Archive for March, 2021

March 26, 2021

Friday, March 26th, 2021
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 0.5764 % 2,374.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5764 % 4,356.9
Floater 3.69 % 3.68 % 59,222 18.12 3 0.5764 % 2,510.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1777 % 3,684.1
SplitShare 4.76 % 4.15 % 44,647 3.60 9 0.1777 % 4,399.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1777 % 3,432.7
Perpetual-Premium 5.31 % -5.29 % 84,093 0.09 21 0.1190 % 3,258.5
Perpetual-Discount 4.94 % 4.99 % 77,338 15.49 13 0.0950 % 3,754.8
FixedReset Disc 4.39 % 3.88 % 205,794 17.21 52 -0.1524 % 2,649.9
Insurance Straight 4.98 % 4.57 % 98,118 4.01 22 -0.0326 % 3,657.3
FloatingReset 2.93 % 3.25 % 51,418 19.10 2 0.4719 % 2,401.2
FixedReset Prem 5.07 % 3.42 % 255,127 0.99 26 -0.0456 % 2,728.9
FixedReset Bank Non 1.81 % 2.42 % 208,858 0.84 1 -0.1201 % 2,886.2
FixedReset Ins Non 4.41 % 3.84 % 142,846 17.48 22 0.1227 % 2,790.2
Performance Highlights
Issue Index Change Notes
TRP.PR.E FixedReset Disc -6.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 4.83 %
TD.PF.J FixedReset Disc -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 23.26
Evaluated at bid price : 24.27
Bid-YTW : 3.89 %
TRP.PR.G FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 4.63 %
BAM.PR.X FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 4.49 %
TRP.PR.A FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 16.52
Evaluated at bid price : 16.52
Bid-YTW : 4.60 %
CM.PR.Q FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.40
Evaluated at bid price : 23.15
Bid-YTW : 3.87 %
BAM.PR.R FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 4.59 %
CU.PR.E Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 24.47
Evaluated at bid price : 24.74
Bid-YTW : 4.99 %
IFC.PR.C FixedReset Ins Non 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.31
Evaluated at bid price : 23.10
Bid-YTW : 3.90 %
BAM.PF.F FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 21.64
Evaluated at bid price : 21.90
Bid-YTW : 4.43 %
TRP.PR.D FixedReset Disc 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 19.18
Evaluated at bid price : 19.18
Bid-YTW : 4.58 %
BAM.PR.Z FixedReset Disc 8.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 21.86
Evaluated at bid price : 22.40
Bid-YTW : 4.46 %
Volume Highlights
Issue Index Shares
Traded
Notes
NA.PR.C FixedReset Disc 109,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 4.10 %
NA.PR.W FixedReset Disc 72,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.27
Evaluated at bid price : 22.87
Bid-YTW : 3.66 %
BAM.PF.A FixedReset Disc 67,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.34
Evaluated at bid price : 22.75
Bid-YTW : 4.44 %
TD.PF.A FixedReset Disc 65,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.25
Evaluated at bid price : 22.80
Bid-YTW : 3.63 %
RY.PR.R FixedReset Prem 59,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-24
Maturity Price : 25.00
Evaluated at bid price : 25.42
Bid-YTW : 2.59 %
TD.PF.H FixedReset Prem 57,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 2.37 %
There were 55 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
EIT.PR.B SplitShare Quote: 25.91 – 26.91
Spot Rate : 1.0000
Average : 0.6354

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.91
Bid-YTW : 3.86 %

TRP.PR.E FixedReset Disc Quote: 18.01 – 19.30
Spot Rate : 1.2900
Average : 0.9748

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 4.83 %

BAM.PR.K Floater Quote: 11.58 – 15.88
Spot Rate : 4.3000
Average : 4.0192

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 11.58
Evaluated at bid price : 11.58
Bid-YTW : 3.70 %

CM.PR.Q FixedReset Disc Quote: 23.15 – 23.75
Spot Rate : 0.6000
Average : 0.4051

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.40
Evaluated at bid price : 23.15
Bid-YTW : 3.87 %

TD.PF.J FixedReset Disc Quote: 24.27 – 24.87
Spot Rate : 0.6000
Average : 0.4161

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 23.26
Evaluated at bid price : 24.27
Bid-YTW : 3.89 %

BIP.PR.B FixedReset Prem Quote: 25.55 – 26.75
Spot Rate : 1.2000
Average : 1.0452

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 4.99 %

March 25, 2021

Thursday, March 25th, 2021
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 0.1443 % 2,360.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1443 % 4,332.0
Floater 3.71 % 3.70 % 61,123 18.08 3 0.1443 % 2,496.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0087 % 3,677.5
SplitShare 4.77 % 4.21 % 41,337 3.61 9 -0.0087 % 4,391.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0087 % 3,426.6
Perpetual-Premium 5.30 % -2.52 % 79,124 0.09 21 -0.0372 % 3,254.7
Perpetual-Discount 4.95 % 5.00 % 77,781 15.52 13 -0.2717 % 3,751.2
FixedReset Disc 4.37 % 3.83 % 201,218 17.25 52 -0.3089 % 2,653.9
Insurance Straight 4.98 % 4.56 % 97,876 3.82 22 0.1179 % 3,658.5
FloatingReset 2.94 % 3.25 % 51,404 19.10 2 0.0675 % 2,389.9
FixedReset Prem 5.06 % 3.46 % 246,401 0.99 26 -0.1996 % 2,730.2
FixedReset Bank Non 1.81 % 2.27 % 211,802 0.84 1 0.0000 % 2,889.7
FixedReset Ins Non 4.42 % 3.86 % 144,469 17.42 22 -0.2366 % 2,786.8
Performance Highlights
Issue Index Change Notes
BAM.PR.Z FixedReset Disc -7.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 4.87 %
TRP.PR.D FixedReset Disc -2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 18.83
Evaluated at bid price : 18.83
Bid-YTW : 4.67 %
CU.PR.E Perpetual-Discount -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 24.24
Evaluated at bid price : 24.49
Bid-YTW : 5.04 %
BAM.PF.B FixedReset Disc -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 4.48 %
BIP.PR.B FixedReset Prem -1.96 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 4.98 %
IFC.PR.A FixedReset Ins Non -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 3.95 %
TRP.PR.A FixedReset Disc -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 16.76
Evaluated at bid price : 16.76
Bid-YTW : 4.53 %
BAM.PF.F FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 21.31
Evaluated at bid price : 21.60
Bid-YTW : 4.49 %
NA.PR.W FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 22.14
Evaluated at bid price : 22.65
Bid-YTW : 3.70 %
SLF.PR.G FixedReset Ins Non -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 14.80
Evaluated at bid price : 14.80
Bid-YTW : 3.86 %
TD.PF.C FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 22.35
Evaluated at bid price : 22.99
Bid-YTW : 3.65 %
NA.PR.E FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 23.17
Evaluated at bid price : 24.10
Bid-YTW : 3.79 %
BAM.PR.R FixedReset Disc 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 4.54 %
TRP.PR.G FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 4.54 %
TD.PF.J FixedReset Disc 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 23.49
Evaluated at bid price : 24.80
Bid-YTW : 3.78 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.G FixedReset Prem 201,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-07-25
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 2.12 %
TD.PF.A FixedReset Disc 122,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 22.25
Evaluated at bid price : 22.80
Bid-YTW : 3.63 %
BMO.PR.E FixedReset Disc 98,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 23.35
Evaluated at bid price : 24.76
Bid-YTW : 3.80 %
RY.PR.Z FixedReset Disc 96,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 22.41
Evaluated at bid price : 22.98
Bid-YTW : 3.55 %
RY.PR.Q FixedReset Prem 90,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.22
Bid-YTW : 2.79 %
TRP.PR.B FixedReset Disc 72,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 4.35 %
There were 36 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.Z FixedReset Disc Quote: 20.73 – 22.53
Spot Rate : 1.8000
Average : 1.1077

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 4.87 %

BAM.PR.K Floater Quote: 11.51 – 15.88
Spot Rate : 4.3700
Average : 3.7112

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 11.51
Evaluated at bid price : 11.51
Bid-YTW : 3.72 %

BAM.PF.A FixedReset Disc Quote: 22.78 – 24.25
Spot Rate : 1.4700
Average : 0.8738

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 22.36
Evaluated at bid price : 22.78
Bid-YTW : 4.43 %

BIP.PR.B FixedReset Prem Quote: 25.55 – 26.70
Spot Rate : 1.1500
Average : 0.8756

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 4.98 %

MFC.PR.F FixedReset Ins Non Quote: 17.00 – 17.99
Spot Rate : 0.9900
Average : 0.7449

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.55 %

CU.PR.E Perpetual-Discount Quote: 24.49 – 25.10
Spot Rate : 0.6100
Average : 0.3904

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-25
Maturity Price : 24.24
Evaluated at bid price : 24.49
Bid-YTW : 5.04 %

March 24, 2021

Wednesday, March 24th, 2021
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 0.2314 % 2,357.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2314 % 4,325.7
Floater 3.71 % 3.70 % 61,784 18.08 3 0.2314 % 2,492.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1389 % 3,677.8
SplitShare 4.77 % 4.21 % 40,644 3.61 9 0.1389 % 4,392.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1389 % 3,426.9
Perpetual-Premium 5.30 % -1.87 % 79,992 0.09 21 0.0987 % 3,255.9
Perpetual-Discount 4.93 % 4.94 % 80,864 15.51 13 0.0632 % 3,761.4
FixedReset Disc 4.36 % 3.88 % 194,063 17.18 52 -0.1827 % 2,662.2
Insurance Straight 4.98 % 4.56 % 90,605 4.02 22 0.0890 % 3,654.2
FloatingReset 2.94 % 3.25 % 50,728 19.10 2 -0.2355 % 2,388.3
FixedReset Prem 5.05 % 3.39 % 247,508 0.99 26 -0.1289 % 2,735.6
FixedReset Bank Non 1.81 % 2.26 % 218,785 0.85 1 0.0400 % 2,889.7
FixedReset Ins Non 4.41 % 3.82 % 147,109 17.45 22 0.0653 % 2,793.4
Performance Highlights
Issue Index Change Notes
TD.PF.C FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 22.20
Evaluated at bid price : 22.75
Bid-YTW : 3.70 %
TD.PF.J FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 23.26
Evaluated at bid price : 24.27
Bid-YTW : 3.89 %
TD.PF.K FixedReset Disc -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 23.10
Evaluated at bid price : 24.13
Bid-YTW : 3.85 %
NA.PR.E FixedReset Disc -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 23.53
Evaluated at bid price : 23.84
Bid-YTW : 3.88 %
TD.PF.M FixedReset Prem -1.29 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 26.06
Bid-YTW : 4.00 %
BAM.PR.R FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 4.61 %
BIP.PR.B FixedReset Prem -1.10 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.06
Bid-YTW : 4.50 %
SLF.PR.G FixedReset Ins Non 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 3.82 %
MFC.PR.N FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 22.07
Evaluated at bid price : 22.55
Bid-YTW : 3.71 %
CU.PR.D Perpetual-Discount 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 24.64
Evaluated at bid price : 24.95
Bid-YTW : 4.94 %
TRP.PR.A FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 17.04
Evaluated at bid price : 17.04
Bid-YTW : 4.45 %
Volume Highlights
Issue Index Shares
Traded
Notes
TRP.PR.A FixedReset Disc 115,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 17.04
Evaluated at bid price : 17.04
Bid-YTW : 4.45 %
TRP.PR.J FixedReset Prem 107,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 2.24 %
CM.PR.O FixedReset Disc 100,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 22.37
Evaluated at bid price : 22.95
Bid-YTW : 3.69 %
SLF.PR.A Insurance Straight 57,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 24.64
Evaluated at bid price : 24.90
Bid-YTW : 4.77 %
MFC.PR.O FixedReset Ins Non 53,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 2.05 %
NA.PR.E FixedReset Disc 43,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 23.53
Evaluated at bid price : 23.84
Bid-YTW : 3.88 %
There were 38 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.K Floater Quote: 11.47 – 15.88
Spot Rate : 4.4100
Average : 2.9889

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 11.47
Evaluated at bid price : 11.47
Bid-YTW : 3.74 %

POW.PR.A Perpetual-Premium Quote: 25.70 – 26.70
Spot Rate : 1.0000
Average : 0.5455

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-23
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : -14.71 %

TRP.PR.D FixedReset Disc Quote: 19.35 – 19.95
Spot Rate : 0.6000
Average : 0.4075

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 4.54 %

TD.PF.J FixedReset Disc Quote: 24.27 – 24.80
Spot Rate : 0.5300
Average : 0.3510

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 23.26
Evaluated at bid price : 24.27
Bid-YTW : 3.89 %

NA.PR.E FixedReset Disc Quote: 23.84 – 24.25
Spot Rate : 0.4100
Average : 0.2467

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 23.53
Evaluated at bid price : 23.84
Bid-YTW : 3.88 %

TD.PF.C FixedReset Disc Quote: 22.75 – 23.23
Spot Rate : 0.4800
Average : 0.3211

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-24
Maturity Price : 22.20
Evaluated at bid price : 22.75
Bid-YTW : 3.70 %

New Issue: EMA FixedReset, 4.25%+328M425

Wednesday, March 24th, 2021

Emera Incorporated has announced (although not yet on their website):

that it will issue 8,000,000 Cumulative Minimum Rate Reset First Preferred Shares, Series J (the “Series J Preferred Shares”) at a price of $25.00 per share and at an initial annual dividend rate of 4.25 per cent, for aggregate gross proceeds of $200 million on a bought deal basis to a syndicate of underwriters in Canada led by Scotiabank and RBC Capital Markets. Emera has granted to the underwriters an option, exercisable at any time up to two business days prior to the closing of the offering, to purchase up to an additional 2,000,000 Series J Preferred Shares at a price of $25.00 per share (the “Underwriters’ Option”). If the Underwriters’ Option is exercised in full, the aggregate gross proceeds to Emera will be $250 million.

The holders of the Series J Preferred Shares will be entitled to receive fixed cumulative preferential cash dividends at an annual rate of $1.0625 per share, payable quarterly, as and when declared by the board of directors of Emera, yielding 4.25 per cent per annum, for the initial period ending on May 15, 2026. The first of such dividends, if declared, shall be payable on August 15, 2021, and shall be $0.38134 per Series J Preferred Share, based on the anticipated closing of the offering on April 6, 2021. The dividend rate will be reset on May 15, 2026 and every five years thereafter at a rate equal to the sum of the then five-year Government of Canada bond yield plus 3.28 per cent, provided that, in any event, such rate shall not be less than 4.25 per cent per annum. The Series J Preferred Shares are redeemable by Emera, at its option, on May 15, 2026 and on May 15 of every fifth year thereafter.

The holders of Series J Preferred Shares will have the right to convert their shares into Cumulative Floating Rate First Preferred Shares, Series K (the “Series K Preferred Shares”), subject to certain conditions, on May 15, 2026 and on May 15 of every fifth year thereafter. The holders of the Series K Preferred Shares will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the board of directors of Emera, at a rate equal to the sum of the 90-day Government of Canada treasury bill rate at such time plus 3.28 per cent.

The offering is subject to the receipt of all necessary regulatory and stock exchange approvals. The net proceeds of the offering will be used for general corporate purposes.

The Series J Preferred Shares will be offered to the public in Canada by way of prospectus supplement to Emera’s short form base shelf prospectus dated March 12, 2021.

This is the first new FixedReset since CM FixedReset, 5.15%+362, NVCC from May 2019, so that’s pretty exciting!

Standard & Poor’s rates it P-3(high):

S&P Global Ratings today assigned its ‘BB+’ on the global scale and ‘P-3 (High)’ on the Canada National Preferred Share Scale issue-level ratings to Halifax, N.S.-based utility holding company Emera Inc.’s (Emera) C$200 million series J cumulative minimum rate reset first preferred shares, with an option of up to C$250 million. Emera intends to use the net proceeds from these preferred shares for general corporate purposes.

We expect to assign intermediate equity credit (50% equity) to the shares based on the proposed terms. Our intermediate equity treatment is largely premised on the instrument’s permanence, subordination, and deferability features, as defined under our criteria for hybrid securities.

The series J first preferred stock is perpetual, with no maturity date and no incentive to redeem the issue for a long-dated period, meeting our standards for permanence. In addition, the dividend payments are deferrable, fulfilling the deferability element in our criteria. Furthermore, the instrument is subordinated to all existing and future senior debt obligations, satisfying our condition for subordination.

For these reasons and based on our review of the proposed terms of these instruments, we rate the securities two notches below our ‘BBB’ issuer credit rating on Emera at ‘BB+’ on the global scale or ‘P-3 (High)’ under the Canada National Preferred Share Scale Ratings. For our most recent issuer credit rating rationale, see the research update on Emera published on March 24, 2020.

Thanks to Assiduous Reader JD for bringing this to my attention!

March 23, 2021

Wednesday, March 24th, 2021
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 0.9933 % 2,352.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.9933 % 4,315.7
Floater 3.72 % 3.71 % 61,507 18.05 3 0.9933 % 2,487.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0130 % 3,672.7
SplitShare 4.77 % 4.33 % 42,211 3.61 9 -0.0130 % 4,386.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0130 % 3,422.2
Perpetual-Premium 5.30 % -3.11 % 80,212 0.09 21 0.0764 % 3,252.7
Perpetual-Discount 4.94 % 4.99 % 82,106 15.53 13 0.5403 % 3,759.0
FixedReset Disc 4.35 % 3.80 % 196,340 17.30 52 0.1084 % 2,667.0
Insurance Straight 4.99 % 4.57 % 91,082 15.45 22 0.2384 % 3,650.9
FloatingReset 2.94 % 3.24 % 52,591 19.14 2 -0.2685 % 2,393.9
FixedReset Prem 5.05 % 3.44 % 237,401 1.00 26 0.3082 % 2,739.2
FixedReset Bank Non 1.81 % 2.30 % 227,495 0.85 1 0.0802 % 2,888.5
FixedReset Ins Non 4.41 % 3.83 % 144,278 17.48 22 0.1636 % 2,791.6
Performance Highlights
Issue Index Change Notes
TRP.PR.G FixedReset Disc -3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 4.62 %
TRP.PR.A FixedReset Disc -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 16.74
Evaluated at bid price : 16.74
Bid-YTW : 4.53 %
BAM.PR.Z FixedReset Disc -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 22.18
Evaluated at bid price : 22.50
Bid-YTW : 4.46 %
NA.PR.S FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 22.65
Evaluated at bid price : 23.40
Bid-YTW : 3.71 %
SLF.PR.I FixedReset Ins Non -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 23.48
Evaluated at bid price : 24.10
Bid-YTW : 3.83 %
CIU.PR.A Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 4.78 %
TD.PF.I FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.42
Bid-YTW : 3.85 %
BAM.PF.E FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 4.57 %
TD.PF.M FixedReset Prem 1.54 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 26.40
Bid-YTW : 3.57 %
BAM.PR.R FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 4.56 %
CU.PR.F Perpetual-Discount 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 23.49
Evaluated at bid price : 23.75
Bid-YTW : 4.77 %
BAM.PF.B FixedReset Disc 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 4.39 %
CU.PR.G Perpetual-Discount 2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 23.55
Evaluated at bid price : 23.82
Bid-YTW : 4.75 %
BAM.PF.G FixedReset Disc 2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 4.53 %
BAM.PR.K Floater 3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 11.43
Evaluated at bid price : 11.43
Bid-YTW : 3.75 %
BIP.PR.B FixedReset Prem 3.13 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 4.24 %
IFC.PR.C FixedReset Ins Non 3.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 22.08
Evaluated at bid price : 22.70
Bid-YTW : 3.98 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.I FixedReset Ins Non 103,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 23.94
Evaluated at bid price : 24.32
Bid-YTW : 3.99 %
RY.PR.J FixedReset Disc 75,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 23.04
Evaluated at bid price : 24.49
Bid-YTW : 3.62 %
BAM.PR.B Floater 63,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 11.55
Evaluated at bid price : 11.55
Bid-YTW : 3.71 %
BAM.PF.J FixedReset Prem 51,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 23.65
Evaluated at bid price : 25.00
Bid-YTW : 4.69 %
BAM.PF.B FixedReset Disc 42,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 4.39 %
BAM.PR.C Floater 36,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 11.59
Evaluated at bid price : 11.59
Bid-YTW : 3.70 %
There were 36 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.F FixedReset Ins Non Quote: 16.92 – 17.99
Spot Rate : 1.0700
Average : 0.6912

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 16.92
Evaluated at bid price : 16.92
Bid-YTW : 3.56 %

TRP.PR.G FixedReset Disc Quote: 20.71 – 21.43
Spot Rate : 0.7200
Average : 0.4617

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 4.62 %

TRP.PR.E FixedReset Disc Quote: 19.31 – 20.50
Spot Rate : 1.1900
Average : 0.9868

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 4.50 %

CU.PR.D Perpetual-Discount Quote: 24.55 – 25.11
Spot Rate : 0.5600
Average : 0.4335

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 24.29
Evaluated at bid price : 24.55
Bid-YTW : 5.02 %

POW.PR.G Perpetual-Premium Quote: 25.58 – 25.99
Spot Rate : 0.4100
Average : 0.2971

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.58
Bid-YTW : -3.11 %

BAM.PF.A FixedReset Disc Quote: 22.91 – 23.35
Spot Rate : 0.4400
Average : 0.3298

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-23
Maturity Price : 22.44
Evaluated at bid price : 22.91
Bid-YTW : 4.40 %

March 22, 2021

Monday, March 22nd, 2021
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 1.0629 % 2,328.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.0629 % 4,273.3
Floater 3.76 % 3.71 % 60,620 18.06 3 1.0629 % 2,462.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0304 % 3,673.2
SplitShare 4.77 % 4.20 % 42,604 3.62 9 -0.0304 % 4,386.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0304 % 3,422.6
Perpetual-Premium 5.30 % -1.73 % 79,223 0.09 21 -0.0037 % 3,250.2
Perpetual-Discount 4.96 % 5.01 % 80,819 15.46 13 0.3028 % 3,738.8
FixedReset Disc 4.36 % 3.87 % 196,563 17.26 52 -0.0944 % 2,664.1
Insurance Straight 5.00 % 4.66 % 91,775 15.46 22 -0.0437 % 3,642.2
FloatingReset 2.93 % 3.22 % 48,471 19.18 2 -0.9967 % 2,400.4
FixedReset Prem 5.06 % 3.50 % 233,394 1.00 26 -0.0015 % 2,730.7
FixedReset Bank Non 1.81 % 2.39 % 228,117 0.85 1 0.1606 % 2,886.2
FixedReset Ins Non 4.42 % 3.83 % 145,244 17.46 22 -0.0347 % 2,787.0
Performance Highlights
Issue Index Change Notes
BAM.PF.G FixedReset Disc -2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 19.91
Evaluated at bid price : 19.91
Bid-YTW : 4.66 %
TRP.PR.B FixedReset Disc -2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 12.44
Evaluated at bid price : 12.44
Bid-YTW : 4.32 %
SLF.PR.J FloatingReset -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 2.60 %
IAF.PR.G FixedReset Ins Non -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 23.76
Evaluated at bid price : 24.20
Bid-YTW : 3.94 %
SLF.PR.E Insurance Straight -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 24.29
Evaluated at bid price : 24.60
Bid-YTW : 4.57 %
BIP.PR.B FixedReset Prem -1.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 4.97 %
TD.PF.E FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 22.71
Evaluated at bid price : 23.80
Bid-YTW : 3.87 %
BAM.PR.X FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 4.40 %
BAM.PF.A FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 22.47
Evaluated at bid price : 22.95
Bid-YTW : 4.39 %
SLF.PR.I FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 23.77
Evaluated at bid price : 24.35
Bid-YTW : 3.79 %
TRP.PR.A FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 4.45 %
BAM.PR.Z FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 22.50
Evaluated at bid price : 22.85
Bid-YTW : 4.39 %
MFC.PR.L FixedReset Ins Non 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 3.81 %
BAM.PR.C Floater 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 11.59
Evaluated at bid price : 11.59
Bid-YTW : 3.70 %
BAM.PR.B Floater 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 11.55
Evaluated at bid price : 11.55
Bid-YTW : 3.71 %
CU.PR.E Perpetual-Discount 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 24.62
Evaluated at bid price : 24.93
Bid-YTW : 4.94 %
Volume Highlights
Issue Index Shares
Traded
Notes
NA.PR.X FixedReset Prem 64,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 1.10 %
TRP.PR.E FixedReset Disc 52,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 4.49 %
RY.PR.J FixedReset Disc 51,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 23.01
Evaluated at bid price : 24.41
Bid-YTW : 3.63 %
TRP.PR.K FixedReset Prem 49,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.34 %
BAM.PR.B Floater 47,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 11.55
Evaluated at bid price : 11.55
Bid-YTW : 3.71 %
PWF.PR.S Perpetual-Discount 44,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 23.96
Evaluated at bid price : 24.22
Bid-YTW : 5.01 %
There were 27 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.K Floater Quote: 11.09 – 15.88
Spot Rate : 4.7900
Average : 2.7804

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 11.09
Evaluated at bid price : 11.09
Bid-YTW : 3.86 %

TRP.PR.E FixedReset Disc Quote: 19.31 – 20.50
Spot Rate : 1.1900
Average : 0.7639

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 4.49 %

BAM.PF.G FixedReset Disc Quote: 19.91 – 20.70
Spot Rate : 0.7900
Average : 0.5394

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 19.91
Evaluated at bid price : 19.91
Bid-YTW : 4.66 %

BAM.PR.R FixedReset Disc Quote: 17.81 – 18.80
Spot Rate : 0.9900
Average : 0.7613

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 17.81
Evaluated at bid price : 17.81
Bid-YTW : 4.64 %

BAM.PF.E FixedReset Disc Quote: 19.25 – 19.90
Spot Rate : 0.6500
Average : 0.4245

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-22
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 4.62 %

RY.PR.P Perpetual-Premium Quote: 26.20 – 26.78
Spot Rate : 0.5800
Average : 0.3618

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-21
Maturity Price : 26.00
Evaluated at bid price : 26.20
Bid-YTW : 0.06 %

TD.PF.G To Be Redeemed

Saturday, March 20th, 2021

The Toronto-Dominion Bank has announced:

that it will exercise its right to redeem all of its 28,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class A First Preferred Shares, Series 12 (Non-Viability Contingent Capital) (the “Series 12 Shares”) on April 30, 2021 at the price of $25.00 per Series 12 Share for an aggregate total of approximately $700 million.

On February 25, 2021, TD announced that dividends of $0.34375 per Series 12 Share had been declared. These will be the final dividends on the Series 12 Shares, and will be paid in the usual manner on April 30, 2021 to shareholders of record on April 9, 2021, as previously announced. After April 30, 2021, the Series 12 Shares will cease to be entitled to dividends and the only remaining rights of holders of such shares will be to receive payment of the redemption amount.

Beneficial holders who are not directly the registered holder of Series 12 Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds. Inquiries should be directed to our Registrar and Transfer Agent, AST Trust Company (Canada), at 1-800-387-0825 (or in Toronto 416-682-3860).

TD.PF.G is a FixedReset, 5.50%+466, NVCC-compliant issue that commenced trading 2016-1-14 after being announced 2016-1-5.

Thanks to Assiduous Reader CanSiamCyp for ensuring I did not miss this!

RCG.PR.B / RCG.PR.C : Forced Conversion To FixedReset

Saturday, March 20th, 2021

RF Capital Group Inc. has announced:

that after having taken into account all election notices received by the March 16, 2021 conversion deadline in respect of the Cumulative 5-Year Rate Reset Preferred Shares, Series B (the Series B Shares) and Cumulative Floating Rate Preferred Shares, Series C (the Series C Shares), if the Company were to give effect to such notices there would be only 905,752 Series C Shares outstanding after the conversation date of March 31, 2021 (the Conversion Date).

The terms of the Series B Shares provide that if, after giving effect to all election notices at the close of business on March 16, 2021, there would be outstanding less than 1 million Series C Shares after the Conversion Date, then no holders of Series B Shares are permitted to convert their Series B Shares into Series C Shares. Accordingly, the holders of the Series B Shares are not entitled to convert their shares.

The terms of the Series C Shares provide that if, after giving effect to all election notices at the close of business on March 16, 2021, there would remain outstanding less than 1 million Series C Shares after the Conversion Date, then all remaining outstanding Series C Shares will automatically convert into Series B Shares, on a one-for-one basis, on the Conversion Date. Accordingly, on March 31, 2021, all Series C Shares will automatically convert to Series B Shares on the basis of one Series B Share for each Series C Share.

Effective as of the Conversion Date there will be 4.6 million Series B Shares listed on the Toronto Stock Exchange under the symbol RCG.PR.B.

RCG.PR.B was issued as GMP.PR.B, a FixedReset 5.50%+289, which commenced trading 2011-2-22 after being announced 2011-2-1. The notice of extension was reported on PrefBlog. The issue reset at 3.611% in 2016; there was a 22% conversion to GMP.PR.C. It is tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns. The ticker was changed from GMP.PR.B to RCG.PR.B in 2020, following a name change. The issue reset to 3.73% in 2021.

RCG.PR.C is a FloatingReset, Bills+289, that came into existence via a 22% conversion from GMP.PR.B in 2016. The ticker was changed from GMP.PR.C to RCG.PR.C in 2020, following a name change.

TA.PR.D / TA.PR.E : Net 5% Conversion To FloatingReset

Saturday, March 20th, 2021

TransAlta Corporation has announced (on March 18):

that (i) 1,417,338 of its 10,175,380 currently outstanding Cumulative Redeemable Rate Reset First Preferred Shares, Series A (“Series A Shares”) will be converted on March 31, 2021, on a one-for-one basis, into Cumulative Redeemable Floating Rate First Preferred Shares, Series B (“Series B Shares”), and (ii) 871,871 of its 1,824,620 currently outstanding Series B Shares will be converted on March 31, 2021, on a one-for-one basis, into Series A Shares. As a result, on March 31, 2021, the Company will have 9,629,913 Series A Shares issued and outstanding and 2,370,087 Series B Shares issued and outstanding.

The Series A Shares and Series B Shares are currently listed on the Toronto Stock Exchange under the symbols TA.PR.D and TA.PR.E, respectively.

TA.PR.D was issued as a FixedReset, 4.60%+203, that commenced trading 2010-12-10 after being announced 2010-12-2. In 2016, it reset to 2.709%. I recommended against conversion, but there was a 15% conversion to the FloatingReset, TA.PR.E, anyway. The issue reset to 2.877% in 2021.

TA.PR.E is a FloatingReset, Bills+203, that arose via a partial conversion from the FixedReset, TA.PR.D.

PVS.PR.D To Be Redeemed At Small Premium

Saturday, March 20th, 2021

Partners Value Split Corp. has announced (on March 15):

its intention to redeem all 7,990,000 of its Class AA Preferred Shares, Series 6 (“Preferred Shares, Series 6”) for cash on March 31, 2021 (the “Redemption Date”) in accordance with the terms of the Preferred Shares, Series 6.

The redemption price per Preferred Shares, Series 6 will be equal to C$25.25 plus accrued and unpaid dividends of C$0.09272 per share to March 30, 2021 representing a total redemption price of C$25.34272 per share (the “Redemption Price”).

Notice will be delivered to holders of the Preferred Shares, Series 6 in accordance with the terms of the Preferred Shares, Series 6.

From and after the Redemption Date, the Preferred Shares, Series 6 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). After the redemption of the Preferred Shares, Series 6, the Company will consolidate the existing capital shares held by Partners Value Investments Inc. so that there are an equal number of preferred shares and capital shares outstanding.

Given that the directors and officers of PVS:

  • Frank N.C. Lochan
  • James L.R. Kelly
  • Ralph J. Zarboni
  • Brian D. Lawson
  • Leslie Yuen
  • Bryan Sinclair
  • Loretta M. Corso

continue to be a useless pack of bozos, this information is not yet available on the company website.

The intent to redeem this issue was announced in September, 2020; the issue commenced trading in July 2014 as BNA.PR.F, a SplitShare, 4.50%, with 7-year term announced 2014-6-16 but the ticker symbol was changed in July 2014.

Note that the $0.25 redemption premium is taxable as a dividend. Some investors may wish to sell on the market prior to the redemption so that the market premium (probably a few pennies less than $0.25) is taxed as a capital gain, which may be offset be capital losses on other trades.
Update, 2021-3-22 The press release finally made its appearance on the company website.