CU Inc has announced:
that it will issue $150,000,000 of 2.609% Debentures maturing on September 28, 2050, at a price of $100.00 to yield 2.609%. This issue was sold by BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., TD Securities Inc., Scotia Capital Inc., CIBC World Markets Inc. and MUFG Securities (Canada), Ltd. Proceeds from the issue will be used to finance capital expenditures, to repay existing indebtedness, and for other general corporate purposes.
At the close of 2020-9-21, CIU.PR.A (a Straight Perpetual) was quoted at 22.80-00 to yield 5.08-02%. At the standard equivalency factor of 1.3x, the bid-yield was equivalent to 6.60% interest; the Seniority Spread for this issue pair is therefore 399bp, compared to the 400bp measured on an index-to-index basis on September 16.
| 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 | 0.2422 % | 1,642.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2422 % | 3,014.1 |
| Floater | 5.18 % | 5.19 % | 55,936 | 15.18 | 3 | 0.2422 % | 1,737.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1635 % | 3,540.9 |
| SplitShare | 4.80 % | 4.35 % | 41,752 | 3.63 | 7 | -0.1635 % | 4,228.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1635 % | 3,299.3 |
| Perpetual-Premium | 5.35 % | 4.88 % | 80,299 | 3.92 | 17 | 0.1212 % | 3,122.1 |
| Perpetual-Discount | 5.23 % | 5.28 % | 92,881 | 14.91 | 17 | 0.1961 % | 3,505.1 |
| FixedReset Disc | 5.47 % | 4.25 % | 128,704 | 16.26 | 68 | 0.3235 % | 2,088.2 |
| Deemed-Retractible | 5.02 % | 4.91 % | 114,183 | 15.17 | 27 | 0.2603 % | 3,452.3 |
| FloatingReset | 2.86 % | 2.98 % | 45,272 | 1.33 | 3 | -0.1571 % | 1,794.1 |
| FixedReset Prem | 5.26 % | 4.51 % | 252,444 | 0.87 | 11 | 0.1979 % | 2,617.8 |
| FixedReset Bank Non | 1.95 % | 2.58 % | 122,122 | 1.33 | 2 | 0.2225 % | 2,837.7 |
| FixedReset Ins Non | 5.73 % | 4.44 % | 85,665 | 16.25 | 22 | -0.1448 % | 2,108.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.G | FixedReset Ins Non | -4.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 10.15 Evaluated at bid price : 10.15 Bid-YTW : 4.39 % |
| GWO.PR.N | FixedReset Ins Non | -2.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 9.72 Evaluated at bid price : 9.72 Bid-YTW : 4.29 % |
| IFC.PR.G | FixedReset Ins Non | -1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 4.61 % |
| BIP.PR.C | FixedReset Disc | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.81 Evaluated at bid price : 23.35 Bid-YTW : 5.73 % |
| BIP.PR.B | FixedReset Disc | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.96 Evaluated at bid price : 23.90 Bid-YTW : 5.74 % |
| NA.PR.G | FixedReset Disc | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 19.77 Evaluated at bid price : 19.77 Bid-YTW : 4.39 % |
| BMO.PR.Z | Perpetual-Premium | -1.13 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-08-25 Maturity Price : 25.25 Evaluated at bid price : 25.40 Bid-YTW : 4.91 % |
| TD.PF.D | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 4.10 % |
| BIP.PR.D | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.41 Evaluated at bid price : 22.80 Bid-YTW : 5.49 % |
| BMO.PR.S | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 4.13 % |
| TRP.PR.F | FloatingReset | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 10.33 Evaluated at bid price : 10.33 Bid-YTW : 4.99 % |
| IFC.PR.E | Deemed-Retractible | 1.26 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2050-09-22 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 5.22 % |
| MFC.PR.H | FixedReset Ins Non | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 4.45 % |
| MFC.PR.M | FixedReset Ins Non | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 16.26 Evaluated at bid price : 16.26 Bid-YTW : 4.57 % |
| TRP.PR.G | FixedReset Disc | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 5.45 % |
| BAM.PR.Z | FixedReset Disc | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 16.68 Evaluated at bid price : 16.68 Bid-YTW : 5.28 % |
| TRP.PR.C | FixedReset Disc | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 8.91 Evaluated at bid price : 8.91 Bid-YTW : 5.41 % |
| NA.PR.C | FixedReset Disc | 1.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 23.39 Evaluated at bid price : 23.70 Bid-YTW : 4.09 % |
| BIK.PR.A | FixedReset Disc | 2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 23.32 Evaluated at bid price : 25.05 Bid-YTW : 5.78 % |
| TD.PF.J | FixedReset Disc | 3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 4.04 % |
| RY.PR.H | FixedReset Disc | 10.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 18.08 Evaluated at bid price : 18.08 Bid-YTW : 3.93 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| W.PR.K | FixedReset Disc | 42,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 24.36 Evaluated at bid price : 25.00 Bid-YTW : 5.32 % |
| BIP.PR.C | FixedReset Disc | 38,850 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.81 Evaluated at bid price : 23.35 Bid-YTW : 5.73 % |
| SLF.PR.D | Deemed-Retractible | 35,483 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.71 Evaluated at bid price : 22.95 Bid-YTW : 4.85 % |
| PWF.PR.F | Perpetual-Discount | 31,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 24.67 Evaluated at bid price : 24.93 Bid-YTW : 5.34 % |
| PWF.PR.I | Perpetual-Premium | 25,300 | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-10-22 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 1.00 % |
| BIP.PR.D | FixedReset Disc | 23,353 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.41 Evaluated at bid price : 22.80 Bid-YTW : 5.49 % |
| There were 16 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.C | FixedReset Ins Non | Quote: 16.51 – 23.99 Spot Rate : 7.4800 Average : 4.0919 YTW SCENARIO |
| BMO.PR.Y | FixedReset Disc | Quote: 18.63 – 20.00 Spot Rate : 1.3700 Average : 0.8589 YTW SCENARIO |
| EIT.PR.B | SplitShare | Quote: 25.50 – 26.50 Spot Rate : 1.0000 Average : 0.7371 YTW SCENARIO |
| SLF.PR.G | FixedReset Ins Non | Quote: 10.15 – 10.75 Spot Rate : 0.6000 Average : 0.3910 YTW SCENARIO |
| BAM.PF.H | FixedReset Disc | Quote: 24.25 – 24.75 Spot Rate : 0.5000 Average : 0.3193 YTW SCENARIO |
| GWO.PR.N | FixedReset Ins Non | Quote: 9.72 – 10.39 Spot Rate : 0.6700 Average : 0.5111 YTW SCENARIO |