PPL.PF.B To Be Redeemed

December 9th, 2024

Pembina Pipeline Corporation has announced:

its intention to redeem its issued and outstanding Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 22 (“Series 22 Shares”) (TSX: PPL.PF.B) on January 8, 2025 (the “Redemption Date”).

Pembina intends to redeem all of its 1,028,130 issued and outstanding Series 22 Shares, in accordance with the terms of the Series 22 Shares, as set out in the Company’s articles of amendment dated December 1, 2017 on the Redemption Date for a redemption price equal to $25.50, plus all accrued and unpaid dividends thereon but excluding the Redemption Date per Series 22 Share (the “Redemption Price”), less any tax required to be deducted or withheld by the Company. The total redemption price to Pembina will be approximately $26 million.

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Series 22 Shares in accordance with the terms of the Series 22 Shares, as set out in the Company’s articles of amendment dated December 1, 2017. For non-registered holders of Series 22 Shares, no further action is required however, they should contact their broker or other intermediary with any questions regarding the redemption process for the Series 22 Shares in which they hold a beneficial interest. The Company’s transfer agent for the Series 22 Shares is Computershare Investor Services Inc. Questions regarding the redemption process may also be directed to Computershare at 1-800-564-6253 or by email to corporateactions@computershare.com.

The PPL.PF.B shares resulted from a partial conversion from PPL.PF.A, which was announced 2023-2-14:

Pembina Pipeline Corporation (“Pembina”) (TSX: PPL; NYSE: PBA) announced today that holders of an aggregate of 1,028,130 of its 16,000,000 Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 21 (“Series 21 Shares”) have elected to convert, on a one-for-one basis, their Series 21 Shares into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 22 of Pembina (“Series 22 Shares”). As a result of the exercise of such conversion rights, on March 1, 2023, Pembina will have 14,971,870 Series 21 Shares and 1,028,130 Series 22 Shares issued and outstanding. The Series 21 Shares and the Series 22 Shares will be listed on the Toronto Stock Exchange under the symbols PPL.PF.A and PPL.PF.B, respectively.

.

In turn, PPL.PF.A was issued as a FixedReset 4.90%+326M490 that commenced trading 2017-12-7 after being announced 2017-11-28. It reset to 6.302% effective 2023-3-1. I regret to say that I missed the notice of conversion. PPL.PF.A is tracked by HIMIPref™, but has been relegated to the Scraps – FixedResets (Discount) subindex on credit concerns.

This is the first example I know of in which the ‘anytime redemption at a premium’ privilege generally attached to FloatingResets has been invoked – and there I was, thinking that it would never happen unless we returned to 1981 and saw Canadian policy rates spike to 21%. Shows how much I know!

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

December 9, 2024

December 9th, 2024

Straight Perpetuals did well today, presumably due to the L.PR.B redemption.

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 0.5348 % 2,320.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5348 % 4,450.2
Floater 8.21 % 8.51 % 30,203 10.75 4 0.5348 % 2,564.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.6533 % 3,626.5
SplitShare 4.77 % 4.23 % 69,286 1.18 7 0.6533 % 4,330.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.6533 % 3,379.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.7611 % 2,860.3
Perpetual-Discount 6.00 % 6.18 % 49,121 13.58 32 0.7611 % 3,119.0
FixedReset Disc 5.47 % 6.67 % 104,685 12.95 53 0.0756 % 2,750.2
Insurance Straight 5.96 % 6.10 % 63,468 13.82 21 0.9176 % 3,035.4
FloatingReset 6.45 % 6.10 % 33,039 12.79 4 -0.5084 % 3,357.0
FixedReset Prem 6.03 % 5.47 % 210,070 13.94 9 0.0434 % 2,599.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0756 % 2,811.3
FixedReset Ins Non 5.18 % 5.95 % 88,011 13.85 14 0.2217 % 2,836.2
Performance Highlights
Issue Index Change Notes
MFC.PR.C Insurance Straight -2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 5.92 %
BN.PF.D Perpetual-Discount -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.49 %
FFH.PR.F FloatingReset -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.25
Evaluated at bid price : 22.50
Bid-YTW : 6.10 %
BIP.PR.A FixedReset Disc -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.73
Evaluated at bid price : 23.44
Bid-YTW : 6.75 %
MFC.PR.I FixedReset Ins Non -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.91
Evaluated at bid price : 23.80
Bid-YTW : 6.06 %
PWF.PR.E Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.31
Evaluated at bid price : 22.58
Bid-YTW : 6.17 %
ELF.PR.H Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.11
Evaluated at bid price : 22.33
Bid-YTW : 6.26 %
PWF.PR.L Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 20.87
Evaluated at bid price : 20.87
Bid-YTW : 6.20 %
GWO.PR.G Insurance Straight 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.10 %
POW.PR.B Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.18 %
POW.PR.G Perpetual-Discount 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 6.19 %
IFC.PR.F Insurance Straight 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.11
Evaluated at bid price : 22.11
Bid-YTW : 6.12 %
GWO.PR.S Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 6.10 %
CU.PR.H Perpetual-Discount 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.01 %
BN.PR.Z FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 21.39
Evaluated at bid price : 21.71
Bid-YTW : 6.93 %
BN.PR.C Floater 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 12.57
Evaluated at bid price : 12.57
Bid-YTW : 8.52 %
SLF.PR.E Insurance Straight 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.50 %
BN.PF.C Perpetual-Discount 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.36 %
FTS.PR.F Perpetual-Discount 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.75 %
PWF.PR.G Perpetual-Discount 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 23.93
Evaluated at bid price : 24.19
Bid-YTW : 6.18 %
ENB.PR.B FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 7.34 %
PVS.PR.J SplitShare 2.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 4.23 %
PWF.PR.S Perpetual-Discount 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 19.67
Evaluated at bid price : 19.67
Bid-YTW : 6.19 %
GWO.PR.T Insurance Straight 4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 21.06
Evaluated at bid price : 21.06
Bid-YTW : 6.13 %
CU.PR.F Perpetual-Discount 4.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 18.87
Evaluated at bid price : 18.87
Bid-YTW : 6.02 %
IFC.PR.E Insurance Straight 6.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 21.85
Evaluated at bid price : 21.85
Bid-YTW : 6.08 %
GWO.PR.N FixedReset Ins Non 7.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 15.45
Evaluated at bid price : 15.45
Bid-YTW : 6.49 %
Volume Highlights
Issue Index Shares
Traded
Notes
BN.PR.Z FixedReset Disc 280,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 21.39
Evaluated at bid price : 21.71
Bid-YTW : 6.93 %
NA.PR.W FixedReset Disc 166,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 23.05
Evaluated at bid price : 24.10
Bid-YTW : 5.29 %
MFC.PR.Q FixedReset Ins Non 146,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.76
Evaluated at bid price : 23.70
Bid-YTW : 5.82 %
FFH.PR.E FixedReset Disc 62,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.15
Evaluated at bid price : 22.80
Bid-YTW : 5.52 %
GWO.PR.S Insurance Straight 36,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 6.10 %
BN.PF.A FixedReset Disc 27,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.99
Evaluated at bid price : 24.27
Bid-YTW : 6.28 %
There were 25 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.F Insurance Straight Quote: 22.11 – 23.89
Spot Rate : 1.7800
Average : 1.0172

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.11
Evaluated at bid price : 22.11
Bid-YTW : 6.12 %

PVS.PR.K SplitShare Quote: 24.85 – 26.00
Spot Rate : 1.1500
Average : 0.7215

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 4.64 %

GWO.PR.R Insurance Straight Quote: 19.84 – 20.85
Spot Rate : 1.0100
Average : 0.6781

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 6.07 %

FFH.PR.F FloatingReset Quote: 22.50 – 23.50
Spot Rate : 1.0000
Average : 0.7123

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 22.25
Evaluated at bid price : 22.50
Bid-YTW : 6.10 %

MFC.PR.C Insurance Straight Quote: 19.10 – 19.90
Spot Rate : 0.8000
Average : 0.5176

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 5.92 %

CCS.PR.C Insurance Straight Quote: 20.54 – 21.40
Spot Rate : 0.8600
Average : 0.6014

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-09
Maturity Price : 20.54
Evaluated at bid price : 20.54
Bid-YTW : 6.11 %

L.PR.B To Be Redeemed

December 9th, 2024

Loblaw Companies Limited has announced:

its intention to redeem for cash all of its 9,000,000 outstanding Second Preferred Shares, Series B (the “Series B Shares”) on January 8, 2025 (the “Redemption Date”) at a redemption price equal to $25.00 per share, for an aggregate amount of $225 million, together with all accrued and unpaid dividends up to but excluding the Redemption Date in the amount of $0.02944 per Series B Share (collectively, the “Redemption Price”), less any tax required to be deducted and withheld by the Company.

Formal notice will be delivered to the sole registered holder of the Series B Shares in accordance with the terms of the Series B Shares contained in the Company’s articles.

The Series B Share redemption will not impact the Company’s previously announced quarterly dividend on the Series B Shares, payable on December 31, 2024 to shareholders of record on December 15, 2024. After the Series B Shares are redeemed, holders of Series B Shares will cease to be entitled to dividends and will not be entitled to exercise any rights as holders other than to receive the Redemption Price.

Non-registered holders of Series B Shares should contact their broker or other intermediary for information regarding the redemption process for the Series B Shares in which they hold a beneficial interest. The Company’s transfer agent for the Series B Shares is Computershare Trust Company of Canada (“Computershare”). Questions regarding the redemption process may be directed to Computershare at 1-800-564-6253 or by email to corporateactions@computershare.com.

Following the redemption on January 8, 2025, the Series B Shares will be delisted from and no longer trade on the Toronto Stock Exchange (“TSX”).

L.PR.B is a 5.30% Straight Perpetual commenced trading 2015-6-9 after being announced 2015-6-2. It has been tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

This was another market windfall, with the issue up 10.68% today on high volume.

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

December 6, 2024

December 6th, 2024

Jobs, jobs, jobs!

Job creation bounced back in November after disruptions from storms and a major strike, reinforcing a picture of modest employment expansion over the past several months.

The U.S. economy added 227,000 jobs, seasonally adjusted, the Labor Department reported on Friday. With upward revisions to September and October figures, the three-month average gain is 173,000, slightly higher than the average over the six months before that.

The unemployment rate ticked up to 4.2 percent, from 4.1 percent in October, as fewer people were able to find work. But for those who had jobs, wages jumped more than expected and were 4 percent higher than they were a year earlier.

And in the frozen north:

Canada’s unemployment rate jumped to its highest level in years in November, bolstering bets that the Bank of Canada will deliver another outsized interest-rate cut next week to revive a sluggish economy.

The unemployment rate rose to 6.8 per cent in November from 6.5 per cent the previous month, Statistics Canada said Friday in a report. Excluding the pandemic, it was the highest jobless rate since January, 2017.

It was a robust month for hiring: Employment rose by 50,500 or roughly double analyst expectations. But a strong increase in job seekers more than offset the employment gains, resulting in a higher unemployment rate.

Moreover, the details of the hiring burst were less encouraging. The public sector accounted for the bulk of new positions, with a net increase of 45,000 jobs.

Average hourly wages rose by an annual 4.1 per cent in November, slowing from 4.9 per cent in October. Total hours worked across the economy edged lower by 0.2 per cent

Darch Keith reports in the Globe:

Today’s unexpected jump in the country’s unemployment rate has traders aggressively adding to bets that the Bank of Canada will announce another large 50 basis point rate cut at its policy meeting next week.


Swaps – pre Announcement

Swaps – pre Announcement

It’s interesting to see the decline in the projected December, 2025, rate from 2.74% to 2.61%. This contrasts with the 2.81% post-inflation level on November 19.

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 0.9598 % 2,307.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.9598 % 4,426.5
Floater 8.25 % 8.56 % 29,886 10.71 4 0.9598 % 2,551.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0287 % 3,603.0
SplitShare 4.80 % 4.84 % 67,158 2.10 7 0.0287 % 4,302.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0287 % 3,357.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0545 % 2,838.7
Perpetual-Discount 6.05 % 6.24 % 50,285 13.50 32 -0.0545 % 3,095.4
FixedReset Disc 5.47 % 6.75 % 104,412 12.92 53 0.1965 % 2,748.2
Insurance Straight 6.02 % 6.14 % 63,644 13.75 21 0.6953 % 3,007.8
FloatingReset 6.64 % 6.23 % 34,062 12.49 4 -0.2536 % 3,374.1
FixedReset Prem 6.03 % 5.53 % 211,634 13.83 9 0.1908 % 2,598.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1965 % 2,809.2
FixedReset Ins Non 5.19 % 6.03 % 86,882 13.79 14 0.0136 % 2,829.9
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -6.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 14.35
Evaluated at bid price : 14.35
Bid-YTW : 7.11 %
IFC.PR.E Insurance Straight -6.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.47
Evaluated at bid price : 20.47
Bid-YTW : 6.49 %
CU.PR.F Perpetual-Discount -5.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.31 %
BN.PF.C Perpetual-Discount -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.45 %
TD.PF.C FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 22.56
Evaluated at bid price : 23.55
Bid-YTW : 5.52 %
ENB.PR.B FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.59 %
MFC.PR.N FixedReset Ins Non -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 6.39 %
SLF.PR.C Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.58 %
BN.PR.B Floater 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 12.39
Evaluated at bid price : 12.39
Bid-YTW : 8.64 %
BN.PF.B FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.85 %
MFC.PR.B Insurance Straight 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.16
Evaluated at bid price : 20.16
Bid-YTW : 5.79 %
BN.PR.K Floater 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 8.56 %
BIP.PR.A FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 23.02
Evaluated at bid price : 23.75
Bid-YTW : 6.75 %
IFC.PR.C FixedReset Ins Non 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.34
Evaluated at bid price : 21.34
Bid-YTW : 6.37 %
IFC.PR.A FixedReset Ins Non 4.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 6.02 %
BN.PR.R FixedReset Disc 4.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 17.53
Evaluated at bid price : 17.53
Bid-YTW : 7.29 %
GWO.PR.T Insurance Straight 19.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.38 %
Volume Highlights
Issue Index Shares
Traded
Notes
ENB.PR.B FixedReset Disc 120,325 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.59 %
POW.PR.B Perpetual-Discount 56,941 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 6.25 %
FFH.PR.E FixedReset Disc 52,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 22.15
Evaluated at bid price : 22.80
Bid-YTW : 5.61 %
ENB.PF.K FixedReset Disc 34,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.87
Evaluated at bid price : 22.18
Bid-YTW : 6.99 %
GWO.PR.Q Insurance Straight 34,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.18 %
POW.PR.G Perpetual-Discount 33,362 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 22.46
Evaluated at bid price : 22.72
Bid-YTW : 6.26 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PR.Z FixedReset Disc Quote: 21.42 – 24.00
Spot Rate : 2.5800
Average : 1.5548

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.42
Evaluated at bid price : 21.42
Bid-YTW : 7.12 %

PWF.PR.S Perpetual-Discount Quote: 19.25 – 20.60
Spot Rate : 1.3500
Average : 0.8153

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.33 %

PWF.PR.F Perpetual-Discount Quote: 21.35 – 22.70
Spot Rate : 1.3500
Average : 0.8434

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.24 %

GWO.PR.N FixedReset Ins Non Quote: 14.35 – 15.49
Spot Rate : 1.1400
Average : 0.6556

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 14.35
Evaluated at bid price : 14.35
Bid-YTW : 7.11 %

CU.PR.F Perpetual-Discount Quote: 18.00 – 19.25
Spot Rate : 1.2500
Average : 0.8420

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.31 %

IFC.PR.C FixedReset Ins Non Quote: 21.34 – 22.50
Spot Rate : 1.1600
Average : 0.7712

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.34
Evaluated at bid price : 21.34
Bid-YTW : 6.37 %

BIK.PR.A Redeemed

December 6th, 2024

BIP Investment Corporation, an indirect subsidiary of Brookfield Infrastructure Partners L.P., has announced (on 2024-12-02):

the voting results from the special meeting of holders of its senior preferred shares, series 1 (the “Preferred Shares”) held today in a virtual meeting format (the “Meeting”). BIPIC also announced that it intends to redeem all of the outstanding Preferred Shares for cash on December 5, 2024.

Results of Special Meeting

The special resolution (“Special Resolution”) to permit the redemption of the Preferred Shares by BIPIC at any time on not less than three business days’ notice for an amount in cash equal to C$26.75 per Preferred Share was approved by the holders of the Preferred Shares at the Meeting. Detailed voting results are set out below.

The following is a summary of the votes cast by holders of Preferred Shares with respect to the Special Resolution:

Votes For % Votes Against %
451,956 80.30% 110,901 19.70%

A summary of all votes cast by holders of the Preferred Shares represented at the Meeting is available on SEDAR+ at https://sedarplus.ca/.

Redemption of Preferred Shares

BIPIC has provided notice of its intention to redeem all of the outstanding Preferred Shares for cash on December 5, 2024. The redemption price for each Preferred Share will be C$26.75. Holders of Preferred Shares of record as of November 29, 2024 will also receive the previously declared final quarterly dividend of $0.4671875 per Preferred Share on December 5, 2024.

The intention to vote was previously reported on PrefBlog.

December 5, 2024

December 5th, 2024
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 0.4620 % 2,285.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4620 % 4,384.4
Floater 8.33 % 8.68 % 27,821 10.59 4 0.4620 % 2,526.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.6152 % 3,601.9
SplitShare 4.80 % 4.78 % 68,159 1.19 7 -0.6152 % 4,301.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.6152 % 3,356.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0766 % 2,840.2
Perpetual-Discount 6.05 % 6.26 % 49,781 13.49 32 -0.0766 % 3,097.1
FixedReset Disc 5.48 % 6.78 % 103,808 12.85 53 -0.0608 % 2,742.8
Insurance Straight 6.06 % 6.13 % 59,251 13.76 21 -0.7429 % 2,987.0
FloatingReset 6.63 % 6.24 % 34,294 12.54 4 0.9424 % 3,382.7
FixedReset Prem 6.14 % 5.60 % 184,941 3.72 10 0.0935 % 2,593.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0608 % 2,803.7
FixedReset Ins Non 5.19 % 6.09 % 86,152 13.79 14 0.7943 % 2,829.5
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -18.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.60 %
BN.PR.R FixedReset Disc -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 7.64 %
PVS.PR.J SplitShare -1.64 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 4.90 %
ENB.PF.G FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 7.67 %
PVS.PR.L SplitShare -1.57 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.45 %
FTS.PR.M FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.78 %
FFH.PR.E FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 22.25
Evaluated at bid price : 22.98
Bid-YTW : 5.56 %
FFH.PR.F FloatingReset 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 22.54
Evaluated at bid price : 22.83
Bid-YTW : 6.24 %
CU.PR.F Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 5.96 %
BN.PF.J FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 22.53
Evaluated at bid price : 23.16
Bid-YTW : 6.70 %
BN.PR.Z FixedReset Disc 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 7.09 %
FFH.PR.H FloatingReset 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.85
Evaluated at bid price : 22.15
Bid-YTW : 6.90 %
TD.PF.J FixedReset Prem 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 23.38
Evaluated at bid price : 25.16
Bid-YTW : 5.63 %
SLF.PR.H FixedReset Ins Non 12.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 18.91
Evaluated at bid price : 18.91
Bid-YTW : 6.45 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.C FixedReset Disc 69,539 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 22.69
Evaluated at bid price : 23.83
Bid-YTW : 5.45 %
ENB.PR.Y FixedReset Disc 59,908 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 7.47 %
MFC.PR.F FixedReset Ins Non 50,229 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 16.66
Evaluated at bid price : 16.66
Bid-YTW : 6.27 %
FFH.PR.G FixedReset Disc 27,629 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 6.40 %
GWO.PR.N FixedReset Ins Non 21,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 15.38
Evaluated at bid price : 15.38
Bid-YTW : 6.64 %
CM.PR.S FixedReset Prem 18,964 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 25.21
Evaluated at bid price : 25.21
Bid-YTW : 5.53 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 17.00 – 21.10
Spot Rate : 4.1000
Average : 2.2250

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.60 %

IFC.PR.K Insurance Straight Quote: 21.75 – 22.70
Spot Rate : 0.9500
Average : 0.5923

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.43
Evaluated at bid price : 21.75
Bid-YTW : 6.14 %

BIP.PR.A FixedReset Disc Quote: 23.37 – 24.60
Spot Rate : 1.2300
Average : 0.8918

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 22.68
Evaluated at bid price : 23.37
Bid-YTW : 6.86 %

BN.PR.R FixedReset Disc Quote: 16.70 – 17.89
Spot Rate : 1.1900
Average : 0.8700

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 7.64 %

ENB.PR.N FixedReset Disc Quote: 21.59 – 22.25
Spot Rate : 0.6600
Average : 0.3806

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.30
Evaluated at bid price : 21.59
Bid-YTW : 6.89 %

IFC.PR.E Insurance Straight Quote: 21.78 – 23.00
Spot Rate : 1.2200
Average : 0.9900

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.78
Evaluated at bid price : 21.78
Bid-YTW : 6.09 %

December 4, 2024

December 4th, 2024

PerpetualDiscounts now yield 6.23%, equivalent to 8.10% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.54% on 2024-12-3 and since then the closing price of ZLC changed from 15.82 to 15.90, a total return of +0.51%, implying a decrease of yields of 4bp (BMO reports a duration of 12.37, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.50%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 360bp from the 340bp reported November 27.

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 0.4034 % 2,275.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4034 % 4,364.3
Floater 8.37 % 8.69 % 28,040 10.58 4 0.4034 % 2,515.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.1141 % 3,624.2
SplitShare 4.77 % 4.33 % 67,041 1.19 7 0.1141 % 4,328.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1141 % 3,377.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1091 % 2,842.4
Perpetual-Discount 6.04 % 6.23 % 50,516 13.51 32 0.1091 % 3,099.5
FixedReset Disc 5.48 % 6.78 % 105,101 12.85 53 0.0414 % 2,744.4
Insurance Straight 6.02 % 6.15 % 59,277 13.73 21 0.0092 % 3,009.4
FloatingReset 6.69 % 6.30 % 33,346 12.39 4 0.3268 % 3,351.1
FixedReset Prem 6.15 % 5.53 % 186,493 3.72 10 -0.3147 % 2,591.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0414 % 2,805.4
FixedReset Ins Non 5.23 % 6.13 % 88,555 13.79 14 -0.5199 % 2,807.2
Performance Highlights
Issue Index Change Notes
SLF.PR.H FixedReset Ins Non -10.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 16.81
Evaluated at bid price : 16.81
Bid-YTW : 7.23 %
IFC.PR.A FixedReset Ins Non -3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.30 %
BN.PF.J FixedReset Disc -2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 22.31
Evaluated at bid price : 22.80
Bid-YTW : 6.81 %
CCS.PR.C Insurance Straight -2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 20.38
Evaluated at bid price : 20.38
Bid-YTW : 6.15 %
TD.PF.J FixedReset Prem -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 23.19
Evaluated at bid price : 24.65
Bid-YTW : 5.76 %
BN.PR.R FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.45 %
BIK.PR.A FixedReset Prem -1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-04-01
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 5.95 %
SLF.PR.C Insurance Straight -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.63 %
PVS.PR.K SplitShare -1.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 4.77 %
PWF.PR.T FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 22.18
Evaluated at bid price : 22.75
Bid-YTW : 5.99 %
FFH.PR.F FloatingReset 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 22.36
Evaluated at bid price : 22.60
Bid-YTW : 6.30 %
BN.PR.K Floater 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 12.31
Evaluated at bid price : 12.31
Bid-YTW : 8.69 %
PVS.PR.J SplitShare 1.66 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 4.33 %
MFC.PR.F FixedReset Ins Non 5.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 16.63
Evaluated at bid price : 16.63
Bid-YTW : 6.28 %
SLF.PR.E Insurance Straight 6.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 5.58 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.C FixedReset Disc 205,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 22.80
Evaluated at bid price : 24.07
Bid-YTW : 5.39 %
ENB.PF.C FixedReset Disc 144,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 7.46 %
IFC.PR.I Insurance Straight 56,250 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 22.00
Evaluated at bid price : 22.30
Bid-YTW : 6.16 %
ENB.PR.B FixedReset Disc 52,932 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 7.52 %
FTS.PR.M FixedReset Disc 52,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.70 %
ENB.PF.E FixedReset Disc 51,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 18.47
Evaluated at bid price : 18.47
Bid-YTW : 7.54 %
There were 29 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.H FixedReset Ins Non Quote: 16.81 – 19.00
Spot Rate : 2.1900
Average : 1.2248

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 16.81
Evaluated at bid price : 16.81
Bid-YTW : 7.23 %

IFC.PR.E Insurance Straight Quote: 21.80 – 23.00
Spot Rate : 1.2000
Average : 0.7379

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 21.80
Evaluated at bid price : 21.80
Bid-YTW : 6.09 %

BN.PR.R FixedReset Disc Quote: 17.15 – 17.95
Spot Rate : 0.8000
Average : 0.5192

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.45 %

TD.PF.J FixedReset Prem Quote: 24.65 – 25.40
Spot Rate : 0.7500
Average : 0.4767

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 23.19
Evaluated at bid price : 24.65
Bid-YTW : 5.76 %

IFC.PR.A FixedReset Ins Non Quote: 19.10 – 20.30
Spot Rate : 1.2000
Average : 0.9640

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.30 %

PWF.PR.F Perpetual-Discount Quote: 21.18 – 21.79
Spot Rate : 0.6100
Average : 0.4064

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 6.29 %

December 3, 2024

December 3rd, 2024
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 0.1414 % 2,266.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1414 % 4,346.7
Floater 8.40 % 8.76 % 27,988 10.52 4 0.1414 % 2,505.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0741 % 3,620.1
SplitShare 4.78 % 4.22 % 67,062 1.20 7 -0.0741 % 4,323.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0741 % 3,373.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0796 % 2,839.3
Perpetual-Discount 6.05 % 6.25 % 50,847 13.50 32 -0.0796 % 3,096.1
FixedReset Disc 5.48 % 6.73 % 104,823 12.83 53 0.2464 % 2,743.3
Insurance Straight 6.02 % 6.13 % 60,173 13.76 21 -1.0977 % 3,009.1
FloatingReset 6.71 % 6.37 % 33,118 12.38 4 0.4691 % 3,340.2
FixedReset Prem 6.13 % 5.50 % 173,466 3.73 10 0.1479 % 2,599.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2464 % 2,804.2
FixedReset Ins Non 5.21 % 6.06 % 83,841 13.76 14 0.3501 % 2,821.9
Performance Highlights
Issue Index Change Notes
MFC.PR.F FixedReset Ins Non -5.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 15.72
Evaluated at bid price : 15.72
Bid-YTW : 6.63 %
SLF.PR.E Insurance Straight -4.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
PWF.PR.F Perpetual-Discount -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.29 %
PVS.PR.J SplitShare -1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 4.89 %
GWO.PR.Q Insurance Straight -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 20.84
Evaluated at bid price : 20.84
Bid-YTW : 6.19 %
PWF.PR.T FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 22.02
Evaluated at bid price : 22.50
Bid-YTW : 6.06 %
ENB.PR.F FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 7.43 %
BIP.PR.B FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 5.52 %
BN.PF.J FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 22.69
Evaluated at bid price : 23.45
Bid-YTW : 6.61 %
FFH.PR.K FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 23.14
Evaluated at bid price : 24.10
Bid-YTW : 6.55 %
FFH.PR.F FloatingReset 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 22.09
Evaluated at bid price : 22.35
Bid-YTW : 6.37 %
ENB.PF.G FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 18.27
Evaluated at bid price : 18.27
Bid-YTW : 7.57 %
BN.PF.A FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 22.99
Evaluated at bid price : 24.26
Bid-YTW : 6.35 %
BN.PR.Z FixedReset Disc 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 7.26 %
BN.PF.E FixedReset Disc 2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 7.19 %
IFC.PR.A FixedReset Ins Non 3.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.09 %
IFC.PR.C FixedReset Ins Non 4.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.50 %
Volume Highlights
Issue Index Shares
Traded
Notes
ENB.PR.T FixedReset Disc 49,763 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 7.17 %
FFH.PR.E FixedReset Disc 48,374 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 21.99
Evaluated at bid price : 22.55
Bid-YTW : 5.68 %
FFH.PR.D FloatingReset 36,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.37
Bid-YTW : 4.56 %
BN.PF.F FixedReset Disc 31,191 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 20.62
Evaluated at bid price : 20.62
Bid-YTW : 7.22 %
SLF.PR.H FixedReset Ins Non 27,184 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 6.47 %
CM.PR.P FixedReset Disc 26,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 23.71
Evaluated at bid price : 24.72
Bid-YTW : 5.25 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PR.M Perpetual-Discount Quote: 19.00 – 20.90
Spot Rate : 1.9000
Average : 1.2104

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.38 %

BIP.PR.A FixedReset Disc Quote: 23.30 – 24.60
Spot Rate : 1.3000
Average : 0.8840

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 22.41
Evaluated at bid price : 23.30
Bid-YTW : 6.87 %

PWF.PR.H Perpetual-Discount Quote: 23.27 – 24.25
Spot Rate : 0.9800
Average : 0.6522

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 23.00
Evaluated at bid price : 23.27
Bid-YTW : 6.25 %

MFC.PR.F FixedReset Ins Non Quote: 15.72 – 16.72
Spot Rate : 1.0000
Average : 0.7233

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 15.72
Evaluated at bid price : 15.72
Bid-YTW : 6.63 %

SLF.PR.E Insurance Straight Quote: 19.00 – 20.28
Spot Rate : 1.2800
Average : 1.0091

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %

PVS.PR.J SplitShare Quote: 24.65 – 25.50
Spot Rate : 0.8500
Average : 0.5821

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 4.89 %

December 2, 2024

December 2nd, 2024

TXPR closed at 619.34, down 0.54% on the day. Volume today was 1.34-million, above the median of the past 21 trading days.

CPD closed at 12.26, down 0.49% on the day. Volume was 70,810, third-highest of the past 21 trading days.

ZPR closed at 10.62, down 0.56% on the day. Volume was 83,450, near the median of the past 21 trading days.

Five-year Canada yields were steady at 2.96%.

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 0.6301 % 2,263.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6301 % 4,340.6
Floater 8.41 % 8.80 % 28,916 10.48 4 0.6301 % 2,501.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.2399 % 3,622.8
SplitShare 4.77 % 4.47 % 67,065 1.20 7 0.2399 % 4,326.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2399 % 3,375.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2161 % 2,841.6
Perpetual-Discount 6.04 % 6.22 % 51,123 13.53 32 -0.2161 % 3,098.6
FixedReset Disc 5.42 % 6.74 % 102,386 12.76 53 0.0018 % 2,736.6
Insurance Straight 5.95 % 6.13 % 60,646 13.63 21 0.2843 % 3,042.5
FloatingReset 6.74 % 6.46 % 32,485 12.35 4 0.4595 % 3,324.6
FixedReset Prem 6.14 % 5.53 % 175,770 3.73 10 -0.0272 % 2,595.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0018 % 2,797.3
FixedReset Ins Non 5.22 % 6.09 % 85,005 13.76 14 -0.8239 % 2,812.0
Performance Highlights
Issue Index Change Notes
IFC.PR.C FixedReset Ins Non -4.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.04
Evaluated at bid price : 20.04
Bid-YTW : 6.77 %
IFC.PR.A FixedReset Ins Non -3.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.30 %
BN.PR.Z FixedReset Disc -2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 7.39 %
PWF.PR.S Perpetual-Discount -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.26 %
BN.PR.X FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 7.40 %
BN.PR.N Perpetual-Discount -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.42 %
BN.PF.J FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 22.55
Evaluated at bid price : 23.20
Bid-YTW : 6.68 %
CU.PR.H Perpetual-Discount -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.51
Evaluated at bid price : 21.77
Bid-YTW : 6.06 %
BN.PF.A FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 22.81
Evaluated at bid price : 23.87
Bid-YTW : 6.47 %
FTS.PR.M FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.74 %
ENB.PF.G FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.68 %
MFC.PR.C Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 5.85 %
IFC.PR.E Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.72
Evaluated at bid price : 21.72
Bid-YTW : 6.11 %
PWF.PR.R Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.98
Evaluated at bid price : 22.22
Bid-YTW : 6.26 %
ENB.PR.F FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 7.35 %
FTS.PR.F Perpetual-Discount 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.86 %
PVS.PR.J SplitShare 1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.47 %
BN.PF.F FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 7.26 %
PWF.PR.T FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 22.18
Evaluated at bid price : 22.75
Bid-YTW : 5.98 %
FFH.PR.E FixedReset Disc 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 22.09
Evaluated at bid price : 22.70
Bid-YTW : 5.64 %
BN.PR.T FixedReset Disc 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 7.36 %
BN.PR.B Floater 2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 12.14
Evaluated at bid price : 12.14
Bid-YTW : 8.81 %
CCS.PR.C Insurance Straight 3.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 6.00 %
BN.PF.E FixedReset Disc 3.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 7.39 %
SLF.PR.E Insurance Straight 4.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 5.68 %
Volume Highlights
Issue Index Shares
Traded
Notes
BN.PF.B FixedReset Disc 133,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 6.97 %
IFC.PR.A FixedReset Ins Non 43,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.30 %
PWF.PR.K Perpetual-Discount 43,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.17
Evaluated at bid price : 20.17
Bid-YTW : 6.22 %
ENB.PR.Y FixedReset Disc 35,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 17.87
Evaluated at bid price : 17.87
Bid-YTW : 7.52 %
MFC.PR.I FixedReset Ins Non 30,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 22.97
Evaluated at bid price : 23.93
Bid-YTW : 6.09 %
MFC.PR.M FixedReset Ins Non 28,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.64
Evaluated at bid price : 22.00
Bid-YTW : 6.05 %
There were 14 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: 20.04 – 21.25
Spot Rate : 1.2100
Average : 0.7719

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.04
Evaluated at bid price : 20.04
Bid-YTW : 6.77 %

BN.PF.G FixedReset Disc Quote: 20.14 – 21.30
Spot Rate : 1.1600
Average : 0.7587

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.14
Evaluated at bid price : 20.14
Bid-YTW : 7.18 %

PVS.PR.K SplitShare Quote: 24.79 – 26.00
Spot Rate : 1.2100
Average : 0.8736

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.79
Bid-YTW : 4.67 %

IFC.PR.A FixedReset Ins Non Quote: 19.10 – 20.30
Spot Rate : 1.2000
Average : 0.8756

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.30 %

CU.PR.C FixedReset Disc Quote: 20.52 – 21.40
Spot Rate : 0.8800
Average : 0.5812

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 6.55 %

FFH.PR.F FloatingReset Quote: 22.05 – 22.84
Spot Rate : 0.7900
Average : 0.5174

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.77
Evaluated at bid price : 22.05
Bid-YTW : 6.46 %

BPO.PR.A To Reset To 6.164%

December 2nd, 2024

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced:

the reset dividend rate on its Class AAA Preference Shares, Series AA (“Series AA Shares”) (TSX: BPO.PR.A).

If declared, the fixed quarterly dividends on the Series AA Shares for the five years commencing January 1, 2025 and ending December 31, 2029 will be paid at an annual rate of 6.164% ($0.38525 per share per quarter).

Holders of Series AA Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on December 16, 2024, to convert all or part of their Series AA Shares, on a one-for-one basis, into Class AAA Preference Shares, Series BB (the “Series BB Shares”), effective December 31, 2024.

The quarterly floating rate dividends on the Series BB Shares have an annual rate, calculated for each quarter, of 3.15% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the January 1, 2025 to March 31, 2025 dividend period for the Series BB Shares will be 1.63479% (6.6% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.408698 per share, payable on March 31, 2025.

Holders of Series AA Shares are not required to elect to convert all or any part of their Series AA Shares into Series BB Shares.

As provided in the share conditions of the Series AA Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series AA Shares outstanding after December 31, 2024, all remaining Series AA Shares will be automatically converted into Series BB Shares on a one-for-one basis effective December 31, 2024; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series BB Shares outstanding after December 31, 2024, no Series AA Shares will be permitted to be converted into Series BB Shares. There are currently 11,845,858 Series AA Shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series BB Shares effective upon conversion. Listing of the Series BB Shares is subject to Brookfield fulfilling all the listing requirements of the TSX and, upon approval, the Series BB Shares will be listed on the TSX under the trading symbol “BPO.PR.B”.

BPO.PR.A was issued as a FixedReset, 4.75%+315, that commenced trading 2014-10-23 after being announced 2014-10-7. BPO.PR.A reset at 4.709% effective 2020-1-1. There was no conversion. The issue is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.