PrefBlog

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.

What can I say? The Floaters Index currently has three members. The top three spots in May were occupied by Floaters; the bottom three spots in June were occupied by Floaters.

Connor Clark has announced:

that Lear Corporation has reached agreement on a consensual debt restructuring under court supervision pursuant to a voluntary bankruptcy filing under Chapter 11 of the United States Bankruptcy Code. This plan is expected to constitute a credit event under the credit linked note (“CLN”) issued by TD Bank to which the Company has exposure.

Given the unprecedented economic downturn and corresponding decline in global automobile production volumes, as well as continued difficult conditions in credit markets generally, Lear’s Board of Directors concluded that this action was the fastest and most effective way to de-lever its capital structure.

The recovery rate for ROC Pref III Corp. is fixed at 40%. As a result, the Lear credit event is expected to reduce the number of additional defaults that ROC Pref III Corp. can sustain before the payment of $25.00 per Preferred Share at maturity is adversely affected by 1.0 to 1.6.

They provide a table:

There are 127 names in the reference portfolio, with 6.0 defaults as of 2009-3-31; on that date there were 17 non-defaulted junk names. The death watch continues.

RPB.PR.A was last mentioned on PrefBlog in connection with December’s credit event for Tribune Corp..

RPB.PR.A is not tracked by HIMIPref™.

On May 27, Sentry Select announced:

that the units of Select 50 S-1 Income Trust, Sentry Select Focused Growth & Income Trust, Pro-Vest Growth & Income Fund and the capital units and preferred securities of the Multi Select Income Trust (collectively, the “Units”) will be voluntarily delisted from the Toronto Stock Exchange at the close of business on Tuesday, June 2, 2009. The delisting of the Units is being done in preparation for the merger of each of the Funds into Sentry Select Canadian Income Fund (collectively, the “Mergers”), which are expected to occur on or about June 12, 2009.

… and on June 16 announced:

that the mergers of Sentry Select 40 Split Income Trust (“40 Split”), Pro-Vest Growth & Income Trust (“Pro-Vest”), Multi-Select Income Trust (“Multi-Select”), Sentry Select Focused Growth & Income Trust (“Focused Growth”) and Select 50 S-1 Income Trust (“Select 50”) (collectively the “Terminating Funds”) with Sentry Select Canadian Income Fund (the “Continuing Fund”) (the “Mergers”), became effective on June 12, 2009. The Mergers were approved at special meetings of unitholders of the Terminating Funds held concurrently on May 20, 2009.

The Terminating Funds transferred all of their assets to the Continuing Fund in exchange for Series A units of the Continuing Fund and the assumption by the Continuing Fund of all the liabilities of the Terminating Funds. Each unitholder of the Terminating Funds, except unitholders of 40 Split, received Series A units of the Continuing Fund having the same aggregate net asset value as their units of the Terminating Funds as of the close of business on June 11, 2009.
…
Each unitholder of Multi-Select received 0.3819 Series A units of the Continuing Fund in exchange for each unit of Multi-Select.

DBRS has announced that it:

has today discontinued the rating on the Preferred Securities issued by Multi Select Income Trust (the Trust). On June 12, 2009, the Capital Units issued by the Trust were merged along with units from other funds into the Sentry Select Canadian Income Fund. The Preferred Securities had been scheduled for final redemption on September 30, 2009, but were redeemed at the initial issue price of $10 per security on the date of the merger.

MST.PR.A was tracked by HIMIPref™ and was last mentioned on PrefBlog when it was downgraded to Pfd-3(high) by DBRS. At the time of redemption it was in the “Scraps” index due to credit concerns.