The regulators’ campaign to eliminate competition in the Canadian financial services industry continues to bear fruit:
Bank of Nova Scotia is extending a string of acquisitions with a $2.6-billion deal to buy MD Financial Management, a leading wealth-management company catering to doctors.
Headquartered in Ottawa with more then $49-billion in assets under management, MD Financial specializes in providing financial products, services and investment counselling to physicians and their families.
As part of the deal, Scotiabank has also struck a 10-year agreement with the Canadian Medical Association (CMA), which owns MD Financial, to promote the bank as its “preferred provider” of financial services to Canadian doctors.
…
The acquisition builds on a pledge Scotiabank has made to invest in its wealth-management arm, which currently contributes about 12 per cent of the bank’s total earnings. In February, Scotiabank announced a deal to acquire investment firm Jarislowsky Fraser Ltd. for $950-million, bolstering its asset-management offerings for institutional investors.
…
MD has about 250 financial consultants, 80 portfolio managers and 40 estate, trust and insurance advisors.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| 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 | -0.2631 % | 2,983.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2631 % | 5,474.6 |
| Floater | 3.35 % | 3.59 % | 68,704 | 18.25 | 4 | -0.2631 % | 3,155.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 3,179.2 |
| SplitShare | 4.62 % | 4.55 % | 82,081 | 5.04 | 5 | 0.0000 % | 3,796.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 2,962.3 |
| Perpetual-Premium | 5.62 % | -5.07 % | 62,485 | 0.08 | 10 | -0.0826 % | 2,873.1 |
| Perpetual-Discount | 5.42 % | 5.51 % | 62,255 | 14.61 | 24 | -0.1973 % | 2,940.1 |
| FixedReset | 4.32 % | 4.72 % | 156,218 | 5.65 | 105 | -0.2860 % | 2,529.7 |
| Deemed-Retractible | 5.18 % | 5.68 % | 75,056 | 5.59 | 27 | -0.1431 % | 2,943.2 |
| FloatingReset | 3.23 % | 3.90 % | 34,721 | 3.48 | 8 | -0.3778 % | 2,778.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.N | FixedReset | -2.42 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.61 Bid-YTW : 7.85 % |
| TRP.PR.H | FloatingReset | -2.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-05-31 Maturity Price : 16.62 Evaluated at bid price : 16.62 Bid-YTW : 3.90 % |
| TRP.PR.B | FixedReset | -1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-05-31 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 5.02 % |
| BAM.PF.E | FixedReset | -1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-05-31 Maturity Price : 22.73 Evaluated at bid price : 23.09 Bid-YTW : 5.12 % |
| PWF.PR.P | FixedReset | -1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-05-31 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 4.66 % |
| MFC.PR.B | Deemed-Retractible | -1.70 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.38 Bid-YTW : 7.44 % |
| NA.PR.E | FixedReset | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-05-31 Maturity Price : 22.74 Evaluated at bid price : 23.90 Bid-YTW : 4.88 % |
| BAM.PR.R | FixedReset | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-05-31 Maturity Price : 20.24 Evaluated at bid price : 20.24 Bid-YTW : 5.26 % |
| BNS.PR.D | FloatingReset | -1.34 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.51 Bid-YTW : 4.15 % |
| MFC.PR.H | FixedReset | -1.15 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.19 % |
| BAM.PF.B | FixedReset | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-05-31 Maturity Price : 22.89 Evaluated at bid price : 23.50 Bid-YTW : 5.10 % |
| TRP.PR.G | FixedReset | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-05-31 Maturity Price : 23.10 Evaluated at bid price : 24.09 Bid-YTW : 5.08 % |
| HSE.PR.C | FixedReset | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-05-31 Maturity Price : 23.57 Evaluated at bid price : 24.66 Bid-YTW : 5.31 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| EMA.PR.H | FixedReset | 1,345,583 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-05-31 Maturity Price : 23.11 Evaluated at bid price : 24.88 Bid-YTW : 4.85 % |
| RY.PR.I | FixedReset | 388,906 | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-24 Maturity Price : 25.00 Evaluated at bid price : 24.91 Bid-YTW : 4.11 % |
| MFC.PR.H | FixedReset | 171,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.19 % |
| IFC.PR.G | FixedReset | 99,750 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.71 Bid-YTW : 5.15 % |
| NA.PR.E | FixedReset | 66,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-05-31 Maturity Price : 22.74 Evaluated at bid price : 23.90 Bid-YTW : 4.88 % |
| MFC.PR.Q | FixedReset | 65,500 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.61 Bid-YTW : 4.96 % |
| There were 19 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TRP.PR.B | FixedReset | Quote: 16.40 – 17.25 Spot Rate : 0.8500 Average : 0.5335 YTW SCENARIO |
| GWO.PR.N | FixedReset | Quote: 18.61 – 19.25 Spot Rate : 0.6400 Average : 0.4311 YTW SCENARIO |
| RY.PR.J | FixedReset | Quote: 24.24 – 24.79 Spot Rate : 0.5500 Average : 0.3589 YTW SCENARIO |
| BNS.PR.D | FloatingReset | Quote: 23.51 – 23.98 Spot Rate : 0.4700 Average : 0.3045 YTW SCENARIO |
| MFC.PR.B | Deemed-Retractible | Quote: 21.38 – 21.75 Spot Rate : 0.3700 Average : 0.2155 YTW SCENARIO |
| TRP.PR.A | FixedReset | Quote: 19.79 – 20.50 Spot Rate : 0.7100 Average : 0.5668 YTW SCENARIO |
James,
Any comments on this $250 to 300 million offering of series 42 from National Bank at 4.95%?
https://www.nbc.ca/en/about-us/news/news-room/press-releases/2018/20180531-Banque-Nationale-annonce-emission-actions-privilegiees-FPUNV.html
Thanks
Sorry, month-end got a little busy!
I have now commented on the issue.
Thanks very much!