There were no trades, due to gross inefficiencies in the system and sheer boneheadedness that result from the banks having a hegemony over the Canadian financial system.
There was, however, a bid, from which we can calculate some vital statistics:
Maturity Type : Limit Maturity
Maturity Date : 2047-01-03
Maturity Price : 12.77
Evaluated at bid price : 12.77
Bid-YTW : 4.55 %
BCE.PR.L will be tracked by HIMIPref™, but relegated to the Scraps index on credit concerns. It will reset quarterly to pay 3-month bills plus 188bp on the par value of $25.00.
The new BCE.PR.K / BCE.PR.L Strong Pair allows us to add another point to the Break-even T-Bill Rate Chart:
Market sentiment is still very strongly against issues that reset quarterly, as the average break-even T-Bill rate is now -0.64% for investment grade pairs and -0.66% for junk. It’s hard to imagine a depression quite so extreme!