision, AirMap SDK for airspace services, and will support LTE for communications. The Intel Aero Platform is available for pre-order now on click.intel.com – the Intel Aero compute board is $399, the Intel Aero Vision Accessory Kit is $149, and the Intel Aero Enclosure Kit is $69. A separate Intel Aero Platform Ready-to-Fly Drone will be available in Q4.
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 | 0.1235 % | 1,707.1 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1235 % | 3,118.6 |
Floater | 4.81 % | 4.51 % | 80,217 | 16.24 | 4 | 0.1235 % | 1,797.3 |
OpRet | 4.85 % | -10.66 % | 60,446 | 0.08 | 1 | -0.0395 % | 2,880.4 |
SplitShare | 5.07 % | 4.36 % | 111,611 | 2.27 | 5 | 0.5235 % | 3,429.4 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5235 % | 2,675.7 |
Perpetual-Premium | 5.44 % | -9.55 % | 75,450 | 0.09 | 12 | -0.0612 % | 2,704.4 |
Perpetual-Discount | 5.10 % | 4.96 % | 109,581 | 15.00 | 26 | -0.2936 % | 2,914.0 |
FixedReset | 4.89 % | 4.07 % | 148,535 | 7.13 | 89 | -0.0800 % | 2,088.6 |
Deemed-Retractible | 4.97 % | 1.95 % | 120,007 | 0.27 | 32 | -0.0252 % | 2,808.9 |
FloatingReset | 2.88 % | 4.07 % | 33,798 | 5.09 | 11 | -0.0287 % | 2,204.1 |
Performance Highlights | |||
Issue | Index | Change | Notes |
BAM.PR.S | FloatingReset | -2.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-18 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 4.87 % |
PWF.PR.P | FixedReset | -2.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-18 Maturity Price : 13.76 Evaluated at bid price : 13.76 Bid-YTW : 4.04 % |
TRP.PR.E | FixedReset | -1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-18 Maturity Price : 18.92 Evaluated at bid price : 18.92 Bid-YTW : 4.19 % |
PWF.PR.S | Perpetual-Discount | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-18 Maturity Price : 23.26 Evaluated at bid price : 23.65 Bid-YTW : 5.10 % |
IAG.PR.G | FixedReset | -1.06 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.53 Bid-YTW : 6.41 % |
HSE.PR.A | FixedReset | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-18 Maturity Price : 12.57 Evaluated at bid price : 12.57 Bid-YTW : 4.71 % |
PVS.PR.D | SplitShare | 1.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 24.76 Bid-YTW : 4.69 % |
TRP.PR.F | FloatingReset | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-18 Maturity Price : 13.97 Evaluated at bid price : 13.97 Bid-YTW : 4.40 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
BIP.PR.C | FixedReset | 182,860 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.37 Bid-YTW : 5.11 % |
VNR.PR.A | FixedReset | 149,255 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-18 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 4.69 % |
BNS.PR.E | FixedReset | 131,342 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 26.87 Bid-YTW : 3.84 % |
TD.PF.C | FixedReset | 67,650 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-18 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 3.96 % |
RY.PR.H | FixedReset | 57,055 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-18 Maturity Price : 19.27 Evaluated at bid price : 19.27 Bid-YTW : 3.91 % |
BNS.PR.Q | FixedReset | 49,300 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.32 Bid-YTW : 3.44 % |
There were 29 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
FTS.PR.F | Perpetual-Discount | Quote: 24.78 – 25.23 Spot Rate : 0.4500 Average : 0.2942 YTW SCENARIO |
PWF.PR.S | Perpetual-Discount | Quote: 23.65 – 24.00 Spot Rate : 0.3500 Average : 0.2359 YTW SCENARIO |
W.PR.K | FixedReset | Quote: 25.95 – 26.25 Spot Rate : 0.3000 Average : 0.1864 YTW SCENARIO |
TD.PR.S | FixedReset | Quote: 23.83 – 24.19 Spot Rate : 0.3600 Average : 0.2638 YTW SCENARIO |
BMO.PR.M | FixedReset | Quote: 24.00 – 24.35 Spot Rate : 0.3500 Average : 0.2739 YTW SCENARIO |
BNS.PR.Z | FixedReset | Quote: 20.39 – 20.60 Spot Rate : 0.2100 Average : 0.1415 YTW SCENARIO |
August 17, 2016
Wednesday, August 17th, 2016HIMIPref™ 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 | 0.2122 % | 1,705.0 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2122 % | 3,114.7 |
Floater | 4.82 % | 4.53 % | 78,777 | 16.21 | 4 | 0.2122 % | 1,795.0 |
OpRet | 4.84 % | -11.26 % | 56,593 | 0.08 | 1 | 1.2112 % | 2,881.5 |
SplitShare | 5.05 % | 4.68 % | 109,608 | 2.24 | 5 | -0.1030 % | 3,411.5 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1030 % | 2,661.8 |
Perpetual-Premium | 5.44 % | -8.84 % | 73,707 | 0.09 | 12 | -0.1029 % | 2,706.1 |
Perpetual-Discount | 5.09 % | 4.95 % | 106,671 | 15.00 | 26 | 0.0554 % | 2,922.5 |
FixedReset | 4.88 % | 4.09 % | 149,962 | 7.14 | 89 | 0.0057 % | 2,090.3 |
Deemed-Retractible | 4.97 % | 1.79 % | 120,016 | 0.09 | 32 | 0.0466 % | 2,809.6 |
FloatingReset | 2.88 % | 4.08 % | 35,160 | 5.09 | 11 | -0.1050 % | 2,204.7 |
Performance Highlights | |||
Issue | Index | Change | Notes |
BAM.PR.Z | FixedReset | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-17 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 4.69 % |
FTS.PR.H | FixedReset | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-17 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 3.74 % |
GWO.PR.F | Deemed-Retractible | 1.04 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2016-09-16 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : -39.63 % |
POW.PR.D | Perpetual-Discount | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-17 Maturity Price : 24.68 Evaluated at bid price : 25.00 Bid-YTW : 5.04 % |
GWO.PR.M | Deemed-Retractible | 1.06 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2016-09-16 Maturity Price : 25.75 Evaluated at bid price : 26.82 Bid-YTW : -32.12 % |
SLF.PR.G | FixedReset | 1.15 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.95 Bid-YTW : 9.14 % |
FTS.PR.E | OpRet | 1.21 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2016-09-16 Maturity Price : 25.00 Evaluated at bid price : 25.29 Bid-YTW : -11.26 % |
TRP.PR.E | FixedReset | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-17 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 4.12 % |
BAM.PR.X | FixedReset | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-17 Maturity Price : 14.40 Evaluated at bid price : 14.40 Bid-YTW : 4.37 % |
HSE.PR.A | FixedReset | 1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-17 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 4.66 % |
PWF.PR.P | FixedReset | 1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-17 Maturity Price : 14.11 Evaluated at bid price : 14.11 Bid-YTW : 3.94 % |
SLF.PR.H | FixedReset | 2.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.02 Bid-YTW : 8.14 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
BMO.PR.K | Deemed-Retractible | 143,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2016-11-25 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 0.15 % |
RY.PR.R | FixedReset | 108,444 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-24 Maturity Price : 25.00 Evaluated at bid price : 26.73 Bid-YTW : 3.97 % |
BAM.PF.C | Perpetual-Discount | 59,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-17 Maturity Price : 22.88 Evaluated at bid price : 23.25 Bid-YTW : 5.27 % |
BNS.PR.Q | FixedReset | 42,250 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.32 Bid-YTW : 3.44 % |
TD.PR.S | FixedReset | 37,000 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.85 Bid-YTW : 3.60 % |
BIP.PR.C | FixedReset | 34,551 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.38 Bid-YTW : 5.09 % |
There were 21 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
BNS.PR.P | FixedReset | Quote: 24.40 – 24.75 Spot Rate : 0.3500 Average : 0.2376 YTW SCENARIO |
FTS.PR.M | FixedReset | Quote: 20.34 – 20.70 Spot Rate : 0.3600 Average : 0.2587 YTW SCENARIO |
RY.PR.I | FixedReset | Quote: 24.17 – 24.43 Spot Rate : 0.2600 Average : 0.1632 YTW SCENARIO |
GWO.PR.Q | Deemed-Retractible | Quote: 25.20 – 25.48 Spot Rate : 0.2800 Average : 0.1870 YTW SCENARIO |
BNS.PR.R | FixedReset | Quote: 24.51 – 24.73 Spot Rate : 0.2200 Average : 0.1361 YTW SCENARIO |
CU.PR.F | Perpetual-Discount | Quote: 22.91 – 23.15 Spot Rate : 0.2400 Average : 0.1573 YTW SCENARIO |
SLF.PR.H To Be Extended
Wednesday, August 17th, 2016Sun Life Financial Inc. has announced:
that it does not intend to exercise its right to redeem its outstanding Class A Non-Cumulative Rate Reset Preferred Shares Series 10R (the “Series 10R Shares”) on September 30, 2016. As a result, subject to certain conditions, the holders of Series 10R Shares will have the right, at their option, to convert all or part of their Series 10R Shares on a one-for-one basis into Class A Non-Cumulative Floating Rate Preferred Shares Series 11QR of Sun Life Financial (the “Series 11QR Shares”) on September 30, 2016. Holders of Series 10R Shares who do not exercise their right to convert their Series 10R Shares into Series 11QR Shares on that date will retain their Series 10R Shares.
The foregoing conversions are subject to the following conditions: (i) if Sun Life Financial determines that there would be less than one million Series 10R Shares outstanding after September 30, 2016, then all remaining Series 10R Shares will automatically be converted into Series 11QR Shares on a one-for-one basis on September 30, 2016, and (ii) alternatively, if Sun Life Financial determines that there would be less than one million Series 11QR Shares outstanding after September 30, 2016, no Series 10R Shares will be converted into Series 11QR Shares. In either case, Sun Life Financial will give written notice to that effect to any registered holder affected by the preceeding minimums on or before Thursday, September 22, 2016.
The dividend rate applicable to the Series 10R Shares for the five-year period commencing on September 30, 2016 to but excluding September 30, 2021, and the dividend rate applicable to the Series 11QR Shares for the three-month period commencing on September 30, 2016 to but excluding December 31, 2016, will be determined on Wednesday, August 31, 2016 and will be announced in a news release on August 31, 2016.
Beneficial owners of Series 10R Shares who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and should ensure that their instructions are followed in order to ensure that the deadline to exercise such right of conversion is met, which is 5:00 p.m. (ET) on Thursday, September 15, 2016.
Subject to regulatory approval, Sun Life Financial: (i) may redeem the Series 10R Shares and the Series 11QR Shares in whole or in part on September 30, 2021 and on the 30th of September in every fifth year thereafter by the payment of an amount for each share so redeemed of $25.00, together with all declared and unpaid dividends to the date fixed for such redemption, and (ii) may redeem the Series 11QR Shares in whole or in part on any other date after September 30, 2016 by the payment of an amount for each share so redeemed of $25.50, together with all declared and unpaid dividends to the date fixed for such redemption.
An application will be made to list the Series 11QR Shares on the Toronto Stock Exchange.
No surprises here, since SLF.PR.H is a FixedReset, 3.90%+217, that commenced trading 2011-8-12 after being announced 2011-8-4. SLF.PR.H is tracked by HIMIPref™ and assigned to the FixedResets subindex; in my analysis I assume a Deemed Retraction. I will report on the new dividend rate when it is announced.
August 16, 2016
Wednesday, August 17th, 2016The Fed is attempting to keep uncertainty in the market, with Dudley making hawkish noises:
“We’re edging closer towards the point in time where it will be appropriate, I think, to raise interest rates further,” Dudley, who serves as vice chairman of the rate-setting Federal Open Market Committee, said Tuesday on Fox Business Network. Asked whether the FOMC could vote to raise the benchmark rate at its next meeting Sept. 20-21, Dudley said, “I think it’s possible.”
Investors expect about one rate hike between now and the end of next year, according to federal funds futures contracts, and they marked up probabilities only slightly on Tuesday. Dudley said such estimates are “too low” and that “the market is complacent about the need for gradually snugging up short-term interest rates over the next year or so.”
“We are looking for growth in the second half of the year that will be stronger than the first half,” Dudley said. “I think the labor market is going to continue to tighten, and in that environment I think we are getting closer to the day where we are going to have to snug up interest rates a little bit.”
Federal Reserve Bank of Atlanta President Dennis Lockhart said he’s confident that U.S. economic growth is accelerating, setting the stage for at least one increase in interest rates this year.
“I’m not locked in to any policy position at this stage, but if my confidence in the economy proves to be justified, I think at least one increase of the policy rate could be appropriate later this year,” Lockhart said in the text of remarks on Tuesday to the Rotary Club of Knoxville, Tennessee.
…
Lockhart described the labor market as nearing full employment, with wages showing signs of a pickup.“Recent price data hint at the firming of underlying price pressures,” he said. “I’m reasonably comfortable with a forecast of reaching 2 percent by year-end 2017.”
Lockhart said he was focused on monitoring business investment, which he said could have been hurt by uncertainty over U.S. policies. “It’s possible the election is a factor,” he said.
The median estimate of Fed officials in June was for two quarter-point increases this year, though six policy makers projected only one increase.
… and Car Wars continues to heat up:
Ford Motor Co. aims to have a fully autonomous vehicle available by 2021 for ride-hailing services, skipping the interim steps of driver-assisted technology and matching BMW’s ambitious timeframe.
The second-biggest U.S. automaker said earlier Tuesday that it’s doubling the number of people at its Silicon Valley technical center while expanding to two more buildings. Ford also invested $75 million in the leading maker of an advanced radar system to accelerate its development of self-driving cars.
Ford chose to focus on purely self-driving vehicles that don’t require a human to take over in complex situations, said Raj Nair, Ford’s head of product development. The automaker is chasing Alphabet Inc.’s Google self-driving car project as well as efforts by General Motors Co. and other automakers. Ford said today it’s investing in or collaborating with four startups on autonomous vehicles, bringing its roster of such partnerships to 40.
…
Ford and China’s top search engine company, Baidu Inc., are each investing $75 million in Velodyne Lidar Inc., the automaker said in a statement. Lidar bounces light off objects to assess shape and location, giving self-driving cars a 360-degree view of their environment with the help of cameras and traditional radar. Morgan Hill, California-based Velodyne said the money will help it improve design and expand production, making the sensors more affordable for mass adoption.
Meanwhile, here in the frozen North, some degree of success is being achieved in the regulatory campaign to shut down markets:
As Canada’s regulatory regime has evolved and, in some cases, become more onerous, many American investment dealers have reduced their trading operations in Canada. That hurts Canadian institutional investors that are trying to build diversified portfolios for ordinary Canadian clients.
…
In a recent letter to provincial securities regulators, the Canadian Bond Investors’ Association (CBIA) said its members are having difficulty trading and tracking the debt of Canadian companies issued in the U.S. market, such as the bonds of Valeant Pharmaceuticals International Inc. and Bombardier Inc.That’s because many foreign banks, including Goldman Sachs Group Inc. and Citigroup Inc., have stopped trading Canadian bonds with Canadian investors in the U.S. secondary market, the CBIA letter states. The reason derives from a 2015 amendment that prevented foreign investment dealers from being classified as both an exempt-market dealer and an international dealer.
The CBIA’s second concern pertains to the regulators’ bid to better track the sales of bonds and stocks sold without a prospectus. The change, introduced June 30, requires banks to collect more details about the issuer and the Canadian purchaser. Then, it requires a banker to certify its accuracy, creating new personal liability risks.
“It’s going to become more expensive and time-consuming to sell into Canada,” said Anthony Spadaro, a lawyer at Davies Ward Phillips & Vineberg LLP.
As the saying goes in the regulators’ offices: “The only fair market is a closed market”. And what we want is fairness, right?
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 | 0.5332 % | 1,701.4 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5332 % | 3,108.1 |
Floater | 4.83 % | 4.55 % | 79,480 | 16.16 | 4 | 0.5332 % | 1,791.2 |
OpRet | 4.84 % | 3.08 % | 56,555 | 0.08 | 1 | 0.0000 % | 2,847.0 |
SplitShare | 5.04 % | 4.73 % | 107,915 | 2.25 | 5 | -0.0792 % | 3,415.0 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0792 % | 2,664.5 |
Perpetual-Premium | 5.43 % | -12.11 % | 73,801 | 0.09 | 12 | -0.0257 % | 2,708.8 |
Perpetual-Discount | 5.09 % | 4.97 % | 106,576 | 14.98 | 26 | -0.1254 % | 2,920.9 |
FixedReset | 4.88 % | 4.11 % | 147,998 | 7.14 | 89 | 0.0550 % | 2,090.2 |
Deemed-Retractible | 4.97 % | 2.18 % | 120,895 | 0.09 | 32 | -0.2223 % | 2,808.3 |
FloatingReset | 2.87 % | 4.08 % | 34,847 | 5.10 | 11 | 0.2775 % | 2,207.0 |
Performance Highlights | |||
Issue | Index | Change | Notes |
TD.PF.G | FixedReset | -1.52 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.51 Bid-YTW : 4.15 % |
MFC.PR.F | FixedReset | -1.48 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.60 Bid-YTW : 9.32 % |
GWO.PR.F | Deemed-Retractible | -1.25 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2016-09-15 Maturity Price : 25.00 Evaluated at bid price : 25.98 Bid-YTW : -29.37 % |
MFC.PR.J | FixedReset | -1.08 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.11 Bid-YTW : 6.35 % |
PVS.PR.E | SplitShare | -1.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 5.39 % |
TRP.PR.H | FloatingReset | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 10.76 Evaluated at bid price : 10.76 Bid-YTW : 4.20 % |
BAM.PR.B | Floater | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 4.55 % |
TRP.PR.C | FixedReset | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 13.20 Evaluated at bid price : 13.20 Bid-YTW : 4.11 % |
FTS.PR.G | FixedReset | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 3.82 % |
HSE.PR.A | FixedReset | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 4.73 % |
FTS.PR.K | FixedReset | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 3.74 % |
TRP.PR.F | FloatingReset | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 13.78 Evaluated at bid price : 13.78 Bid-YTW : 4.46 % |
HSE.PR.E | FixedReset | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.12 % |
FTS.PR.M | FixedReset | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 4.00 % |
BAM.PF.B | FixedReset | 1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 4.48 % |
GWO.PR.N | FixedReset | 1.51 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.82 Bid-YTW : 9.15 % |
CU.PR.C | FixedReset | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 18.99 Evaluated at bid price : 18.99 Bid-YTW : 3.98 % |
HSE.PR.G | FixedReset | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.07 % |
HSE.PR.C | FixedReset | 1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 5.03 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
FTS.PR.E | OpRet | 493,950 | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2016-09-15 Maturity Price : 25.00 Evaluated at bid price : 25.29 Bid-YTW : 3.08 % |
TD.PF.G | FixedReset | 140,988 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.51 Bid-YTW : 4.15 % |
BNS.PR.G | FixedReset | 94,636 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 26.81 Bid-YTW : 3.97 % |
RY.PR.Z | FixedReset | 85,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 19.28 Evaluated at bid price : 19.28 Bid-YTW : 3.85 % |
RY.PR.R | FixedReset | 75,990 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-24 Maturity Price : 25.00 Evaluated at bid price : 26.73 Bid-YTW : 3.97 % |
TD.PF.C | FixedReset | 75,333 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-08-16 Maturity Price : 18.96 Evaluated at bid price : 18.96 Bid-YTW : 3.97 % |
There were 27 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
TRP.PR.E | FixedReset | Quote: 19.00 – 19.59 Spot Rate : 0.5900 Average : 0.4217 YTW SCENARIO |
GWO.PR.F | Deemed-Retractible | Quote: 25.98 – 26.44 Spot Rate : 0.4600 Average : 0.2933 YTW SCENARIO |
HSE.PR.G | FixedReset | Quote: 21.05 – 21.63 Spot Rate : 0.5800 Average : 0.4256 YTW SCENARIO |
PWF.PR.T | FixedReset | Quote: 21.00 – 21.48 Spot Rate : 0.4800 Average : 0.3362 YTW SCENARIO |
BMO.PR.M | FixedReset | Quote: 24.00 – 24.45 Spot Rate : 0.4500 Average : 0.3115 YTW SCENARIO |
BAM.PR.S | FloatingReset | Quote: 15.10 – 15.60 Spot Rate : 0.5000 Average : 0.4060 YTW SCENARIO |
CF.PR.A To Be Extended
Wednesday, August 17th, 2016Canaccord Genuity Group Inc. has announced:
No surprise here, since CF.PR.A is a 5.50%+321 FixedReset that commenced trading 2016-6-23 after being announced 2011-6-6. CF.PR.A is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.
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