November 23, 2020

Pace Credit Union (last discussed June 22) is back in the news:

The Financial Services Regulators Authority of Ontario (FSRA) announced late Friday that is has taken over daily oversight of PACE for the second time in two years.

The directors who resigned over a three-day span include board chair George Cooke, a former insurance executive who was hand-picked by FSRA to help turn PACE around after two years of turmoil. Also stepping down are CEO Barbara Dirks and head of risk Terri O’Brien, both of whom joined PACE in April.

More recently, however, regulators have been investigating whether a now-defunct investment dealer started by the previous executives, Pace Securities Corp., improperly sold $46-million in risky investment products to retail investors
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. Those investments plunged in value early this year, and another regulator, the Investment Industry Regulatory Organization of Canada (IIROC), is seeking to discipline the two former executives who led Pace Securities, Joseph Thomson and Gerald McRae.

In August, law firm Paliare Roland Rosenberg Rothstein LLP was appointed to represent investors in negotiating a settlement who say they were misled. Yet even after the deadline for talks was extended, no deal has been announced.

A FSRA investigation recently concluded that the sales of the investment products had breached the act that governs credit unions, and PACE’s management agreed. But “there was not consensus on how best to address those breaches,” said Mark White, FSRA’s CEO, in a statement.

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 1.1173 % 1,796.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.1173 % 3,295.7
Floater 4.74 % 4.81 % 37,857 15.78 3 1.1173 % 1,899.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.1144 % 3,583.2
SplitShare 4.83 % 4.40 % 43,824 3.89 9 0.1144 % 4,279.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1144 % 3,338.8
Perpetual-Premium 5.34 % 2.48 % 76,664 0.39 14 -0.0056 % 3,186.7
Perpetual-Discount 5.13 % 5.07 % 80,739 15.14 19 0.3246 % 3,613.6
FixedReset Disc 5.28 % 4.09 % 115,518 16.55 64 0.3016 % 2,193.7
Insurance Straight 5.06 % 4.87 % 99,358 15.13 22 0.1033 % 3,511.8
FloatingReset 1.97 % 2.44 % 46,803 1.17 3 0.1499 % 1,820.1
FixedReset Prem 5.19 % 2.86 % 214,645 0.71 15 -0.1440 % 2,668.1
FixedReset Bank Non 1.94 % 2.06 % 194,240 1.17 2 0.0402 % 2,864.8
FixedReset Ins Non 5.31 % 4.12 % 74,720 16.72 22 0.2305 % 2,291.1
Performance Highlights
Issue Index Change Notes
SLF.PR.E Insurance Straight -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 4.81 %
BIK.PR.A FixedReset Prem -1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 5.58 %
BNS.PR.I FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 20.88
Evaluated at bid price : 20.88
Bid-YTW : 3.85 %
GWO.PR.R Insurance Straight 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 24.29
Evaluated at bid price : 24.80
Bid-YTW : 4.88 %
TRP.PR.E FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 5.33 %
SLF.PR.H FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 4.12 %
SLF.PR.G FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 11.38
Evaluated at bid price : 11.38
Bid-YTW : 4.11 %
TD.PF.B FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 18.62
Evaluated at bid price : 18.62
Bid-YTW : 3.91 %
BAM.PR.N Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 5.27 %
SLF.PR.I FixedReset Ins Non 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 4.04 %
TRP.PR.C FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 9.52
Evaluated at bid price : 9.52
Bid-YTW : 5.26 %
SLF.PR.A Insurance Straight 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 24.59
Evaluated at bid price : 24.84
Bid-YTW : 4.84 %
TD.PF.I FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 23.50
Evaluated at bid price : 23.84
Bid-YTW : 3.73 %
BAM.PR.B Floater 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 9.10
Evaluated at bid price : 9.10
Bid-YTW : 4.77 %
TRP.PR.B FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 8.80
Evaluated at bid price : 8.80
Bid-YTW : 4.94 %
TD.PF.A FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 18.71
Evaluated at bid price : 18.71
Bid-YTW : 3.87 %
BAM.PF.C Perpetual-Discount 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 22.81
Evaluated at bid price : 23.20
Bid-YTW : 5.29 %
BIP.PR.E FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 22.49
Evaluated at bid price : 22.95
Bid-YTW : 5.51 %
BAM.PR.M Perpetual-Discount 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 5.23 %
BAM.PR.K Floater 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 9.04
Evaluated at bid price : 9.04
Bid-YTW : 4.81 %
TRP.PR.F FloatingReset 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 10.62
Evaluated at bid price : 10.62
Bid-YTW : 4.84 %
BMO.PR.S FixedReset Disc 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 3.92 %
BIP.PR.D FixedReset Disc 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 23.29
Evaluated at bid price : 23.75
Bid-YTW : 5.32 %
BAM.PR.R FixedReset Disc 2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 5.17 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.H FixedReset Prem 56,455 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 3.09 %
SLF.PR.C Insurance Straight 34,140 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 4.77 %
TD.PF.A FixedReset Disc 29,721 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 18.71
Evaluated at bid price : 18.71
Bid-YTW : 3.87 %
TRP.PR.K FixedReset Disc 29,351 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 23.65
Evaluated at bid price : 24.81
Bid-YTW : 4.89 %
TD.PF.C FixedReset Disc 21,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 3.90 %
NA.PR.C FixedReset Disc 21,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 23.35
Evaluated at bid price : 24.41
Bid-YTW : 3.97 %
There were 17 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.E Insurance Straight Quote: 23.65 – 24.27
Spot Rate : 0.6200
Average : 0.3494

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 4.81 %

RY.PR.M FixedReset Disc Quote: 19.15 – 19.85
Spot Rate : 0.7000
Average : 0.5442

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 4.02 %

SLF.PR.I FixedReset Ins Non Quote: 20.10 – 20.56
Spot Rate : 0.4600
Average : 0.3115

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 4.04 %

IFC.PR.I Perpetual-Premium Quote: 25.72 – 26.25
Spot Rate : 0.5300
Average : 0.4023

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.72
Bid-YTW : 5.13 %

MFC.PR.H FixedReset Ins Non Quote: 22.10 – 22.41
Spot Rate : 0.3100
Average : 0.1981

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 21.67
Evaluated at bid price : 22.10
Bid-YTW : 4.06 %

BMO.PR.Y FixedReset Disc Quote: 19.75 – 20.30
Spot Rate : 0.5500
Average : 0.4388

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-11-23
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 3.98 %

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