The Investment Industry Association of Canada has released its 3Q09 Equity Market Report:
After a stellar start in Q1, preferred share issuance has also slowed down considerably with only $1.3 billion in financings recorded for the year. (Chart 2). This is largely due to reduced offerings from financial institutions who shored up their capital base in previous periods. Limited partnership issuance only reached $100 million on the quarter with only four deals coming to market during the period.
Credit Default Swaps are having definitional problems in Japan:
The International Swaps and Derivatives Association is assessing whether Japan’s alternative dispute resolution process for companies restructuring their debt triggers a so-called credit event that would lead to payouts on swaps, according to Executive Vice-Chairman Robert Pickel.
…
After Aiful entered ADR talks in September, a committee of 15 dealers and investors that determines when the swaps are triggered rejected three attempts to get payouts from contracts on the Kyoto-based lender even as one bank said Aiful ceased making loan payments. Failure to reach prompt agreement may damage confidence in Japan’s market for the securities, J. Paul Forrester, a partner and co-head of the derivatives and structured products practice at Chicago-based law firm Mayer Brown LLP, said in an interview last month.
There’s some more grandstanding on the Tobin Tax:
Iowa Senator Tom Harkin and Oregon Representative Peter DeFazio, along with five other Democratic members of the House, proposed the measure, which they said would raise $150 billion a year, to fund a new jobs bill and help pay down budget deficits.
“Let me be blunt: We need new revenue,” Harkin said at a news conference today in Washington. He called it the “most painless way” to raise revenue.
The New York Fed has published an interesting review of the international market in FX Swaps by Niall Coffey, Warren B. Hrung, Hoai-Luu Nguyen and Asani Sarkar titled The Global Financial Crisis and Offshore Dollar Markets:
Facing a shortage of U.S. dollars and a growing need to support their dollar-denominated assets during the financial crisis, international firms increasingly turned to the foreign exchange swap market and other secured funding sources. An analysis of the ensuing strains in the swap market shows that the dollar “basis” — the premium international institutions pay for dollar funding — became persistently large and positive, chiefl y as a result of the higher funding costs paid by smaller firms and non-U.S. banks. The widening of the basis underscores the severity and breadth of the crisis as markets designed to facilitate the flow of dollars faltered and institutions worldwide struggled to obtain funds.
BofA raised a chunk-and-a-half of equity:
Bank of America Corp., which plans to repay $45 billion of U.S. government bailout money, raised $19.3 billion in a sale of securities at $15 apiece, a 4.8 percent discount to its common stock.
The Charlotte, North Carolina-based lender sold 1.286 billion so-called common equivalent securities, according to Bloomberg data. The security, which is made up of one depositary share and one warrant, is convertible into one common share, subject to stockholder approval, a regulatory filing before the sale showed. Bank of America’s common stock rose 0.7 percent today to $15.76 in New York Stock Exchange composite trading.
A good day for preferred shares, as PerpetualDiscounts gained 12bp and FixedResets were up 6bp, as both volume and volatility returned to more normal levels.
| 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 | 0.2422 % | 1,502.4 |
| FixedFloater | 6.05 % | 4.16 % | 39,211 | 18.58 | 1 | 0.0000 % | 2,574.5 |
| Floater | 2.59 % | 3.02 % | 94,499 | 19.60 | 3 | 0.2422 % | 1,877.0 |
| OpRet | 4.86 % | -4.87 % | 147,556 | 0.08 | 15 | -0.0510 % | 2,307.9 |
| SplitShare | 6.35 % | -7.79 % | 279,120 | 0.08 | 2 | -0.0438 % | 2,115.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0510 % | 2,110.4 |
| Perpetual-Premium | 5.86 % | 5.49 % | 61,561 | 2.16 | 7 | -0.0453 % | 1,883.2 |
| Perpetual-Discount | 5.81 % | 5.87 % | 187,058 | 14.07 | 67 | 0.1215 % | 1,789.4 |
| FixedReset | 5.43 % | 3.75 % | 375,395 | 3.91 | 41 | 0.0609 % | 2,152.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.K | Floater | -1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-03 Maturity Price : 12.78 Evaluated at bid price : 12.78 Bid-YTW : 3.11 % |
| BAM.PR.O | OpRet | -1.16 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2013-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.56 Bid-YTW : 4.61 % |
| MFC.PR.C | Perpetual-Discount | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-03 Maturity Price : 19.11 Evaluated at bid price : 19.11 Bid-YTW : 5.91 % |
| BNS.PR.T | FixedReset | 1.01 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-25 Maturity Price : 25.00 Evaluated at bid price : 27.90 Bid-YTW : 3.60 % |
| BMO.PR.K | Perpetual-Discount | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-03 Maturity Price : 23.41 Evaluated at bid price : 23.60 Bid-YTW : 5.60 % |
| TRI.PR.B | Floater | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-03 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 2.02 % |
| BMO.PR.H | Perpetual-Discount | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-03 Maturity Price : 22.81 Evaluated at bid price : 23.75 Bid-YTW : 5.57 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TRP.PR.A | FixedReset | 87,685 | Scotia crossed 59,300 at 25.85. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-03 Maturity Price : 23.38 Evaluated at bid price : 25.77 Bid-YTW : 4.05 % |
| MFC.PR.D | FixedReset | 70,281 | Desjardins crossed two blocks of 25,000 each at 27.95. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-19 Maturity Price : 25.00 Evaluated at bid price : 27.91 Bid-YTW : 3.81 % |
| RY.PR.I | FixedReset | 53,345 | RBC crossed 50,000 at 26.30. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 26.19 Bid-YTW : 3.80 % |
| BAM.PR.O | OpRet | 51,230 | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2013-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.56 Bid-YTW : 4.61 % |
| CM.PR.I | Perpetual-Discount | 42,435 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-03 Maturity Price : 20.29 Evaluated at bid price : 20.29 Bid-YTW : 5.87 % |
| NA.PR.O | FixedReset | 42,300 | RBC crossed 34,700 at 28.00. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-17 Maturity Price : 25.00 Evaluated at bid price : 27.85 Bid-YTW : 3.82 % |
| There were 32 other index-included issues trading in excess of 10,000 shares. | |||
Looks like the UK government is doing all it can to make the Royal Bank of Scotland a casualty in the holy war against bonuses:
Royal Bank of Scotland Group Plc, recipient of the world’s biggest bank bailout, said the British government’s “very restrictive” control over 2009 bonuses risks driving employees away.
…
The RBS board has had legal advice that they would have to resign if the government blocked bonuses they regarded as essential for the bank’s competitiveness, according to Robert Peston, the British Broadcasting Corp.’s business editor.
…
“It’s a headhunters dream at the moment,” said Shaun Springer, chief executive officer of Square Mile Services Ltd., which advises London financial firms on pay. “They are going to lose people and then have to pay to replace them which is so very short sighted. RBS is getting hammered every which way.”
On a different regulatory topic, there are estimates that CDS regulation could cost JPM $3-billion in revenue:
Revenue at JPMorgan Chase & Co., the second-largest U.S. bank, may drop by as much as $3 billion should most derivatives trades be moved to exchanges, a Sanford C. Bernstein & Co. analyst said.
…
JPMorgan “sees the largest risk from legislation mandating that all derivatives be traded on an exchange as opposed to through the OTC market, limiting the company’s ability to create customized products,” [Bernstein analyst John] McDonald wrote, referring to the over- the-counter market. He declined to comment beyond the note.
Parallels to TRACE and Corporate Bond Transparency are clear … it seems to me that the following scenario is most likely:
But who needs capital market liquidity in the middle of a holy war? The important things in life are:
Next crisis, coming right up! To make a decent return on capital, the dealers will have to find a new way to exploit the stupid (and whoever can figure out how to replace $3-billion in revenue will probably get a bonus – oh, the horror!).
OSFI has announced Stress Testing Guidelines.
A quiet day on the Canadian preferred share market, with PerpetualDiscounts squeaking out a gain of less than 1bp and FixedResets gaining 7bp. Volume was pretty quiet and there are only two entries in the performance highlights table!
PerpetualDiscounts now yield 5.87%, equivalent to 8.22% interest at the standard equivalency factor of 1.4x. Long Corporates continue to yield about 5.9%, so the pre-tax interest-equivalent spread is now n the 230-235bp range, a slight widening from the 225bp reported on November 30.
| 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 | -0.4166 % | 1,498.8 |
| FixedFloater | 6.05 % | 4.16 % | 40,805 | 18.58 | 1 | -0.2221 % | 2,574.5 |
| Floater | 2.60 % | 3.04 % | 94,534 | 19.55 | 3 | -0.4166 % | 1,872.4 |
| OpRet | 4.86 % | -4.80 % | 145,544 | 0.08 | 15 | 0.0077 % | 2,309.1 |
| SplitShare | 6.35 % | -8.45 % | 288,421 | 0.08 | 2 | -0.0875 % | 2,116.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0077 % | 2,111.4 |
| Perpetual-Premium | 5.86 % | 5.62 % | 64,092 | 2.16 | 7 | 0.3068 % | 1,884.1 |
| Perpetual-Discount | 5.81 % | 5.87 % | 186,582 | 14.08 | 67 | 0.0085 % | 1,787.3 |
| FixedReset | 5.43 % | 3.77 % | 373,685 | 3.92 | 41 | 0.0726 % | 2,151.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BMO.PR.H | Perpetual-Discount | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-02 Maturity Price : 22.64 Evaluated at bid price : 23.41 Bid-YTW : 5.66 % |
| ELF.PR.F | Perpetual-Discount | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-02 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.61 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PR.P | Perpetual-Discount | 208,590 | Nesbitt crossed 200,000 at 23.40. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-02 Maturity Price : 23.27 Evaluated at bid price : 23.45 Bid-YTW : 5.66 % |
| CM.PR.R | OpRet | 133,825 | RBC crossed three blocks, all at 26.32, of 24,600 shares, 68,400 and 31,500. YTW SCENARIO Maturity Type : Call Maturity Date : 2010-01-01 Maturity Price : 25.60 Evaluated at bid price : 26.26 Bid-YTW : -19.97 % |
| IGM.PR.A | OpRet | 63,194 | YTW SCENARIO Maturity Type : Call Maturity Date : 2010-01-01 Maturity Price : 26.00 Evaluated at bid price : 26.00 Bid-YTW : 0.18 % |
| RY.PR.R | FixedReset | 49,434 | Nesbit bought 15,000 from RBC at 27.70. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 27.67 Bid-YTW : 3.64 % |
| TD.PR.Q | Perpetual-Discount | 46,300 | Nesbitt crossed two blocks of 20,000 each at 24.85. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-02 Maturity Price : 24.60 Evaluated at bid price : 24.82 Bid-YTW : 5.70 % |
| ACO.PR.A | OpRet | 36,910 | CIBC crossed 35,000 at 25.95. YTW SCENARIO Maturity Type : Call Maturity Date : 2010-01-01 Maturity Price : 25.50 Evaluated at bid price : 25.95 Bid-YTW : -14.90 % |
| There were 26 other index-included issues trading in excess of 10,000 shares. | |||
M-Split Corp. has announced:
that it will hold a special meeting of shareholders on February 3, 2010 to vote on a proposed capital reorganization plan for the Company. The delay in setting the meeting date was attributable to additional time required by the regulatory process.
As previously announced in the Company’s press release of September 18, 2009, this proposal is designed to address the impact that the significant decline in price of the Company’s underlying holding of Manulife common stock and the resultant activation of the Priority Equity Portfolio Protection Plan has had on the ability of the Company to meet its original investment objectives.
The record date for shareholders entitled to receive notice of and vote at this special meeting has been established as December 14, 2009. Full details of the proposed reorganization will be contained in a Management Information Circular expected to be mailed to shareholders in early January, 2010.
The proposed reorganization has been discussed on PrefBlog. XMF.PR.A is not tracked by HIMIPref™.
These are total returns, with dividends presumed to have been reinvested at the bid price on the ex-date. The list has been restricted to issues in the HIMIPref™ indices.
| November 2009 | ||||
| Issue | Index | DBRS Rating | Monthly Performance | Notes (“Now” means “November 30”) |
| IGM.PR.A | OpRet | Pfd-2(high) | -3.26% | Called for redemption. |
| GWO.PR.X | OpRet | Pfd-1(low) | -1.13% | Called for redemption. |
| GWO.PR.E | OpRet | Pfd-1(low) | -0.3483% | Now with a pre-tax bid-YTW of 1.72% based on a bid of 25.75 and a call 2010-4-30 at 25.25. |
| BAM.PR.M | PerpetualDiscount | Pfd-2(low) | -0.34% | Now with a pre-tax bid-YTW of 6.86% based on a bid of 17.69 and a limitMaturity. |
| W.PR.J | PerpetualDiscount | Pfd-2(low) | -0.21% | Now with a pre-tax bid-YTW of 6.01% based on a bid of 23.61 and a limitMaturity. |
| … | … | … | … | … |
| PWF.PR.K | PerpetualDiscount | Pfd-1(low) | +6.08% | The second-worst performer in October. Now with a pre-tax bid-YTW of 5.94% based on a bid of 21.10 and a limitMaturity. |
| POW.PR.B | PerpetualDiscount | Pfd-2(high) | +6.81% | Now with a pre-tax bid-YTW of 5.99% based on a bid of 22.60 and a limitMaturity. |
| BAM.PR.G | FixFloat | Pfd-2(low) | +8.06% | Was the worst performer – by far – in October. |
| GWO.PR.I | PerpetualDiscount | Pfd-1(low) | +8.09% | Now with a pre-tax bid-YTW of 5.79% based on a bid of 19.78 and a limitMaturity. |
| BAM.PR.J | OpRet | Pfd-2(low) | +8.20% | Now with a pre-tax bid-YTW of 4.53% based on a bid of 26.78 and a call 2018-3-30 at 25.00. |
The redemption calls from the POW/PWF/GWO/IGM group really shook things up!
The market-timing fiasco (in which trades were executed at stale prices) is heating up again. As far as I am aware, there has been no admission of guilt by anybody; and nobody lost their license due to facilitation of the scheme; or was personally named.
A strong day, with PerpetualDiscounts up 13bp and FixedResets gaining 7bp, on relatively heavy volume.
| 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 | -0.1751 % | 1,505.1 |
| FixedFloater | 6.04 % | 4.15 % | 41,363 | 18.60 | 1 | 0.2784 % | 2,580.2 |
| Floater | 2.59 % | 3.02 % | 90,338 | 19.61 | 3 | -0.1751 % | 1,880.3 |
| OpRet | 4.86 % | -6.32 % | 134,847 | 0.08 | 15 | -0.0016 % | 2,308.9 |
| SplitShare | 6.34 % | -8.23 % | 300,176 | 0.08 | 2 | 0.0876 % | 2,118.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0016 % | 2,111.3 |
| Perpetual-Premium | 5.87 % | 5.61 % | 62,883 | 2.38 | 7 | -0.1190 % | 1,878.3 |
| Perpetual-Discount | 5.81 % | 5.89 % | 185,347 | 14.04 | 67 | 0.1318 % | 1,787.1 |
| FixedReset | 5.44 % | 3.79 % | 375,728 | 3.93 | 41 | 0.0695 % | 2,149.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.L | Perpetual-Discount | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-01 Maturity Price : 23.39 Evaluated at bid price : 23.55 Bid-YTW : 6.11 % |
| CU.PR.B | Perpetual-Premium | -1.60 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2012-07-01 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : 5.61 % |
| GWO.PR.I | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-01 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 5.84 % |
| CM.PR.G | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-01 Maturity Price : 22.86 Evaluated at bid price : 23.06 Bid-YTW : 5.92 % |
| CM.PR.E | Perpetual-Discount | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-01 Maturity Price : 23.58 Evaluated at bid price : 23.87 Bid-YTW : 5.93 % |
| MFC.PR.C | Perpetual-Discount | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-01 Maturity Price : 19.18 Evaluated at bid price : 19.18 Bid-YTW : 5.89 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| PWF.PR.J | OpRet | 275,129 | RBC crossed 100,000 at 26.13; Scotia bought 17,900 from TD at 26.15; TD crossed 20,000 at 26.13; RBC crossed 75,000 at 26.13; Scotia bought two blocks of 25,000 from RBC at 26.13. YTW SCENARIO Maturity Type : Call Maturity Date : 2009-12-31 Maturity Price : 25.75 Evaluated at bid price : 26.11 Bid-YTW : -7.52 % |
| TRP.PR.A | FixedReset | 231,602 | Nesbitt crossed blocks of 155,000 and 20,000 at 25.52. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-01 Maturity Price : 25.47 Evaluated at bid price : 25.52 Bid-YTW : 4.25 % |
| GWO.PR.X | OpRet | 98,891 | Desjardins crossed 40,200 at 25.98; RBC bought 10,000 from Nesbitt at 25.95; Nesbitt sold 14,000 more to Desjardins at 25.95 and 13,100 to anonymous at 25.95. YTW SCENARIO Maturity Type : Call Maturity Date : 2009-12-31 Maturity Price : 26.00 Evaluated at bid price : 25.94 Bid-YTW : 2.83 % |
| RY.PR.N | FixedReset | 89,810 | RBC crossed blocks of 75,000 and 10,000 at 27.50. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 27.51 Bid-YTW : 3.74 % |
| RY.PR.P | FixedReset | 81,561 | Desjardins crossed 73,900 at 27.55. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 27.67 Bid-YTW : 3.62 % |
| CM.PR.E | Perpetual-Discount | 78,909 | Scotia bought 10,000 from anonymous at 24.25. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-12-01 Maturity Price : 23.58 Evaluated at bid price : 23.87 Bid-YTW : 5.93 % |
| There were 46 other index-included issues trading in excess of 10,000 shares. | |||
5Banc Split Inc. has announced:
that it has called 1,796,047 Preferred Shares for cash redemption on December 15, 2009 representing approximately 17.2% of the outstanding Preferred Shares as a result of holders of 1,796,047 Capital Shares exercising their special annual retraction rights. The Preferred Shares shall be redeemed on a pro rata basis, so that holders of record of Preferred Shares on the close of business on December 14, 2009 will have approximately 17.2% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $10.00 per share. Holders of Preferred Shares that have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to and including December 15, 2009.
In addition, holders of a further 1,222,021 Preferred and Capital Shares have deposited such shares concurrently for retraction on December 15, 2009. As a result, a total of 3,018,068 Preferred and Capital Shares, or approximately 25.8% of both classes of shares currently outstanding will be redeemed.
Payment of the amount due to retracting shareholders will be made by the Company on December 15, 2009. From and after December 16, 2009 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.
FBS.PR.B was last mentioned on PrefBlog when it was upgraded to Pfd-3 by DBRS. FBS.PR.B is tracked by HIMIPref™, but is relegated to the “Scraps” subindex on credit concerns.
Big 8 Split Corp. has announced:
that it has called 137,975 Preferred Shares for cash redemption on December 15, 2009 representing approximately 11.5% of the outstanding Preferred Shares as a result of holders of 137,975 Capital Shares exercising their special annual retraction rights. The Preferred Shares shall be redeemed on a pro rata basis, so that holders of record of Preferred Shares on the close of business on December 14, 2009 will have approximately 11.5% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $12.00 per share. Holders of Preferred Shares that have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to and including December 15, 2009.
Payment of the amount due to retracting shareholders will be made by the Company on December 15, 2009. From and after December 16, 2009 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.
BIG.PR.B was last mentioned on HIMIPref™ when DBRS put the issue on Review-Negative. BIG.PR.B is not tracked by HIMIPref™.
Energy Split Corp. II has announced:
that it has called 5,209 ROC Preferred Shares for cash redemption on December 16, 2009 (in accordance with the Company’s Articles) representing approximately 0.559% of the outstanding ROC Preferred Shares as a result of the special annual retraction of 107,818 Capital Yield Shares by the holders thereof. The ROC Preferred Shares shall be redeemed on a pro rata basis, so that each holder of ROC Preferred Shares of record on December 15, 2009 will have approximately 0.559% of their ROC Preferred Shares redeemed. The redemption price for the ROC Preferred Shares will be $13.74 per share.
Holders of ROC Preferred Shares that are on record for dividends but have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to but not including December 16, 2009.
Payment of the amount due to holders of ROC Preferred Shares will be made by the Company on December 16, 2009. From and after December 16, 2009 the holders of ROC Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.
The Company’s ongoing dividend policy entitles holders of ROC Preferred Shares to receive quarterly fixed cumulative distributions equal to $0.1718 per ROC Preferred Share. The Capital Yield Shareholders are provided with a leveraged play on the yield and price performance from a fixed portfolio consisting of 14 oil and gas royalty trusts listed on the Toronto Stock Exchange.
EN.PR.A was last mentioned on PrefBlog when they revised the Capital Unit Dividend Policy. EN.PR.A is tracked by HIMIPref™ but is relegated to the “Scraps” subindex on both volume and credit concerns.
XCM.PR.A: Record Date & Meeting Date for Reorg
December 2nd, 2009Commerce Split Corp. has announced:
The proposed reorganization has been discussed on PrefBlog.
XCM.PR.A is not tracked by HIMIPref™.
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