Issue Comments

CVE.PR.E To Be Redeemed

Cenovus Energy Inc. has announced:

it will exercise its right to redeem the Company’s 4.591% Series 5 Preferred Shares (the “Series 5 Preferred Shares”) on March 31, 2025 (the “Redemption”). All 8 million Series 5 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $200 million, less required withholdings, if any, funded primarily from cash on hand.

As previously announced, the Company’s Board of Directors has declared a quarterly dividend of $0.28694 per Series 5 Preferred Share payable on March 31, 2025, to shareholders of record as of March 14, 2025. This will be the final dividend paid on the Series 5 Preferred Shares.

Inquiries from registered holders of Series 5 Preferred Shares should be directed to Cenovus’s Registrar and Transfer Agent, Computershare Investor Services Inc. at 1-866-332-8898 or (514) 982-8717 outside North America. Beneficial holders, who are not directly registered holders of Series 5 Preferred Shares, should contact the financial institution, broker, or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

CVE.PR.E was issued as HSE.PR.E, a FixedReset, 4.50%+357, that commenced trading 2015-3-12 after being announced 2015-3-4. It reset at 4.591% effective 2020-3-31. I made a preliminary recommendation not to convert. The ticker changed to CVE.PR.E in early 2021.

The issue is tracked by HIMIPref™ and has been assigned to the FixedReset (Discount) subindex. DBRS upgraded the issue to Pfd-3(high) in late 2022 (which I later thought I had not reported.

Issue Comments

PVS.PR.M, SplitShare, 5.15%, 6-Year

Somehow this information was lost in the Server Crash…
: Partners Value Split Corp. has announced (on 2025-2-26):

that as a result of strong investor demand for its previously announced offering, it has agreed to increase the size of the offering and sell 8,000,000 Class AA Preferred Shares, Series 15 (the “Series 15 Preferred Shares”) to a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. on a bought deal basis.

The Series 15 Preferred Shares will be issued at a price of $25.00 per share, for gross proceeds of $200,000,000. The Series 15 Preferred Shares will carry a fixed coupon of 5.15% and will have a final maturity of March 31, 2031. The Series 15 Preferred Shares have a provisional rating of Pfd-2 from DBRS Limited. The net proceeds of the offering will be used by the Company to pay a special dividend on the Company’s capital shares.

Closing of the offering is expected to occur on or about March 5, 2025.

The Company owns a portfolio consisting of approximately 119 million Class A Limited Voting Shares of Brookfield Corporation and approximately 30 million Class A Limited Voting Shares of Brookfield Asset Management Ltd. (collectively, the “Brookfield Securities”), which are expected to yield quarterly dividends that are sufficient to fund quarterly fixed cumulative preferential dividends for the holders of the Company’s preferred shares and to enable the holders of the Company’s capital shares to participate in any capital appreciation of the Brookfield Securities.

Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. Brookfield Corporation has three core businesses: alternative asset management, wealth solutions, and its operating businesses which are in renewable power, infrastructure, business and industrial services, and real estate. Brookfield Corporation is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BN.

Brookfield Asset Management Ltd. (“BAM”) is a leading global alternative asset manager with over US$1 trillion of assets under management across renewable power & transition, infrastructure, private equity, real estate, and credit. BAM’s objective is to generate attractive, long-term risk-adjusted returns for the benefit of its clients and shareholders. BAM is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BAM.

The previous announcement they reference was issued earlier on the same day:

Partners Value Split Corp. (the “Company”) announced today that it has entered into an agreement to sell 5,000,000 Class AA Preferred Shares, Series 15 (the “Series 15 Preferred Shares”) to a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. on a bought deal basis.

The Series 15 Preferred Shares will be issued at a price of $25.00 per share, for gross proceeds of $125,000,000. The Series 15 Preferred Shares will carry a fixed coupon of 5.15% and will have a final maturity of March 31, 2031. The Series 15 Preferred Shares have a provisional rating of Pfd-2 from DBRS Limited. The net proceeds of the offering will be used by the Company to pay a special dividend on the Company’s Capital shares.

The Company has granted the underwriters an option, exercisable in whole or part prior to closing, to purchase up to an additional 1,000,000 Series 15 Preferred Shares at the same offering price, which, if exercised in full, would increase the gross offering size to $150,000,000. Closing of the offering is expected to occur on or about March 5, 2025.

The Company owns a portfolio consisting of approximately 119 million Class A Limited Voting Shares of Brookfield Corporation and approximately 30 million Class A Limited Voting Shares of Brookfield Asset Management Ltd. (collectively, the “Brookfield Securities”), which are expected to yield quarterly dividends that are sufficient to fund quarterly fixed cumulative preferential dividends for the holders of the Company’s preferred shares and to enable the holders of the Company’s capital shares to participate in any capital appreciation of the Brookfield Securities. Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. Brookfield Corporation has three core businesses: alternative asset management, wealth solutions, and its operating businesses which are in renewable power, infrastructure, business and industrial services, and real estate. Brookfield Corporation is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BN.

Brookfield Asset Management Ltd. (“BAM”) is a leading global alternative asset manager with over US$1 trillion of assets under management across renewable power & transition, infrastructure, private equity, real estate, and credit. BAM’s objective is to generate attractive, long-term risk-adjusted returns for the benefit of its clients and shareholders. BAM is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BAM.

Issue Comments

CWB: Ticker Change to NA

National Bank of Canada and Canadian Western Bank have announced:

the completion of the previously announced reorganization of CWB’s tier 1 capital.

In particular, on the date hereof, all of the issued and outstanding First Preferred Shares Series 5 (Non-Viability Contingent Capital (NVCC)) and Series 9 (Non-Viability Contingent Capital (NVCC)) of CWB (collectively, the “CWB First Preferred Shares”) have been exchanged, on a one for one basis, for new First Preferred Shares of National Bank Series 47 (Non-Viability Contingent Capital (NVCC)) and Series 49 (Non-Viability Contingent Capital (NVCC)) (collectively, the “National Bank First Preferred Shares”), respectively, in each case having substantially the same rights, privileges, restrictions and conditions as the corresponding CWB First Preferred Shares. The Limited Recourse Capital Notes Series 1 and Series 2 (NVCC) of CWB have been redeemed in accordance with their terms.

It is expected that the National Bank First Preferred Shares will commence trading on the Toronto Stock Exchange (“TSX”) under the ticker symbols NA.PR.I. and NA.PR.K., respectively, as of opening of markets on February 20, 2025. The CWB First Preferred Shares will be delisted from the TSX.

As previously announced, following such exchanges and redemptions and certain other corporate actions, National Bank and CWB will, on March 1, 2025, amalgamate and continue as one bank under the name National Bank of Canada, with the resulting entity assuming the obligations of its predecessors, including the obligations of CWB under its outstanding NVCC Subordinated Debentures.

Old Ticker New Ticker
CWB.PR.B NA.PR.I
CWB.PR.D NA.PR.K
Issue Comments

MFC.PR.N To Reset To 5.169%

Manulife Financial Corporation announced (on 2025-1-29, but not on their website as of 2025-6-25 as far as I can see):

that it does not intend to exercise its right to redeem all or any of its currently outstanding 10,000,000 Non-cumulative Rate Reset Class 1 Shares Series 19 (the “Series 19 Preferred Shares”) (TSX: MFC.PR.N) on March 19, 2025. As a result, subject to certain conditions described in the prospectus supplement dated November 26, 2014 relating to the issuance of the Series 19 Preferred Shares (the “Prospectus”), the holders of the Series 19 Preferred Shares have the right, at their option, to convert all or part of their Series 19 Preferred Shares on a one-for-one basis into Non-cumulative Floating Rate Class 1 Shares Series 20 of Manulife (the “Series 20 Preferred Shares”) on March 19, 2025. A formal notice of the right to convert Series 19 Preferred Shares into Series 20 Preferred Shares will be sent to the registered holders of the Series 19 Preferred Shares in accordance with the share conditions of the Series 19 Preferred Shares. Holders of Series 19 Preferred Shares are not required to elect to convert all or any part of their Series 19 Preferred Shares into Series 20 Preferred Shares. Holders who do not exercise their right to convert their Series 19 Preferred Shares into Series 20 Preferred Shares on such date will retain their Series 19 Preferred Shares, unless automatically converted in accordance with the conditions below.

The foregoing conversion right is subject to the conditions that: (i) if, after March 4, 2025, Manulife determines that there would be less than 1,000,000 Series 19 Preferred Shares outstanding on March 19, 2025, then all remaining Series 19 Preferred Shares will automatically be converted into an equal number of Series 20 Preferred Shares on March 19, 2025, and (ii) alternatively, if, after March 4, 2025, Manulife determines that there would be less than 1,000,000 Series 20 Preferred Shares outstanding on March 19, 2025, then no Series 19 Preferred Shares will be converted into Series 20 Preferred Shares. In either case, Manulife will give written notice to that effect to any registered holders of Series 19 Preferred Shares affected by the preceding minimums on or before March 12, 2025.

The dividend rate applicable to the Series 19 Preferred Shares for the 5-year period commencing on March 20, 2025, and ending on March 19, 2030, and the dividend rate applicable to the Series 20 Preferred Shares for the 3-month period commencing on March 20, 2025, and ending on June 19, 2025, will be determined and announced by way of a news release on February 18, 2025. Manulife will also give written notice of these dividend rates to the registered holders of Series 19 Preferred Shares.

Beneficial owners of Series 19 Preferred Shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5:00 p.m. (Toronto time) on March 4, 2025. Conversion inquiries should be directed to Manulife’s Registrar and Transfer Agent, TSX Trust Company, at 1‑800-783-9495.

Subject to certain conditions described in the Prospectus, Manulife may redeem the Series 19 Preferred Shares, in whole or in part, on March 19, 2030 and on March 19 every five years thereafter and may redeem the Series 20 Preferred Shares, in whole or in part, after March 19, 2025.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 20 Preferred Shares effective upon conversion. Listing of the Series 20 Preferred Shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 20 Preferred Shares will be listed on the TSX under the trading symbol “MFC.PR.S”.

On 2025-2-18, they announced (again, not on their website as of 2025-6-25):

the applicable dividend rates for its Non-cumulative Rate Reset Class 1 Shares Series 19 (the “Series 19 Preferred Shares”) (TSX: MFC.PR.N) and Non-cumulative Floating Rate Class 1 Shares Series 20 (the “Series 20 Preferred Shares”).

With respect to any Series 19 Preferred Shares that remain outstanding after March 19, 2025, holders thereof will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on March 20, 2025, and ending on March 19, 2030, will be 5.16900% per annum or $0.323063 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at February 18, 2025, plus 2.30%, as determined in accordance with the terms of the Series 19 Preferred Shares.

With respect to any Series 20 Preferred Shares that may be issued in connection with the conversion of the Series 19 Preferred Shares into the Series 20 Preferred Shares, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of the actual number of days elapsed in each quarterly floating rate period divided by 365, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the three-month period commencing on March 20, 2025, and ending on June 19, 2025, will be 1.29430% (5.13500% on an annualized basis) or $0.323575 per share, being equal to the sum of the three-month Government of Canada Treasury bill yield as at February 18, 2025, plus 2.30%, as determined in accordance with the terms of the Series 20 Preferred Shares.

Beneficial owners of Series 19 Preferred Shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5:00 p.m. (Toronto time) on March 4, 2025. Conversion inquiries should be directed to Manulife’s Registrar and Transfer Agent, TSX Trust Company, at 1‑800‑783‑9495.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 20 Preferred Shares effective upon conversion. Listing of the Series 20 Preferred Shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 20 Preferred Shares will be listed on the TSX under the trading symbol “MFC.PR.S”.

MFC.PR.N was issued as a FixedReset, 3.80%+230, that commenced trading 2014-12-3 after being announced 2014-11-26. The company provided notice of extension 2020-2-3. The issue reset at 3.675% effective 2020-3-20 and there was no conversion. It is tracked by HIMIPref™ and is assigned to the FixedReset – Insurance non-NVCC subindex.

Update as of 2025-3-5: They announced (not on website!):

that after having taken into account all election notices received by the March 4, 2025 deadline for conversion of its currently outstanding 10,000,000 Non-cumulative Rate Reset Class 1 Shares Series 19 (the “Series 19 Preferred Shares”) (TSX: MFC.PR.N) into Non-cumulative Floating Rate Class 1 Shares Series 20 of Manulife (the “Series 20 Preferred Shares”), the holders of Series 19 Preferred Shares are not entitled to convert their Series 19 Preferred Shares into Series 20 Preferred Shares. There were 3,700 Series 19 Preferred Shares elected for conversion, which is less than the minimum one million shares required to give effect to conversions into Series 20 Preferred Shares.

As announced by Manulife on February 18, 2025, after March 19, 2025, holders of Series 19 Preferred Shares will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on March 20, 2025, and ending on March 19, 2030, will be 5.16900% per annum or $0.323063 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at February 18, 2025, plus 2.30%, as determined in accordance with the terms of the Series 19 Preferred Shares.

Subject to certain conditions described in the prospectus supplement dated November 26, 2014 relating to the issuance of the Series 19 Preferred Shares, Manulife may redeem the Series 19 Preferred Shares, in whole or in part, on March 19, 2030 and on March 19 every five years thereafter.

Issue Comments

ENB.PF.C To Reset To 5.477%

Enbridge Inc. has announced:

that it does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series 11 (Series 11 Shares) (TSX: ENB.PF.C) on March 1, 2025. As a result, subject to certain conditions, the holders of the Series 11 Shares have the right to convert all or part of their Series 11 Shares on a one-for-one basis into Cumulative Redeemable Preference Shares, Series 12 of Enbridge (Series 12 Shares) on March 1, 2025. Holders who do not exercise their right to convert their Series 11 Shares into Series 12 Shares will retain their Series 11 Shares.

The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be less than 1,000,000 Series 11 Shares outstanding after March 1, 2025, then all remaining Series 11 Shares will automatically be converted into Series 12 Shares on a one-for-one basis on March 1, 2025; and (ii) alternatively, if Enbridge determines that there would be less than 1,000,000 Series 12 Shares outstanding after March 1, 2025, no Series 11 Shares will be converted into Series 12 Shares. There are currently 20,000,000 Series 11 Shares outstanding.

With respect to any Series 11 Shares that remain outstanding after March 1, 2025, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The new annual dividend rate applicable to the Series 11 Shares for the five-year period commencing on March 1, 2025 to, but excluding, March 1, 2030 will be 5.477 percent, being equal to the five-year Government of Canada bond yield of 2.837 percent determined as of today plus 2.64 percent in accordance with the terms of the Series 11 Shares.

With respect to any Series 12 Shares that may be issued on March 1, 2025, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The dividend rate applicable to the Series 12 Shares for the three-month floating rate period commencing on March 1, 2025 to, but excluding, June 1, 2025 will be 1.41151 percent, based on the annual rate on three month Government of Canada treasury bills for the most recent treasury bills auction of 2.96 percent plus 2.64 percent in accordance with the terms of the Series 12 Shares (the Floating Quarterly Dividend Rate). The Floating Quarterly Dividend Rate will be reset every quarter.

Beneficial holders of Series 11 Shares who wish to exercise their right of conversion during the conversion period, which runs from January 30, 2025 until 5:00 p.m. (EST) on February 14, 2025, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary time to complete the necessary steps. Any notices received after this deadline will not be valid.

ENB.PF.C was issued a FixedReset, 4.40%+264, that commenced trading 2014-5-22 after being announced 2014-5-12. ENB.PF.C will reset at 3.938% effective March 1, 2020. I recommended against conversion and there was no conversion. The issue is tracked by HIMIPref™ but was originally relegated to the Scraps – FixedReset – Discount subindex on credit concerns; it was upgraded to Pfd-2(low) by DBRS in mid-2024.

Update, 2025-02-14: Enbridge has announced:

that none of its outstanding Cumulative Redeemable Preference Shares, Series 11 (Series 11 Shares) will be converted into Cumulative Redeemable Preference Shares, Series 12 (Series 12 Shares) on March 1, 2025.

After taking into account all conversion notices received from holders of its outstanding Series 11 Shares by the February 14, 2025 deadline for the conversion of the Series 11 Shares into Series 12 Shares, less than the 1,000,000 Series 11 Shares required to give effect to conversions into Series 12 Shares were tendered for conversion.

Issue Comments

EMA.PR.F To Reset To 5.749%

Emera Incorporated announced (on 2025-1-8):

that it does not intend to exercise its right to redeem all or any part of the currently outstanding Cumulative Rate Reset First Preferred Shares, Series F of the Company (the “Series F Shares”) on February 15, 2025. There are currently 8,000,000 Series F Shares outstanding.

Subject to certain conditions set out in the prospectus supplement of the Company dated June 2, 2014, to the short form base shelf prospectus dated May 2, 2013, relating to the issuance of the Series F Shares (collectively, the “Prospectus”), the holders of the Series F Shares have the right, at their option, to convert all or any of their Series F Shares, on a one-for-one basis, into Cumulative Floating Rate First Preferred Shares, Series G of the Company (the “Series G Shares”) on February 15, 2025 (the “Conversion Date”).

On such date, holders who do not exercise their right to convert their Series F Shares into Series G Shares will continue to hold their Series F Shares.

The foregoing conversion right is subject to the following:

if the Company determines that there would be less than 1,000,000 Series G Shares outstanding on the Conversion Date, then holders of Series F Shares will not be entitled to convert their shares into Series G Shares, and
alternatively, if the Company determines that there would remain outstanding less than 1,000,000 Series F Shares on the Conversion Date, then all remaining Series F Shares will automatically be converted into Series G Shares on a one-for-one basis on the Conversion Date.
In either case, Emera will give written notice to that effect to holders of Series F Shares at least seven days prior to the Conversion Date, subject to the terms set out in the Prospectus.

The dividend rate applicable for the Series F Shares for the five-year period commencing on February 15, 2025 and ending on (and inclusive of) February 14, 2030, and the dividend rate applicable to the Series G Shares for the 3-month period commencing on February 15, 2025 and ending on (and inclusive of) May 14, 2025, will be determined on January 16, 2025 and notice of such dividend rates shall be provided to the holders of the Series F Shares on that day.

Holders of Series F Shares who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from January 16, 2025 until 5:00 p.m. (EST) on January 31, 2025. Any notices received after this deadline will not be valid. As such, it is recommended that this be done well in advance of the deadline in order to provide their broker or other nominee with adequate time to complete the necessary steps.

Holders of Series F Shares who do not provide notice or communicate with their broker or other nominee by the deadline will retain their Series F Shares and receive the new annual fixed dividend rate applicable to the Series F Shares, subject to the conditions stated above. Holders of Series F Shares will have the opportunity to convert their shares again on February 15, 2030 and every five years thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with, an investment in Series F Shares and Series G Shares, please see the Company’s Prospectus, which is available on SEDAR+ at www.sedarplus.ca.

They further announced (on 2025-01-16):

the applicable dividend rates for its Cumulative Rate Reset First Preferred Shares, Series F (the “Series F Shares”) and Cumulative Floating Rate First Preferred Shares, Series G (the “Series G Shares”), in each case, payable if, as and when declared by the Board of Directors of the Company:

5.749% per annum on the Series F Shares ($0.35931 per Series F Share per quarter), being equal to the sum of the Government of Canada bond yield as at January 16, 2025, plus 2.63%, payable quarterly on the 15th of February, May, August and November of each year during the five-year period commencing on February 15, 2025 and ending on (and inclusive of) February 14, 2030; and

5.764% on the Series G Shares for the three-month period commencing on February 15, 2025 and ending on (and inclusive of) May 14, 2025 ($0.35137 per Series G Share for the quarter), being equal to the sum of the three-month Government of Canada treasury bill yield rate as at January 16, 2025, plus 2.63% (calculated on the basis of the actual number of days elapsed during the quarter divided by 365), payable on the 15th of May, 2025. The quarterly floating dividend rate will be reset every quarter.
Subject to certain conditions set out in the prospectus supplement of the Company dated June 2, 2014, to the short form base shelf prospectus dated May 2, 2013, relating to the issuance of the Series F Shares (collectively, the “Prospectus”), holders of the Series F Shares have the right, at their option, to convert all or any of their Series F Shares, on a one-for-one basis, into Series G Shares on February 15, 2025 (the “Conversion Date”). On such date, holders who do not exercise their right to convert their Series F Shares into Series G Shares will continue to hold their Series F Shares. The foregoing conversion right is subject to the following:

if the Company determines that there would be less than 1,000,000 Series G Shares outstanding on the Conversion Date, then holders of Series F Shares will not be entitled to convert their shares into Series G Shares, and

alternatively, if the Company determines that there would remain outstanding less than 1,000,000 Series F Shares on the Conversion Date, then all remaining Series F Shares will automatically be converted into Series G Shares on a one-for-one basis on the Conversion Date.
Holders of Series F Shares who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from January 16, 2025 until 5:00 p.m. (EST) on January 31, 2025. Any notices received after this deadline will not be valid. Holders of Series F Shares who wish to exercise their conversion right must carefully follow the procedures and instructions received from their broker or other nominee and contact their broker or other nominee if they need assistance. Such broker or other nominee may set deadlines for the return of instructions that are well in advance of the 5:00 p.m. (EST) deadline on January 31, 2025. As such, it is recommended that holders of Series F Shares communicate instructions to their broker or other nominee well in advance of the deadline in order to provide their broker or other nominee with adequate time to complete the necessary steps prior to the deadline.

Holders of Series F Shares who do not provide notice or communicate with their broker or other nominee by the deadline will retain their Series F Shares and receive the new annual fixed dividend rate applicable to the Series F Shares, subject to the conditions stated above. Holders of Series F Shares will have the opportunity to convert their shares again on February 15, 2030 and every five years thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with, an investment in Series F Shares and Series G Shares, please see the Company’s Prospectus, which is available on SEDAR+ at www.sedarplus.ca.

EMA.PR.F was issued as a FixedReset, 4.25%+263, that commenced trading 2014-6-9 after being being announced 2014-5-29. The company announced the extension on 2020-1-7. EMA.PR.F will reset at 4.202% effective February 15, 2020. I recommended against conversion and there was no conversion. EMA.PR.F is tracked by HIMIPref™ and assigned to the FixedReset Discount subindex.

Update, 2025-02-06: They have announced:

that after having taken into account all conversion notices received from holders of its outstanding Cumulative Rate Reset First Preferred Shares, Series F (the “Series F Shares”) by the January 31, 2025 deadline for conversion notices, less than the 1,000,000 Series F Shares required to give effect to conversions into Cumulative Floating Rate First Preferred Shares, Series G (the “Series G Shares”) were tendered for conversion. As a result, none of Emera’s outstanding Series F Shares will be converted into Series G Shares on February 15, 2025. The Series F Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbol EMA.PR.F.

Market Action

January 15, 2025

The US inflation numbers had something for everyone!

Consumer prices rose more quickly in December, the latest sign that the Federal Reserve’s fight against inflation may have stalled.

The Consumer Price Index rose 0.4 percent from November, and was up 2.9 percent from a year earlier, the Labor Department said on Wednesday. It was the fastest one-month increase in overall prices since February, driven in part by another sharp rise in the price of eggs and other groceries.

The “core” measure of inflation, which strips out volatile food and fuel prices to give a better sense of the underlying trend, was more encouraging: The index rose 3.2 percent from a year earlier after three straight months of 3.3 percent gains. Forecasters had not expected core inflation to slow.
…
Inflation in housing — by far the biggest monthly expense for most families, and one of the most stubborn categories of consumer prices — has finally begun to ease: Shelter prices were up 4.6 percent in December from a year earlier, the smallest 12-month increase in nearly three years.

PerpetualDiscounts now yield 6.03%, equivalent to 7.84% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.62% on 2025-1-14 and since then the closing price of ZLC changed from 15.02 to 15.19, a total return of +1.13%, implying a decrease in yields (assuming that the “Duration” of 12.66 reported by BMO is Modified Duration) of about 9bp to 4.53%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 330bp from the 325bp reported January 8.

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 0.4729 % 2,330.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4729 % 4,470.3
Floater 7.48 % 7.76 % 32,682 11.65 4 0.4729 % 2,576.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0149 % 3,638.3
SplitShare 4.76 % 4.49 % 46,468 0.16 8 0.0149 % 4,344.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0149 % 3,390.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3314 % 2,902.4
Perpetual-Discount 5.92 % 6.03 % 58,809 13.88 32 0.3314 % 3,164.9
FixedReset Disc 5.33 % 6.64 % 98,696 12.84 50 0.4954 % 2,855.4
Insurance Straight 5.89 % 5.98 % 66,505 13.94 21 0.6707 % 3,076.0
FloatingReset 6.27 % 6.41 % 40,110 13.28 3 -0.2882 % 3,425.1
FixedReset Prem 5.69 % 5.50 % 162,890 3.36 12 0.2203 % 2,588.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4954 % 2,918.8
FixedReset Ins Non 5.12 % 6.06 % 74,361 13.70 14 0.6158 % 2,949.3
Performance Highlights
Issue Index Change Notes
CCS.PR.C Insurance Straight -4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.02 %
GWO.PR.Q Insurance Straight -4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.30 %
PWF.PR.Z Perpetual-Discount -3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 6.34 %
IFC.PR.F Insurance Straight -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 21.67
Evaluated at bid price : 22.10
Bid-YTW : 6.04 %
GWO.PR.L Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 6.06 %
SLF.PR.G FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 17.83
Evaluated at bid price : 17.83
Bid-YTW : 6.37 %
PWF.PR.K Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 20.57
Evaluated at bid price : 20.57
Bid-YTW : 6.04 %
FTS.PR.H FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.77 %
BN.PR.B Floater 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 12.45
Evaluated at bid price : 12.45
Bid-YTW : 7.76 %
POW.PR.C Perpetual-Discount 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 24.05
Evaluated at bid price : 24.30
Bid-YTW : 6.00 %
ENB.PF.G FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 7.42 %
BN.PF.E FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.79 %
MFC.PR.L FixedReset Ins Non 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 22.36
Evaluated at bid price : 23.08
Bid-YTW : 5.95 %
ENB.PR.H FixedReset Disc 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 6.72 %
CU.PR.H Perpetual-Discount 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.91 %
MFC.PR.F FixedReset Ins Non 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.20 %
ENB.PR.D FixedReset Disc 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 7.26 %
BIP.PR.A FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 23.80
Evaluated at bid price : 24.52
Bid-YTW : 6.81 %
IFC.PR.E Insurance Straight 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 22.04
Evaluated at bid price : 22.50
Bid-YTW : 5.81 %
FTS.PR.K FixedReset Disc 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 21.06
Evaluated at bid price : 21.06
Bid-YTW : 6.40 %
CU.PR.E Perpetual-Discount 2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.93 %
BN.PR.X FixedReset Disc 2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 7.03 %
FTS.PR.J Perpetual-Discount 2.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 5.71 %
MFC.PR.B Insurance Straight 3.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.78 %
IFC.PR.C FixedReset Ins Non 3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 21.67
Evaluated at bid price : 22.10
Bid-YTW : 6.32 %
BN.PR.T FixedReset Disc 7.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 18.73
Evaluated at bid price : 18.73
Bid-YTW : 7.05 %
SLF.PR.D Insurance Straight 22.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 5.66 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.W FixedReset Prem 306,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 24.92
Bid-YTW : 3.81 %
CU.PR.J Perpetual-Discount 79,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 6.02 %
GWO.PR.I Insurance Straight 61,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 5.87 %
MFC.PR.L FixedReset Ins Non 59,781 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 22.36
Evaluated at bid price : 23.08
Bid-YTW : 5.95 %
GWO.PR.N FixedReset Ins Non 54,850 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 16.68
Evaluated at bid price : 16.68
Bid-YTW : 6.49 %
FTS.PR.M FixedReset Disc 50,084 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 6.68 %
There were 17 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PF.G FixedReset Disc Quote: 21.70 – 24.60
Spot Rate : 2.9000
Average : 1.5889

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 21.41
Evaluated at bid price : 21.70
Bid-YTW : 6.88 %
CU.PR.H Perpetual-Discount Quote: 22.50 – 24.96
Spot Rate : 2.4600
Average : 1.7444

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.91 %
SLF.PR.E Insurance Straight Quote: 19.00 – 20.71
Spot Rate : 1.7100
Average : 1.3250

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.98 %
GWO.PR.H Insurance Straight Quote: 20.50 – 21.70
Spot Rate : 1.2000
Average : 0.8170

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.98 %
CCS.PR.C Insurance Straight Quote: 21.00 – 21.96
Spot Rate : 0.9600
Average : 0.7164

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.02 %
GWO.PR.Q Insurance Straight Quote: 20.65 – 21.70
Spot Rate : 1.0500
Average : 0.8099

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-15
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.30 %
Market Action

January 14, 2025

The day brought with it sone interest with massive trading in the BCE.PR.E / BCE.PR.F pair with Gundy CIBC acting on the E buy-side and the F sell-side. TMXMoney.com reports VWAPs (for all trades in the day, not just CIBC’s) of 17.618 and 17.651, respectively.

E will go ex-dividend 1/31 for about 0.11723 (which was the dividend earned on 12/31) while F went ex on 12/31 for $0.2415625, while conversion is effective 2/1, so that helps the math a bit. If somebody is putting the position on AND converting to close the position, they’re making a little money, much of which will be eaten up by commission unless they have low trading costs. Cost of capital would nibble away at the balance. So maybe it’s a real money account behind all this, that has held the Fs but wants or wouldn’t mind the Es, depending on what the reset rate on the Fs turns out to be. It would be interesting to hear the story on this … it would be interesting to hear a lot of stories!

And who were the guys on the other side of all these trades and what were their stories?

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 -0.0788 % 2,319.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0788 % 4,449.3
Floater 7.52 % 7.80 % 33,948 11.61 4 -0.0788 % 2,564.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.1144 % 3,637.7
SplitShare 4.76 % 4.62 % 52,853 0.77 8 0.1144 % 4,344.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1144 % 3,389.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0246 % 2,892.8
Perpetual-Discount 5.94 % 6.07 % 58,061 13.80 32 0.0246 % 3,154.5
FixedReset Disc 5.36 % 6.63 % 99,477 12.78 50 -0.2235 % 2,841.4
Insurance Straight 5.92 % 5.98 % 67,055 13.94 21 -0.8752 % 3,055.5
FloatingReset 6.25 % 6.35 % 41,695 13.37 3 0.3696 % 3,435.0
FixedReset Prem 5.71 % 5.50 % 165,022 3.36 12 -0.3375 % 2,583.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.2235 % 2,904.4
FixedReset Ins Non 5.16 % 6.07 % 73,772 13.70 14 0.0527 % 2,931.2
Performance Highlights
Issue Index Change Notes
SLF.PR.D Insurance Straight -19.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 16.22
Evaluated at bid price : 16.22
Bid-YTW : 6.94 %
SLF.PR.E Insurance Straight -6.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.98 %
BN.PR.T FixedReset Disc -5.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 7.58 %
CU.PR.E Perpetual-Discount -3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.06 %
FTS.PR.J Perpetual-Discount -2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.89 %
MFC.PR.B Insurance Straight -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 19.74
Evaluated at bid price : 19.74
Bid-YTW : 5.96 %
FTS.PR.K FixedReset Disc -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 20.63
Evaluated at bid price : 20.63
Bid-YTW : 6.53 %
IFC.PR.E Insurance Straight -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 21.66
Evaluated at bid price : 22.05
Bid-YTW : 5.93 %
BN.PR.R FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 7.40 %
BIP.PR.A FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 23.23
Evaluated at bid price : 24.03
Bid-YTW : 6.95 %
MFC.PR.L FixedReset Ins Non -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 22.16
Evaluated at bid price : 22.75
Bid-YTW : 6.05 %
ENB.PR.D FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 7.40 %
NA.PR.E FixedReset Prem -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 23.17
Evaluated at bid price : 24.57
Bid-YTW : 5.81 %
ENB.PF.G FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 7.52 %
ENB.PR.H FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.82 %
ENB.PR.P FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 7.22 %
PWF.PR.F Perpetual-Discount -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 21.46
Evaluated at bid price : 21.72
Bid-YTW : 6.05 %
GWO.PR.H Insurance Straight -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.04 %
BN.PF.J FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 22.88
Evaluated at bid price : 23.80
Bid-YTW : 6.62 %
MFC.PR.N FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 22.03
Evaluated at bid price : 22.60
Bid-YTW : 6.07 %
FTS.PR.H FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 6.85 %
GWO.PR.I Insurance Straight 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 19.27
Evaluated at bid price : 19.27
Bid-YTW : 5.90 %
GWO.PR.N FixedReset Ins Non 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 16.58
Evaluated at bid price : 16.58
Bid-YTW : 6.53 %
PWF.PR.P FixedReset Disc 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 16.44
Evaluated at bid price : 16.44
Bid-YTW : 6.98 %
FTS.PR.G FixedReset Disc 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 22.14
Evaluated at bid price : 22.62
Bid-YTW : 6.16 %
IFC.PR.F Insurance Straight 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 22.27
Evaluated at bid price : 22.55
Bid-YTW : 5.92 %
PWF.PR.L Perpetual-Discount 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.08 %
GWO.PR.Q Insurance Straight 4.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 6.05 %
PWF.PR.Z Perpetual-Discount 7.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.13 %
GWO.PR.R Insurance Straight 8.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 6.00 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.C FixedReset Prem 1,486,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-02
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.96 %
CM.PR.P FixedReset Disc 1,218,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 23.99
Evaluated at bid price : 24.95
Bid-YTW : 5.40 %
GWO.PR.N FixedReset Ins Non 301,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 16.58
Evaluated at bid price : 16.58
Bid-YTW : 6.53 %
SLF.PR.G FixedReset Ins Non 152,169 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 6.43 %
ENB.PF.E FixedReset Disc 118,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 7.43 %
ENB.PF.A FixedReset Disc 98,852 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 7.24 %
There were 31 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.D Insurance Straight Quote: 16.22 – 20.47
Spot Rate : 4.2500
Average : 2.3771

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 16.22
Evaluated at bid price : 16.22
Bid-YTW : 6.94 %
CU.PR.H Perpetual-Discount Quote: 22.15 – 23.71
Spot Rate : 1.5600
Average : 0.9597

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 6.01 %
SLF.PR.E Insurance Straight Quote: 19.00 – 20.50
Spot Rate : 1.5000
Average : 0.9028

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.98 %
BN.PR.T FixedReset Disc Quote: 17.40 – 18.70
Spot Rate : 1.3000
Average : 0.7876

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 7.58 %
BN.PR.R FixedReset Disc Quote: 17.85 – 19.50
Spot Rate : 1.6500
Average : 1.1477

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 7.40 %
MFC.PR.K FixedReset Ins Non Quote: 24.30 – 25.88
Spot Rate : 1.5800
Average : 1.2628

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-14
Maturity Price : 23.02
Evaluated at bid price : 24.30
Bid-YTW : 5.79 %
Market Action

January 13, 2025

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 0.2962 % 2,321.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2962 % 4,452.8
Floater 7.51 % 7.80 % 31,950 11.61 4 0.2962 % 2,566.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0050 % 3,633.6
SplitShare 4.76 % 4.70 % 48,587 0.77 8 -0.0050 % 4,339.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0050 % 3,385.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.3218 % 2,892.1
Perpetual-Discount 5.94 % 6.07 % 56,722 13.81 32 -0.3218 % 3,153.7
FixedReset Disc 5.34 % 6.62 % 102,423 12.76 50 -0.0245 % 2,847.7
Insurance Straight 5.87 % 5.97 % 65,993 13.96 21 -0.4057 % 3,082.5
FloatingReset 6.27 % 6.37 % 38,541 13.35 3 0.4196 % 3,422.3
FixedReset Prem 5.69 % 5.50 % 166,189 3.37 12 -0.0098 % 2,591.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0245 % 2,910.9
FixedReset Ins Non 5.16 % 6.09 % 74,695 13.72 14 0.1981 % 2,929.7
Performance Highlights
Issue Index Change Notes
GWO.PR.R Insurance Straight -7.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.49 %
PWF.PR.Z Perpetual-Discount -7.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 19.67
Evaluated at bid price : 19.67
Bid-YTW : 6.58 %
GWO.PR.I Insurance Straight -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 5.98 %
FTS.PR.G FixedReset Disc -2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 21.87
Evaluated at bid price : 22.22
Bid-YTW : 6.28 %
PWF.PR.L Perpetual-Discount -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.22 %
IFC.PR.F Insurance Straight -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 21.67
Evaluated at bid price : 22.10
Bid-YTW : 6.03 %
MFC.PR.I FixedReset Ins Non -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 23.12
Evaluated at bid price : 24.21
Bid-YTW : 6.25 %
IFC.PR.C FixedReset Ins Non -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.55 %
GWO.PR.L Insurance Straight -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 23.25
Evaluated at bid price : 23.55
Bid-YTW : 6.04 %
IFC.PR.A FixedReset Ins Non -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.95 %
CU.PR.G Perpetual-Discount -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.83 %
CU.PR.D Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.86 %
MFC.PR.J FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 23.28
Evaluated at bid price : 24.80
Bid-YTW : 5.91 %
SLF.PR.J FloatingReset 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 17.33
Evaluated at bid price : 17.33
Bid-YTW : 6.67 %
ENB.PF.C FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 7.29 %
ENB.PR.P FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 7.14 %
CCS.PR.C Insurance Straight 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 21.71
Evaluated at bid price : 21.96
Bid-YTW : 5.73 %
GWO.PR.T Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 21.56
Evaluated at bid price : 21.56
Bid-YTW : 6.03 %
MFC.PR.N FixedReset Ins Non 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 21.87
Evaluated at bid price : 22.35
Bid-YTW : 6.15 %
SLF.PR.H FixedReset Ins Non 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 19.91
Evaluated at bid price : 19.91
Bid-YTW : 6.42 %
SLF.PR.G FixedReset Ins Non 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.45 %
MFC.PR.B Insurance Straight 2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 20.23
Evaluated at bid price : 20.23
Bid-YTW : 5.82 %
PWF.PR.G Perpetual-Discount 3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 24.05
Evaluated at bid price : 24.30
Bid-YTW : 6.08 %
GWO.PR.N FixedReset Ins Non 4.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 6.62 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.W FixedReset Prem 112,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 24.91
Bid-YTW : 4.03 %
FFH.PR.I FixedReset Disc 112,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 22.66
Evaluated at bid price : 23.20
Bid-YTW : 6.33 %
FTS.PR.M FixedReset Disc 111,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.68 %
FFH.PR.K FixedReset Disc 61,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 6.16 %
TD.PF.A FixedReset Disc 50,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 22.63
Evaluated at bid price : 23.65
Bid-YTW : 5.56 %
TD.PF.C FixedReset Prem 49,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-02
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.85 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.R Insurance Straight Quote: 18.70 – 20.45
Spot Rate : 1.7500
Average : 1.0635

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.49 %
MFC.PR.K FixedReset Ins Non Quote: 24.35 – 25.88
Spot Rate : 1.5300
Average : 0.9149

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 23.04
Evaluated at bid price : 24.35
Bid-YTW : 5.77 %
SLF.PR.G FixedReset Ins Non Quote: 17.60 – 19.00
Spot Rate : 1.4000
Average : 0.8452

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.45 %
PWF.PR.Z Perpetual-Discount Quote: 19.67 – 21.50
Spot Rate : 1.8300
Average : 1.2777

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 19.67
Evaluated at bid price : 19.67
Bid-YTW : 6.58 %
IFC.PR.C FixedReset Ins Non Quote: 21.40 – 22.50
Spot Rate : 1.1000
Average : 0.8101

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.55 %
IFC.PR.F Insurance Straight Quote: 22.10 – 23.00
Spot Rate : 0.9000
Average : 0.6358

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-13
Maturity Price : 21.67
Evaluated at bid price : 22.10
Bid-YTW : 6.03 %
PrefLetter

January PrefLetter Released!

The January, 2025, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “previous” edition will refer to the January, 2025, issue, while the “next” edition will be the February, 2025, issue scheduled to be prepared as of the close February 14, and emailed to subscribers prior to the market-opening on February 17. Prefletter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: My verbosity has grown by such leaps and bounds that it is no longer possible to deliver PrefLetter as an eMail attachment – it’s just too big for my software! Instead, I have sent passwords – click on the link in your eMail and your copy will download.

Note: There have been problems lately with corporate eMail protection systems that substitute “safe” links for the links sent in the eMails; the problem being that the “safe” links do not work and an error is generated by my software. To avoid possible problems and delays, please subscribe through an eMail account that is not “protected” by such software.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter eMails sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

Note: There have been other scattered complaints that double-clicking on the links in the “PrefLetter Download” email results in a message that the password has already been used. I have been able to reproduce this problem in my own eMail software … the problem is double-clicking. What happens is the first click opens the link and the second click finds that the password has already been used and refuses to work properly. So the moral of the story is: Don’t be a dick! Single Click!

Note: Assiduous Reader DG informs me:

In case you have any other Apple users: you need to install a free App from the apple store called “FileApp”. It comes with it’s own tutorial and allows you to download and save a PDF file.

However, Assiduous Reader Adrian informs me in the comments to the January 2015 release:

Some nitpicking for DG:
FileApp costs $1.19 in the Apple Store.