Archive for August, 2018

August 20, 2018

Monday, August 20th, 2018
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 0.1479 % 3,106.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1479 % 5,700.8
Floater 3.48 % 3.70 % 47,725 18.03 4 0.1479 % 3,285.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.2346 % 3,221.4
SplitShare 4.56 % 4.47 % 49,482 4.82 5 0.2346 % 3,847.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2346 % 3,001.6
Perpetual-Premium 5.62 % -9.83 % 59,100 0.09 10 -0.0354 % 2,911.9
Perpetual-Discount 5.41 % 5.53 % 54,750 14.56 25 -0.1449 % 2,990.5
FixedReset 4.31 % 4.71 % 120,036 4.10 107 -0.1027 % 2,574.1
Deemed-Retractible 5.14 % 5.90 % 65,339 5.38 26 -0.0626 % 2,981.8
FloatingReset 3.43 % 3.79 % 34,518 5.69 7 -0.0586 % 2,838.9
Performance Highlights
Issue Index Change Notes
GWO.PR.R Deemed-Retractible -1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.26
Bid-YTW : 7.12 %
IAG.PR.I FixedReset -1.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 5.02 %
MFC.PR.G FixedReset 1.24 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-12-19
Maturity Price : 25.00
Evaluated at bid price : 24.49
Bid-YTW : 4.47 %
TRP.PR.G FixedReset 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-20
Maturity Price : 23.18
Evaluated at bid price : 24.18
Bid-YTW : 5.10 %
Volume Highlights
Issue Index Shares
Traded
Notes
GWO.PR.F Deemed-Retractible 38,134 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-09-19
Maturity Price : 25.00
Evaluated at bid price : 25.82
Bid-YTW : -22.14 %
TD.PF.C FixedReset 21,143 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-20
Maturity Price : 22.98
Evaluated at bid price : 23.42
Bid-YTW : 4.69 %
MFC.PR.H FixedReset 20,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 4.98 %
CM.PR.P FixedReset 18,676 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-20
Maturity Price : 22.70
Evaluated at bid price : 23.13
Bid-YTW : 4.73 %
BMO.PR.M FixedReset 18,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-09-24
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 3.35 %
IFC.PR.G FixedReset 15,160 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 4.78 %
There were 8 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PVS.PR.F SplitShare Quote: 25.90 – 26.45
Spot Rate : 0.5500
Average : 0.3584

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.33 %

BAM.PR.X FixedReset Quote: 19.07 – 19.60
Spot Rate : 0.5300
Average : 0.3918

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-20
Maturity Price : 19.07
Evaluated at bid price : 19.07
Bid-YTW : 4.93 %

HSE.PR.G FixedReset Quote: 25.23 – 25.50
Spot Rate : 0.2700
Average : 0.1991

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 4.47 %

CU.PR.C FixedReset Quote: 22.39 – 22.75
Spot Rate : 0.3600
Average : 0.2912

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-20
Maturity Price : 21.97
Evaluated at bid price : 22.39
Bid-YTW : 4.83 %

SLF.PR.H FixedReset Quote: 21.76 – 22.08
Spot Rate : 0.3200
Average : 0.2544

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.76
Bid-YTW : 6.16 %

TRP.PR.C FixedReset Quote: 17.54 – 17.75
Spot Rate : 0.2100
Average : 0.1455

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-20
Maturity Price : 17.54
Evaluated at bid price : 17.54
Bid-YTW : 5.07 %

CF.PR.A , CF.PR.C : DBRS Improves Trend to Stable

Monday, August 20th, 2018

DBRS has announced that it:

confirmed the Cumulative Preferred Shares rating of Canaccord Genuity Group Inc. (CF or the Company) at Pfd-3 (low). The trend has been revised to Stable from Negative. The Company’s Support Assessment is SA3.

The ratings also consider the headwinds facing CF that have driven weak results and low returns in recent years. DBRS sees inconsistent profitability as a concern at the current rating level and will look for continued success in the wealth management business to drive consistent earnings. While CF’s wealth management expansion is contributing to earnings stability, it has also resulted in increased debt levels and lower tangible common equity, which is also factored into the current rating level.

Demonstrating its franchise diversification, CF reported 71% of its capital-markets revenues were generated outside Canada and 88% of investment-banking and advisory revenues were from sectors outside resources. The Company’s increasing business and geographic diversification has helped to offset headwinds in its traditional Canadian market.

DBRS notes the risk in managing important relationships and, although the Company has procedures in place to manage its inventory positions, it maintains aged positions resulting from activities undertaken to support clients that bring important business to CF. These positions have the potential to experience mark-to-market losses. Given the challenging operating environment, properly assessing counterparty risk, including a counterparty’s ability to meet margin calls, remains critical.

Given the nature of the business and a relatively liquid balance sheet that includes cash and other liquid assets, liquidity is good. As of June 30, 2018, the Company had sufficient cash and liquid assets to meet any short-term liability needs. Furthermore, cash flows have generally been positive and the fixed-charge coverage ratio continues to improve.

Capitalization is satisfactory with a total assets/total common equity ratio of 6.9 times, which is generally in line with recent leverage levels. Tangible common equity has weakened with the acquisition of Hargreave Hale and the associated goodwill. As of Q1 2019, tangible common equity/tangible assets of 5.3% is low compared with historical levels, averaging 6.6% over the past five full fiscal years. Long-term debt as a percentage of total capitalization is also increasing with higher debt levels, though DBRS sees this as acceptable, given that leverage is used to grow the wealth management business. Importantly, working capital of $564 million is good and capital levels remain well above regulatory net-capital requirements.

Affected issues are CF.PR.A and CF.PR.C.

GCS.PR.A Redeemed at 25.25 + Accrued Dividend

Monday, August 20th, 2018

Global Champions Split Corp. has announced:

its intention to redeem all of its outstanding Class A Preferred Shares, Series 1 (the “Series 1 Preferred Shares”) (TSX: GCS.PR.A) for cash on August 20, 2018 the “Redemption Date”) in accordance with the terms of the Series 1 Preferred Shares.

The redemption price per Series 1 Preferred Share will be equal to C$25.25 plus accrued and unpaid dividends as of the Redemption Date of C$0.1374 per share, representing a total redemption price of C$25.3874 per Series 1 Preferred Share (the “Redemption Price”).

Notice will be delivered to holders of Series 1 Preferred Shares in accordance with the terms of the Series 1 Preferred Shares.

From and after the Redemption Date the Series 1 Preferred Shares will cease to be entitled to dividends or any other participation in any distribution of the assets of the Company and the holders thereof shall not be entitled to exercise any of their other rights as shareholders in respect thereof except to receive the Redemption Price (less any tax required to be deducted and withheld by the Company). It is expected that the Toronto Stock Exchange will halt trading on the Series 1 Preferred Shares at the opening of business on the Redemption Date and delist such Series 1 Preferred Shares at the close of business on the Redemption Date.

Although this press release was dated 2018-8-2, it does not yet appear on their website; nor is there anything on their website to suggest that anything unusual is happening with the company. The press release is available only – as far as I can tell – on SEDAR, which (as I’m sure everybody remembers) prohibits direct linking to these public documents as the Canadian Securities Administrators appear to believe that dissemination of material investment information should be made as difficult as possible. So interested parties will have to search for “Global Champions Split Corp. Aug 2 2018 17:25:19 ET News release – English PDF 309 K”

This is an appalling example of non-existent communication by the company.

The directors are the following clowns:Frank N.C. Lochan, Brian D. Lawson, John P. Barratt, James L.R. Kelly.

The following idiots are officers of the company:

  • Brian D. Lawson, Chairman and President
  • Adil Mawani, Chief Financial Officer
  • Loretta M. Corso, Corporate Secretary

Assiduous Readers with good memories will single out the following dolts for special scorn:

  • Frank N.C. Lochan
  • Brian D. Lawson
  • John P. Barratt
  • James L.R. Kelly

… who were also directors of Partners Value Split Inc. when it did a completely shitty job of reporting to shareholders. Loretta M. Corso was also an officer of PVS at that time.

Pretty crap work, guys. Incompetent scum.

Update: DBRS discontinues rating:

DBRS Limited (DBRS) discontinued the rating on the Class A Preferred Shares, Series 1 (the Preferred Shares) issued by Global Champions Split Corp. as the Preferred Shares were fully repaid on August 20, 2018.

Update: I see the August 2 press release is now available on the company website. About time, assholes.

August 17, 2018

Friday, August 17th, 2018
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 0.3238 % 3,102.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3238 % 5,692.4
Floater 3.48 % 3.71 % 48,461 18.00 4 0.3238 % 3,280.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0314 % 3,213.8
SplitShare 4.57 % 4.79 % 48,491 4.83 5 -0.0314 % 3,838.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0314 % 2,994.6
Perpetual-Premium 5.62 % -10.37 % 57,642 0.09 10 -0.0275 % 2,912.9
Perpetual-Discount 5.40 % 5.53 % 55,022 14.58 25 0.0276 % 2,994.9
FixedReset 4.30 % 4.77 % 120,722 3.90 107 0.1050 % 2,576.8
Deemed-Retractible 5.13 % 5.93 % 66,266 5.39 26 0.1049 % 2,983.6
FloatingReset 3.43 % 3.73 % 34,385 5.70 7 -0.0326 % 2,840.6
Performance Highlights
Issue Index Change Notes
MFC.PR.G FixedReset -1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-12-19
Maturity Price : 25.00
Evaluated at bid price : 24.43
Bid-YTW : 4.87 %
MFC.PR.R FixedReset 1.11 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 26.36
Bid-YTW : 3.48 %
GWO.PR.R Deemed-Retractible 1.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.53
Bid-YTW : 6.88 %
BAM.PR.K Floater 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-17
Maturity Price : 17.61
Evaluated at bid price : 17.61
Bid-YTW : 3.71 %
MFC.PR.K FixedReset 1.26 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.35
Bid-YTW : 5.91 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.I FixedReset 144,371 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : 4.20 %
GWO.PR.S Deemed-Retractible 100,200 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 5.56 %
BAM.PF.H FixedReset 92,877 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.03
Bid-YTW : 3.48 %
RY.PR.R FixedReset 92,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-24
Maturity Price : 25.00
Evaluated at bid price : 26.45
Bid-YTW : 3.45 %
SLF.PR.B Deemed-Retractible 64,700 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.65
Bid-YTW : 6.78 %
BNS.PR.H FixedReset 53,687 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 3.55 %
There were 20 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 Quote: 24.15 – 25.00
Spot Rate : 0.8500
Average : 0.5938

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-17
Maturity Price : 23.75
Evaluated at bid price : 24.15
Bid-YTW : 5.04 %

MFC.PR.M FixedReset Quote: 23.58 – 24.22
Spot Rate : 0.6400
Average : 0.4464

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.58
Bid-YTW : 5.70 %

MFC.PR.G FixedReset Quote: 24.43 – 24.87
Spot Rate : 0.4400
Average : 0.3469

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-12-19
Maturity Price : 25.00
Evaluated at bid price : 24.43
Bid-YTW : 4.87 %

SLF.PR.B Deemed-Retractible Quote: 22.65 – 22.95
Spot Rate : 0.3000
Average : 0.2105

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.65
Bid-YTW : 6.78 %

EIT.PR.A SplitShare Quote: 25.25 – 25.58
Spot Rate : 0.3300
Average : 0.2465

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.79 %

MFC.PR.L FixedReset Quote: 23.17 – 23.70
Spot Rate : 0.5300
Average : 0.4514

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.17
Bid-YTW : 5.91 %

August 16, 2018

Thursday, August 16th, 2018

Apparently there’s another “mini-tender” offer being made by TRC Capital:

TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) has been notified of an unsolicited mini-tender offer by TRC Capital Corporation (TRC Capital) to purchase up to 2,500,000 common shares of TransCanada, representing approximately 0.28 per cent of TransCanada’s outstanding common shares at a price of CDN $55.35 per common share. TransCanada does not endorse this unsolicited mini-tender offer.

Shareholders are cautioned that the mini-tender offer has been made at a 4.32 per cent discount to the closing price of TransCanada’s common shares on the Toronto Stock Exchange on August 14, 2018, the last trading day before the mini-tender offer was announced.

Any person considering tendering to the offer should consult his or her financial advisor.

TransCanada does not endorse TRC Capital’s unsolicited mini-tender offer and is not associated with TRC Capital, the mini-tender offer, or the offer documentation. TRC Capital has made similar unsolicited mini-tender offers for shares of other companies.

The Financial Post did a piece on a similar offer a few years back for Enbridge stock (emphasis added):

Shareholders sometimes accept a below-market mini tender to avoid paying brokerage commissions for trading their shares and are therefore willing to accept a discount. However, a CSA advisory notes this is a very limited circumstance.

“These are bad news, I would say,” University of Calgary finance professor Ari Pandes said, calling mini-tender offers an “unscrupulous and unethical tactic.”

He said mini tenders often catch investors “off-guard” and cause them to “push the panic button so that some investors decide to sell.”

“The important thing is for the companies to get on top of it quickly,” Pandes said. He said companies should warn their shareholders not to accept the mini-tenders before retail investors, who might not do their homework, accept the offer.

Lorne Albaum, a Toronto securities lawyer who heads TRC Capital, did not respond to a request for comment.

The practice is discussed in CSA Staff Notice 61-301, issued in 1999.

Well, I won’t be doing any business with Lorne Albaum, I can tell you that much! Nor, I hope, with any entity that has done business with him!

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 0.1757 % 3,092.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1757 % 5,674.0
Floater 3.49 % 3.72 % 50,197 17.99 4 0.1757 % 3,270.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0866 % 3,214.8
SplitShare 4.57 % 4.75 % 48,396 4.83 5 0.0866 % 3,839.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0866 % 2,995.5
Perpetual-Premium 5.62 % -10.55 % 56,809 0.09 10 -0.0157 % 2,913.7
Perpetual-Discount 5.40 % 5.52 % 55,889 14.59 25 0.0881 % 2,994.0
FixedReset 4.30 % 4.78 % 118,165 3.91 107 0.0656 % 2,574.1
Deemed-Retractible 5.13 % 5.93 % 61,351 5.39 26 -0.0951 % 2,980.5
FloatingReset 3.43 % 3.77 % 34,789 5.70 7 0.0456 % 2,841.5
Performance Highlights
Issue Index Change Notes
GWO.PR.R Deemed-Retractible -1.37 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.27
Bid-YTW : 7.10 %
TRP.PR.J FixedReset -1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 3.91 %
BAM.PR.K Floater -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-16
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 3.76 %
EMA.PR.H FixedReset 1.11 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.43
Bid-YTW : 4.54 %
PWF.PR.A Floater 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-16
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 2.99 %
Volume Highlights
Issue Index Shares
Traded
Notes
NA.PR.E FixedReset 179,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-16
Maturity Price : 22.82
Evaluated at bid price : 24.06
Bid-YTW : 4.94 %
BMO.PR.W FixedReset 93,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-16
Maturity Price : 22.58
Evaluated at bid price : 23.04
Bid-YTW : 4.83 %
PWF.PR.K Perpetual-Discount 70,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-16
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.56 %
NA.PR.S FixedReset 67,530 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-16
Maturity Price : 22.86
Evaluated at bid price : 23.50
Bid-YTW : 4.96 %
TD.PF.H FixedReset 66,152 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.02
Bid-YTW : 3.58 %
POW.PR.G Perpetual-Premium 56,128 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-15
Maturity Price : 25.00
Evaluated at bid price : 25.29
Bid-YTW : 5.35 %
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.X FixedReset Quote: 19.05 – 19.60
Spot Rate : 0.5500
Average : 0.3504

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-16
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 5.04 %

TRP.PR.J FixedReset Quote: 26.00 – 26.39
Spot Rate : 0.3900
Average : 0.2416

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 3.91 %

W.PR.M FixedReset Quote: 25.90 – 26.35
Spot Rate : 0.4500
Average : 0.3142

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.15 %

GWO.PR.R Deemed-Retractible Quote: 22.27 – 22.65
Spot Rate : 0.3800
Average : 0.2548

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.27
Bid-YTW : 7.10 %

BAM.PR.K Floater Quote: 17.40 – 17.78
Spot Rate : 0.3800
Average : 0.2588

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-16
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 3.76 %

IAG.PR.I FixedReset Quote: 25.25 – 26.25
Spot Rate : 1.0000
Average : 0.8806

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.74 %

DC.PR.E Plunging On Accelerating Losses

Thursday, August 16th, 2018

Assiduous Reader TS writes in and says:

James, first of all I do want to say that I check your prefblog regularly and do enjoy your content.

Attaboy, TS! That’s how you get your eMails answered!

With DC.A trading at 1.30 now I get a current value of 16.4125 for the series 5 prefs (DC.PR.E)

Thats assuming that Dundee would actually trigger the conversion option at $2.

From what I calculate they can trigger that option anytime prior to jun 30, 2019 at a pref price of

25.25/2 = 12.625 shares of DC.A per DC.PR.E pref

There are 3.29mil prefs outstanding so if they exercised that option they would issue

3.29×12.625=41.5mil shares of DC.A

There are 55.9mil shares of DC.A outstanding so my real question is…

Would they dilute themselves that much???

So let’s back up a little …

Dundee made an initial proposal in November 2015 to exchange its DC.PR.C shares for DC.PR.E, which would pay a little higher dividend and defer the soft-retraction privilege for three years; the proposal attracted some press coverage and an exhortation to consider exercising dissent rights. This led to reconsideration by Dundee despite a rather peculiar endorsement from a proxy advisor and led to a sweeter offer that attracted further commentary.

… and finally, the company announced a ringing endorsement from the shareholders … or perhaps it would be better to say “the shareholders’ advisors”, since the proxy solicitation fee was so high!

The proposal succeeded and DC.PR.E commenced trading on 2016-2-12. Some investors retracted on 2016-6-30, after filing the paperwork. A further 300,000-odd shares were redeemed on 2018-1-31 which comprised only about 8.4% of the total outstanding:

Dundee Corporation (TSX: DC.A and DC.PR.E) today completed the redemption of 303,265 first preference shares, series 5 (the “Series 5 Preferred Shares”), being all such shares tendered for redemption in accordance with the previously announced mandatory redemption provisions of the Series 5 Preferred Shares. The Series 5 Preferred Shares were redeemed at a price of $25.00 per share, or $7,581,625 in aggregate, plus accrued and unpaid dividends of $48,965. Following completion of the partial redemption, a total of 3,294,938 Series 5 Preferred Shares with a par value of $82.4 million remain issued and outstanding.

On August 14, the company announced some pretty awful operating results:

During the second quarter of 2018, the Corporation incurred a net loss attributable to owners of Dundee Corporation of $76.9 million, or a loss of $1.34 per share, compared to a net loss of $24.5 million or $0.45 per share generated in the second quarter of the prior year. Operating results in the second quarter of 2018 include losses from discontinued operations of $1.9 million, compared with earnings from discontinued operations of $4.3 million during the same quarter of the prior year.

• During the second quarter of 2018, loss from investments was $16.1 million, compared with loss from investments of $24.8 million in the same period of the prior year.
• Consolidated revenues were $43.5 million during the second quarter of 2018, compared with revenues of $51.4 million in the same quarter of the prior year.
• During the current quarter, the Corporation recognized a loss from its equity accounted investments of $38.6 million, compared with a gain of $0.1 million in the second quarter of 2017.
• On a year-to-date basis, the Corporation incurred a loss attributable to owners of the Corporation of $101.7 million, compared with net earnings attributable to owners of the Corporation of $5.0 million in the same period of 2017.

As previously disclosed, and as a result of a transfer out of $134.0 million of AUM to an external manager in May 2018, Goodman & Company, Investment Counsel Inc. (“GCIC”) reported its AUM of $66.9 million at June 30, 2018, compared with $194.1 million at December 31, 2017.

This news was not met with applause by holders of the Subordinate Voting Shares, DC.A:

dca_180816
Click for Big

… with holders of DC.PR.E being rather disapproving:

dcpre_180816
Click for Big

At today’s DC.A close of 1.23, the 12.5 DC.A shares to be received on shareholder-initiated conversion next June will be worth $15.375, and there will (maybe!) be four dividend payments in the interim totalling (maybe!) 1.875, for a total Future Value of $17.25, so the ratio is out of whack, given that the VWAP today was 20.46 on volume of 10,660.

So, basically, the company has three options:

  • Pull a miracle out of its hat – ideally, of course, this miracle would be something along the lines of “earning a boat-load of money” or “attracting a takeover bid made of gold”, but they could always try to get another extension on their commitment and maybe get another rather peculiar endorsement from a proxy advisor, or
  • Redeem DC.PR.E for cash – I suppose this is technically a separate option, but realistically I think it’s a detail of the ‘miracle’ option, above, or
  • Allow DC.PR.E shareholders to convert to DC.A and thereby suffer enormous dilution of their subordinated shares.

In connection with the last option, we can review their 2017 Annual Information Form, which states in part:

The Company’s business and affairs are controlled by Mr. Ned Goodman, who directly or indirectly, owns shares representing approximately 99% of the votes attached to the Class B Common Shares and approximately 85% of the votes attached to all of the Company’s shares in aggregate. Accordingly, Mr. Goodman may be able to control the board of directors or to cause or prevent a change of control of the Company. Under Canadian law, an offer to purchase the Common Shares, depending on the offered price, would not necessarily result in an offer to purchase the Subordinate Voting Shares.

So he doesn’t care. Ned Goodman will continue to control the corporation and preside over important personnel decisions, such as whether Jonathan Goodman should continue as Executive Chairman and Director, whether David Goodman should continue as Chief Executive Officer and Director, whether Mark Goodman should continue as President and, perhaps most importantly, how to convince the market that the published book value per share of the company of $8.70 is entirely reasonable.

We shall see! However, I suspect that one very important scenario is that this plays out much along the lines of the saga of Quebecor World … in which repeated heavy conversions of the preferreds into common ultimately ended with a devastating restructuring.

August 15, 2018

Wednesday, August 15th, 2018

PerpetualDiscounts now yield 5.53%, equivalent to 7.19% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 3.95%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 325bp, a slight (and perhaps spurious) widening from the 320bp reported August 8.

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 -0.2965 % 3,086.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2965 % 5,664.0
Floater 3.50 % 3.71 % 50,096 18.00 4 -0.2965 % 3,264.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0157 % 3,212.1
SplitShare 4.57 % 4.72 % 49,063 4.83 5 0.0157 % 3,835.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0157 % 2,992.9
Perpetual-Premium 5.62 % -11.35 % 55,271 0.09 10 0.0590 % 2,914.2
Perpetual-Discount 5.41 % 5.53 % 56,587 14.58 25 0.0778 % 2,991.4
FixedReset 4.31 % 4.78 % 117,599 3.92 107 -0.0795 % 2,572.4
Deemed-Retractible 5.13 % 6.04 % 56,919 5.39 26 0.0952 % 2,983.3
FloatingReset 3.43 % 3.77 % 34,813 5.70 7 -0.1496 % 2,840.2
Performance Highlights
Issue Index Change Notes
EMA.PR.H FixedReset -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-15
Maturity Price : 23.21
Evaluated at bid price : 25.15
Bid-YTW : 4.78 %
SLF.PR.H FixedReset -1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.77
Bid-YTW : 6.19 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.C FixedReset 106,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.28
Bid-YTW : 4.16 %
TD.PF.B FixedReset 85,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-15
Maturity Price : 22.93
Evaluated at bid price : 23.50
Bid-YTW : 4.82 %
TRP.PR.E FixedReset 79,037 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-15
Maturity Price : 21.85
Evaluated at bid price : 22.36
Bid-YTW : 5.17 %
RY.PR.P Perpetual-Premium 64,880 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.18 %
CU.PR.H Perpetual-Discount 47,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-15
Maturity Price : 23.85
Evaluated at bid price : 24.30
Bid-YTW : 5.40 %
MFC.PR.C Deemed-Retractible 45,575 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.23
Bid-YTW : 7.68 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IAG.PR.I FixedReset Quote: 25.25 – 26.25
Spot Rate : 1.0000
Average : 0.7497

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.73 %

MFC.PR.L FixedReset Quote: 22.88 – 23.68
Spot Rate : 0.8000
Average : 0.5684

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.88
Bid-YTW : 6.14 %

MFC.PR.R FixedReset Quote: 26.07 – 26.42
Spot Rate : 0.3500
Average : 0.2057

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 26.07
Bid-YTW : 3.81 %

MFC.PR.K FixedReset Quote: 23.00 – 23.50
Spot Rate : 0.5000
Average : 0.3586

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 6.19 %

BAM.PR.T FixedReset Quote: 21.11 – 21.48
Spot Rate : 0.3700
Average : 0.2669

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-15
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 5.22 %

PWF.PR.A Floater Quote: 21.21 – 21.55
Spot Rate : 0.3400
Average : 0.2412

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-15
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 3.05 %

S&P Upgrades BMO Preferreds to P-2 and P-2(low)

Tuesday, August 14th, 2018

Standard & Poor’s has announced:

•In the past few years, Bank of Montreal (BMO) has demonstrated good risk management with historically low loan losses and increased diversity in revenue streams and loan exposures, and has followed a conservative organic growth strategy.
•We are revising our stand-alone credit profile (SACP) on BMO to ‘a’ from ‘a-‘, to reflect improvements in its risk position. We are also revising our SACP on BMO Financial Corp. (BFC) to ‘bbb+’ from ‘bbb’, to reflect the substantial improvement in non-accruals and modest credit loss experience over the past several years.
•Given the improved stand-alone creditworthiness, we are raising our issue-level ratings on BMO’s non-viability contingent capital (NVCC) and non-NVCC subordinated and hybrid securities. We are affirming our ‘A+/A-1’ long- and short-term issuer credit ratings on BMO and its operating subsidiaries, including BFC.
•The stable outlook on BMO and its operating subsidiaries reflects our expectations that the bank’s financial performance and capitalization will remain stable, and its risk position will remain conservative with measured loan growth, stable credit metrics, and limited acquisition activity.


Our stable outlook on BMO and its operating subsidiaries reflects our assumption that, over the next two years financial performance and capitalization will remain stable, and asset quality will remain relatively good, reflecting conservative risk management, measured loan growth, and limited acquisition activity. In addition, we expect that BMO will continue to demonstrate conservative underwriting and improving operating efficiency. We expect the bank’s capital ratios will remain stable with no outsize capital-intensive acquisitions. We expect our S&P Global Ratings RAC ratio for BMO will remain in the middle of the 7%-10% capital range, which we deem adequate.

We could lower our assessment of BMO’s stand-alone creditworthiness if we were to see signs of an elevated risk appetite (for example, double-digit loan growth in the U.S.). We would also lower our SACP on BMO if credit quality weakens materially (particularly in mid-market U.S. commercial lending), or if the bank were to undertake aggressive capital actions (such that the RAC ratio declined below 7% on a sustained basis). Nevertheless, given BMO’s high systemic importance in Canada, we would lower our ratings only if its stand-alone creditworthiness were to decline by more than two notches. An upgrade is unlikely over our two-year outlook horizon because our current ratings already factor in an expectation of continued improvement in operating expenses, consistently strong asset quality, and stable operating performance in BMO’s P&C and capital market segments.

Affected issues are:
NVCC-compliant (to P-2(low)): BMO.PR.B, BMO.PR.C, BMO.PR.D, BMO.PR.S, BMO.PR.T, BMO.PR.W, BMO.PR.Y, BMO.PR.Z

NVCC-non-compliant (to P-2): BMO.PR.A*, BMO.PR.M (called for redemption), BMO.PR.Q, BMO.PR.R* (called for redemption)

BMO.PR.A and BMO.PR.R, both FloatingResets that came into existence through partial exchange from BMO.PR.Q and BMO.PR.M, respectively, are not explicitly listed by S&P on their rating list. This is almost certainly merely sloppiness on S&P’s part.

August 14, 2018

Tuesday, August 14th, 2018
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 -0.4962 % 3,095.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4962 % 5,680.9
Floater 3.49 % 3.71 % 50,904 18.01 4 -0.4962 % 3,273.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0551 % 3,211.6
SplitShare 4.57 % 4.69 % 49,250 4.84 5 -0.0551 % 3,835.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0551 % 2,992.4
Perpetual-Premium 5.62 % -10.91 % 57,447 0.09 10 0.0157 % 2,912.5
Perpetual-Discount 5.41 % 5.53 % 58,450 14.58 25 -0.0536 % 2,989.1
FixedReset 4.30 % 4.78 % 127,361 3.91 107 -0.0288 % 2,574.4
Deemed-Retractible 5.13 % 5.96 % 58,739 5.39 26 -0.1016 % 2,980.5
FloatingReset 3.43 % 3.65 % 32,230 5.71 7 0.0195 % 2,844.4
Performance Highlights
Issue Index Change Notes
No individual gains or losses exceeding 1%!
Volume Highlights
Issue Index Shares
Traded
Notes
TRP.PR.K FixedReset 112,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 3.83 %
TD.PF.B FixedReset 104,990 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-14
Maturity Price : 23.08
Evaluated at bid price : 23.65
Bid-YTW : 4.79 %
GWO.PR.G Deemed-Retractible 104,100 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.04
Bid-YTW : 6.09 %
GWO.PR.Q Deemed-Retractible 53,400 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.92
Bid-YTW : 6.13 %
MFC.PR.R FixedReset 52,632 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 26.07
Bid-YTW : 3.81 %
RY.PR.R FixedReset 52,620 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-24
Maturity Price : 25.00
Evaluated at bid price : 26.45
Bid-YTW : 3.44 %
There were 15 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 Quote: 24.15 – 25.00
Spot Rate : 0.8500
Average : 0.5210

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-14
Maturity Price : 23.76
Evaluated at bid price : 24.15
Bid-YTW : 5.04 %

MFC.PR.N FixedReset Quote: 23.75 – 24.37
Spot Rate : 0.6200
Average : 0.4599

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.75
Bid-YTW : 5.45 %

CM.PR.O FixedReset Quote: 23.44 – 23.88
Spot Rate : 0.4400
Average : 0.2921

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-14
Maturity Price : 22.88
Evaluated at bid price : 23.44
Bid-YTW : 4.88 %

CM.PR.Q FixedReset Quote: 24.45 – 24.75
Spot Rate : 0.3000
Average : 0.1869

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.45
Bid-YTW : 4.89 %

MFC.PR.G FixedReset Quote: 24.50 – 24.95
Spot Rate : 0.4500
Average : 0.3462

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-12-19
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 4.76 %

RY.PR.H FixedReset Quote: 23.57 – 23.88
Spot Rate : 0.3100
Average : 0.2064

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-14
Maturity Price : 23.02
Evaluated at bid price : 23.57
Bid-YTW : 4.78 %

August 13, 2018

Monday, August 13th, 2018
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 0.2959 % 3,111.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2959 % 5,709.2
Floater 3.47 % 3.69 % 50,042 18.05 4 0.2959 % 3,290.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0315 % 3,213.3
SplitShare 4.57 % 4.66 % 50,974 4.84 5 0.0315 % 3,837.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0315 % 2,994.1
Perpetual-Premium 5.62 % -10.64 % 57,689 0.09 10 0.0315 % 2,912.0
Perpetual-Discount 5.41 % 5.53 % 57,260 14.58 25 0.0449 % 2,990.7
FixedReset 4.30 % 4.75 % 128,643 3.91 107 -0.0666 % 2,575.2
Deemed-Retractible 5.13 % 5.96 % 56,045 5.40 26 0.0516 % 2,983.5
FloatingReset 3.43 % 3.65 % 32,247 5.71 7 0.1042 % 2,843.9
Performance Highlights
Issue Index Change Notes
TRP.PR.B FixedReset -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-13
Maturity Price : 16.98
Evaluated at bid price : 16.98
Bid-YTW : 5.10 %
TD.PF.A FixedReset -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-13
Maturity Price : 22.92
Evaluated at bid price : 23.41
Bid-YTW : 4.80 %
MFC.PR.L FixedReset -1.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.87
Bid-YTW : 6.14 %
TD.PF.E FixedReset -1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.56
Bid-YTW : 4.62 %
TRP.PR.H FloatingReset -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-13
Maturity Price : 17.13
Evaluated at bid price : 17.13
Bid-YTW : 4.10 %
TRP.PR.F FloatingReset 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-13
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 4.15 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.R FloatingReset 333,878 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-09-24
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 1.05 %
BNS.PR.G FixedReset 106,912 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-07-25
Maturity Price : 25.00
Evaluated at bid price : 26.43
Bid-YTW : 3.55 %
TD.PF.H FixedReset 69,045 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.96
Bid-YTW : 3.65 %
BAM.PR.Z FixedReset 53,812 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.86
Bid-YTW : 5.00 %
EMA.PR.H FixedReset 45,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 4.43 %
BAM.PF.F FixedReset 41,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-13
Maturity Price : 24.57
Evaluated at bid price : 24.90
Bid-YTW : 5.18 %
There were 15 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IAG.PR.I FixedReset Quote: 25.25 – 26.25
Spot Rate : 1.0000
Average : 0.6235

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.73 %

VNR.PR.A FixedReset Quote: 24.80 – 25.35
Spot Rate : 0.5500
Average : 0.4060

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-10-15
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 4.96 %

HSE.PR.C FixedReset Quote: 24.85 – 25.25
Spot Rate : 0.4000
Average : 0.2734

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-13
Maturity Price : 23.71
Evaluated at bid price : 24.85
Bid-YTW : 5.38 %

TD.PF.E FixedReset Quote: 24.56 – 24.89
Spot Rate : 0.3300
Average : 0.2124

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.56
Bid-YTW : 4.62 %

EIT.PR.B SplitShare Quote: 25.17 – 25.57
Spot Rate : 0.4000
Average : 0.2906

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 4.84 %

TD.PF.A FixedReset Quote: 23.41 – 23.70
Spot Rate : 0.2900
Average : 0.1851

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-08-13
Maturity Price : 22.92
Evaluated at bid price : 23.41
Bid-YTW : 4.80 %