Archive for January, 2022

MFC.PR.R To Be Redeemed

Tuesday, January 25th, 2022

Manulife Financial Corporation has announced (but not on their website, because who cares?):

its intention to redeem all of its outstanding 19,000,000 Non-cumulative Rate Reset Class 1 Shares Series 23 (“Series 23 Preferred Shares”) for cash on March 19, 2022. The Series 23 Preferred Shares (TSX: MFC.PR.R) are redeemable at Manulife’s option on March 19, 2022, at a redemption price per Series 23 Preferred Share equal to C$25.00 for an aggregate total of C$475 million. Formal notice will be delivered to holders of Series 23 Preferred Shares in accordance with the terms outlined in the share provisions for the Series 23 Preferred Shares.

Separately from the redemption price, the final quarterly dividend of C$0.303125 per Series 23 Preferred Share will be paid in the usual manner on March 19, 2022 to shareholders of record on February 23, 2022 or such other record date determined by the board. After the Series 23 Preferred Shares are redeemed, holders of Series 23 Preferred Shares will cease to be entitled to distributions of dividends and will not be entitled to exercise any rights as holders other than to receive the redemption price.

MFC.PR.R is a FixedReset, 4.85%+383, that commenced trading 2016-11-22 after being announced 2016-11-14. The issue has been tracked by HIMIPref™ and is included in the FixedReset (Premium) subindex.

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

MFC.PR.H To Be Redeemed

Tuesday, January 25th, 2022

Manulife Financial Corporation has announced (but not on their website because, well, you know, Manulife):

its intention to redeem all of its outstanding 10,000,000 Non-cumulative Rate Reset Class 1 Shares Series 7 (“Series 7 Preferred Shares”) for cash on March 19, 2022. The Series 7 Preferred Shares (TSX: MFC.PR.H) are redeemable at Manulife’s option on March 19, 2022, at a redemption price per Series 7 Preferred Share equal to C$25.00 for an aggregate total of C$250 million. Formal notice will be delivered to holders of Series 7 Preferred Shares in accordance with the terms outlined in the share provisions for the Series 7 Preferred Shares.

Separately from the redemption price, the final quarterly dividend of C$0.2695 per Series 7 Preferred Share will be paid in the usual manner on March 19, 2022 to shareholders of record on February 23, 2022 or such other record date determined by the board. After the Series 7 Preferred Shares are redeemed, holders of Series 7 Preferred Shares will cease to be entitled to distributions of dividends and will not be entitled to exercise any rights as holders other than to receive the redemption price.

MFC.PR.H is a FixedReset, 4.60%+313 that commenced trading 2012-2-22 after being announced 2012-2-14. Extension was announced in 2017, and the issue reset to 4.312%. I recommended against conversion and there was none.

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

January 25, 2022

Tuesday, January 25th, 2022
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 3.02 % 3.49 % 42,725 20.06 1 0.0000 % 2,891.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1595 % 5,426.9
Floater 2.94 % 2.95 % 52,541 19.84 3 -0.1595 % 3,127.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.1437 % 3,657.3
SplitShare 4.70 % 4.42 % 30,142 3.55 6 0.1437 % 4,367.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1437 % 3,407.7
Perpetual-Premium 5.19 % -5.39 % 53,450 0.09 24 -0.3550 % 3,235.6
Perpetual-Discount 4.77 % 4.83 % 52,896 15.73 7 -1.1198 % 3,812.8
FixedReset Disc 3.97 % 4.17 % 114,322 16.59 46 -0.3048 % 2,861.7
Insurance Straight 4.91 % 4.58 % 88,259 15.71 17 -0.1295 % 3,642.6
FloatingReset 2.91 % 3.27 % 41,754 19.05 2 -0.8899 % 2,892.7
FixedReset Prem 4.76 % 3.49 % 104,735 2.13 25 -0.1658 % 2,713.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3048 % 2,925.3
FixedReset Ins Non 4.12 % 3.99 % 68,096 16.71 17 -0.1915 % 2,950.8
Performance Highlights
Issue Index Change Notes
TRP.PR.C FixedReset Disc -5.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 15.30
Evaluated at bid price : 15.30
Bid-YTW : 4.73 %
CU.PR.G Perpetual-Discount -3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 23.34
Evaluated at bid price : 23.60
Bid-YTW : 4.83 %
TRP.PR.G FixedReset Disc -3.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 22.63
Evaluated at bid price : 23.51
Bid-YTW : 4.57 %
TRP.PR.B FixedReset Disc -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 14.05
Evaluated at bid price : 14.05
Bid-YTW : 4.78 %
CU.PR.E Perpetual-Premium -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 24.19
Evaluated at bid price : 24.45
Bid-YTW : 5.08 %
CU.PR.F Perpetual-Discount -2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 23.63
Evaluated at bid price : 23.90
Bid-YTW : 4.76 %
GWO.PR.N FixedReset Ins Non -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 3.85 %
RY.PR.O Perpetual-Premium -1.96 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-11-24
Maturity Price : 25.25
Evaluated at bid price : 25.50
Bid-YTW : 4.79 %
TD.PF.L FixedReset Prem -1.88 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 4.04 %
GWO.PR.H Insurance Straight -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 24.30
Evaluated at bid price : 24.61
Bid-YTW : 4.96 %
CM.PR.Q FixedReset Disc -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 22.91
Evaluated at bid price : 24.00
Bid-YTW : 4.26 %
TRP.PR.F FloatingReset -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 3.27 %
TRP.PR.D FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 4.73 %
RY.PR.J FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 4.17 %
PWF.PF.A Perpetual-Discount -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 23.88
Evaluated at bid price : 24.25
Bid-YTW : 4.64 %
RY.PR.P Perpetual-Premium -1.23 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-02-24
Maturity Price : 25.25
Evaluated at bid price : 25.73
Bid-YTW : 4.71 %
SLF.PR.G FixedReset Ins Non -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 3.96 %
RY.PR.M FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 22.90
Evaluated at bid price : 24.06
Bid-YTW : 4.11 %
BIP.PR.A FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 22.96
Evaluated at bid price : 24.10
Bid-YTW : 5.10 %
NA.PR.E FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 23.74
Evaluated at bid price : 24.85
Bid-YTW : 4.16 %
MFC.PR.L FixedReset Ins Non 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 22.39
Evaluated at bid price : 22.80
Bid-YTW : 4.14 %
PVS.PR.G SplitShare 1.31 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.62 %
BAM.PF.J FixedReset Prem 1.35 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 2.49 %
BAM.PR.T FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 4.64 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.S FixedReset Disc 310,087 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 23.23
Evaluated at bid price : 24.30
Bid-YTW : 4.01 %
MFC.PR.R FixedReset Ins Non 169,147 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 1.88 %
BAM.PF.J FixedReset Prem 128,509 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 2.49 %
TD.PF.K FixedReset Prem 88,630 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 23.68
Evaluated at bid price : 25.07
Bid-YTW : 4.15 %
FTS.PR.G FixedReset Disc 56,275 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 22.44
Evaluated at bid price : 22.82
Bid-YTW : 4.18 %
ELF.PR.H Perpetual-Premium 53,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : -9.74 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.G Perpetual-Discount Quote: 23.60 – 24.85
Spot Rate : 1.2500
Average : 0.8068

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 23.34
Evaluated at bid price : 23.60
Bid-YTW : 4.83 %

TRP.PR.C FixedReset Disc Quote: 15.30 – 16.43
Spot Rate : 1.1300
Average : 0.7028

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 15.30
Evaluated at bid price : 15.30
Bid-YTW : 4.73 %

CU.PR.E Perpetual-Premium Quote: 24.45 – 25.45
Spot Rate : 1.0000
Average : 0.6133

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 24.19
Evaluated at bid price : 24.45
Bid-YTW : 5.08 %

BAM.PR.C Floater Quote: 14.61 – 15.61
Spot Rate : 1.0000
Average : 0.6521

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 2.95 %

CIU.PR.A Perpetual-Discount Quote: 24.00 – 25.10
Spot Rate : 1.1000
Average : 0.7580

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 4.85 %

PWF.PF.A Perpetual-Discount Quote: 24.25 – 25.15
Spot Rate : 0.9000
Average : 0.5658

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-25
Maturity Price : 23.88
Evaluated at bid price : 24.25
Bid-YTW : 4.64 %

January 24, 2022

Tuesday, January 25th, 2022

Sorry this is late! A server problem knocked out the website on Saturday morning and took my eMail with it, which was exciting.

So I’m back to where I was on Friday, trying to figure out why commenting doesn’t work. Something to do with the damn SSL certificates, I think. But we’ll see.

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 3.02 % 3.49 % 41,270 20.06 1 0.0000 % 2,891.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7240 % 5,435.6
Floater 2.93 % 2.95 % 54,642 19.86 3 -0.7240 % 3,132.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1760 % 3,652.0
SplitShare 4.70 % 4.40 % 30,399 3.56 6 -0.1760 % 4,361.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1760 % 3,402.9
Perpetual-Premium 5.17 % -5.88 % 52,295 0.09 24 -0.1470 % 3,247.2
Perpetual-Discount 4.72 % 4.82 % 53,091 15.75 7 0.4452 % 3,856.0
FixedReset Disc 3.96 % 4.10 % 118,712 16.58 46 -0.9164 % 2,870.5
Insurance Straight 4.91 % 4.59 % 84,415 15.76 17 -0.3261 % 3,647.3
FloatingReset 2.89 % 3.22 % 41,001 19.18 2 -1.8827 % 2,918.7
FixedReset Prem 4.75 % 3.48 % 104,301 1.83 25 -0.4082 % 2,717.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.9164 % 2,934.2
FixedReset Ins Non 4.11 % 3.96 % 68,845 16.73 17 -0.9058 % 2,956.4
Performance Highlights
Issue Index Change Notes
BAM.PR.C Floater -2.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 14.65
Evaluated at bid price : 14.65
Bid-YTW : 2.94 %
SLF.PR.G FixedReset Ins Non -2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 3.92 %
BAM.PF.F FixedReset Disc -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.85
Evaluated at bid price : 23.66
Bid-YTW : 4.64 %
SLF.PR.J FloatingReset -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 17.76
Evaluated at bid price : 17.76
Bid-YTW : 2.57 %
CM.PR.O FixedReset Disc -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.86
Evaluated at bid price : 23.62
Bid-YTW : 4.08 %
TRP.PR.B FixedReset Disc -2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 14.44
Evaluated at bid price : 14.44
Bid-YTW : 4.65 %
TRP.PR.C FixedReset Disc -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 16.26
Evaluated at bid price : 16.26
Bid-YTW : 4.46 %
IFC.PR.A FixedReset Ins Non -2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 3.96 %
TRP.PR.E FixedReset Disc -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 4.66 %
CU.PR.J Perpetual-Premium -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 24.57
Evaluated at bid price : 24.96
Bid-YTW : 4.80 %
BAM.PR.T FixedReset Disc -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 4.70 %
NA.PR.E FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 24.17
Evaluated at bid price : 24.55
Bid-YTW : 4.27 %
BAM.PR.X FixedReset Disc -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 18.53
Evaluated at bid price : 18.53
Bid-YTW : 4.62 %
BAM.PF.B FixedReset Disc -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.86
Evaluated at bid price : 23.17
Bid-YTW : 4.61 %
BAM.PR.R FixedReset Disc -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 4.58 %
BAM.PF.E FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 21.41
Evaluated at bid price : 21.75
Bid-YTW : 4.68 %
RY.PR.S FixedReset Prem -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.59
Evaluated at bid price : 25.08
Bid-YTW : 4.01 %
IFC.PR.C FixedReset Disc -1.80 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.59
Bid-YTW : 3.92 %
FTS.PR.H FixedReset Disc -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 4.15 %
TD.PF.A FixedReset Disc -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.90
Evaluated at bid price : 23.78
Bid-YTW : 3.96 %
TRP.PR.D FixedReset Disc -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 4.66 %
TD.PF.C FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.95
Evaluated at bid price : 23.95
Bid-YTW : 3.97 %
PVS.PR.G SplitShare -1.53 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 4.98 %
BAM.PF.G FixedReset Disc -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.40
Evaluated at bid price : 23.02
Bid-YTW : 4.59 %
NA.PR.S FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.19
Evaluated at bid price : 24.20
Bid-YTW : 4.07 %
IFC.PR.G FixedReset Ins Non -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.72
Evaluated at bid price : 24.92
Bid-YTW : 4.17 %
BMO.PR.S FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.25
Evaluated at bid price : 24.36
Bid-YTW : 4.00 %
MFC.PR.K FixedReset Ins Non -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.51
Evaluated at bid price : 23.90
Bid-YTW : 4.06 %
MFC.PR.L FixedReset Ins Non -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.19
Evaluated at bid price : 22.52
Bid-YTW : 4.20 %
TRP.PR.A FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 4.64 %
MFC.PR.M FixedReset Ins Non -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.57
Evaluated at bid price : 23.20
Bid-YTW : 4.24 %
CM.PR.Q FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 3.89 %
BAM.PR.Z FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 24.26
Evaluated at bid price : 24.70
Bid-YTW : 4.64 %
MFC.PR.J FixedReset Ins Non -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 24.57
Evaluated at bid price : 24.90
Bid-YTW : 4.28 %
CU.PR.I FixedReset Prem -1.21 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 26.03
Bid-YTW : 3.55 %
GWO.PR.Y Insurance Straight -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 24.22
Evaluated at bid price : 24.60
Bid-YTW : 4.59 %
CM.PR.P FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.93
Evaluated at bid price : 23.91
Bid-YTW : 3.97 %
MFC.PR.Q FixedReset Ins Non -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.71
Evaluated at bid price : 24.85
Bid-YTW : 4.18 %
NA.PR.G FixedReset Prem -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.64
Evaluated at bid price : 25.00
Bid-YTW : 4.34 %
ELF.PR.H Perpetual-Premium -1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-23
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : -7.61 %
IAF.PR.B Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 24.22
Evaluated at bid price : 24.51
Bid-YTW : 4.72 %
IAF.PR.I FixedReset Ins Non -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.91
Evaluated at bid price : 25.16
Bid-YTW : 4.31 %
TRP.PR.F FloatingReset -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 3.22 %
NA.PR.W FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.92
Evaluated at bid price : 23.90
Bid-YTW : 3.96 %
BAM.PF.A FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.63
Evaluated at bid price : 24.89
Bid-YTW : 4.53 %
BMO.PR.W FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.02
Evaluated at bid price : 24.05
Bid-YTW : 3.96 %
FTS.PR.M FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.69
Evaluated at bid price : 23.40
Bid-YTW : 4.34 %
PWF.PF.A Perpetual-Discount -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 24.20
Evaluated at bid price : 24.59
Bid-YTW : 4.57 %
MFC.PR.F FixedReset Ins Non 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 3.91 %
GWO.PR.H Insurance Straight 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 24.83
Evaluated at bid price : 25.05
Bid-YTW : 4.88 %
BAM.PR.M Perpetual-Discount 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 24.20
Evaluated at bid price : 24.46
Bid-YTW : 4.89 %
CU.PR.F Perpetual-Discount 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 24.10
Evaluated at bid price : 24.39
Bid-YTW : 4.66 %
TD.PF.E FixedReset Disc 2.29 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.62
Bid-YTW : 3.68 %
TRP.PR.G FixedReset Disc 3.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-30
Maturity Price : 25.00
Evaluated at bid price : 24.25
Bid-YTW : 4.37 %
TD.PF.B FixedReset Disc 3.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.99
Evaluated at bid price : 23.87
Bid-YTW : 3.98 %
Volume Highlights
Issue Index Shares
Traded
Notes
SLF.PR.J FloatingReset 54,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 17.76
Evaluated at bid price : 17.76
Bid-YTW : 2.57 %
MFC.PR.L FixedReset Ins Non 52,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.19
Evaluated at bid price : 22.52
Bid-YTW : 4.20 %
MFC.PR.Q FixedReset Ins Non 47,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.71
Evaluated at bid price : 24.85
Bid-YTW : 4.18 %
BMO.PR.B FixedReset Prem 34,280 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 1.60 %
FTS.PR.F Perpetual-Premium 28,422 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 24.92
Evaluated at bid price : 25.15
Bid-YTW : 4.93 %
RY.PR.J FixedReset Disc 22,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 3.71 %
There were 17 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.G FixedReset Ins Non Quote: 18.05 – 18.68
Spot Rate : 0.6300
Average : 0.4302

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 3.92 %

CM.PR.O FixedReset Disc Quote: 23.62 – 24.15
Spot Rate : 0.5300
Average : 0.3373

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.86
Evaluated at bid price : 23.62
Bid-YTW : 4.08 %

SLF.PR.H FixedReset Ins Non Quote: 22.75 – 23.50
Spot Rate : 0.7500
Average : 0.5663

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.15
Evaluated at bid price : 22.75
Bid-YTW : 3.92 %

RY.PR.S FixedReset Prem Quote: 25.08 – 25.53
Spot Rate : 0.4500
Average : 0.2746

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 23.59
Evaluated at bid price : 25.08
Bid-YTW : 4.01 %

BAM.PF.F FixedReset Disc Quote: 23.66 – 24.19
Spot Rate : 0.5300
Average : 0.3600

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-24
Maturity Price : 22.85
Evaluated at bid price : 23.66
Bid-YTW : 4.64 %

ELF.PR.H Perpetual-Premium Quote: 25.30 – 25.62
Spot Rate : 0.3200
Average : 0.2073

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-23
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : -7.61 %

GDV.PR.A To Get Bigger

Friday, January 21st, 2022

Brompton Group has announced (on January 20):

Global Dividend Growth Split Corp. (the “Company”) is pleased to announce it is undertaking an overnight treasury offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively).

The sales period for this overnight offering will end at 9:00 a.m. (ET) on Friday, January 21, 2022. The offering is expected to close on or about January 28, 2022 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).

The Class A Shares will be offered at a price of $12.40 per Class A Share for a distribution rate of 9.7% on the issue price, and the Preferred Shares will be offered at a price of $10.00 per Preferred Share for a yield to maturity of 5.1%. (1) The closing price on the TSX for each of the Class A Shares and Preferred Shares on January 19, 2022 was $12.69 and $10.18, respectively. The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the Company (“Unit”) calculated as at January 19, 2022), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering. The offering is being led by RBC Capital Markets.

The Company invests in a diversified portfolio (the “Portfolio”) of equity securities of large capitalization global dividend growth companies selected by Brompton Funds Limited (the “Manager”). In order to qualify for inclusion in the Portfolio, at the time of investment and at the time of each periodic reconstitution and/or rebalancing of the Portfolio, each global dividend growth company included in the Portfolio must (i) have a market capitalization of at least $10 billion; and (ii) have a history of dividend growth or, in the Manager’s view, have high potential for future dividend growth.

The investment objectives for the Class A Shares are to provide holders with regular monthly cash distributions and to provide the opportunity for capital appreciation through exposure to the Portfolio.

The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, currently in the amount of $0.125 per Preferred Share, and to return the original issue price to holders of Preferred Shares on June 30, 2026.

They announced today:

Global Dividend Growth Split Corp. (the “Company”) is pleased to announce a successful overnight treasury offering of class A shares and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively). Gross proceeds of the offering are expected to be approximately $28.6 million.

BIP.PR.D To Be Redeemed

Friday, January 21st, 2022

Brookfield Infrastructure Partners L.P. has announced (emphasis added):

the closing of a public offering of $300 million of fixed rate perpetual subordinated notes (the “Notes”).

The Notes have a fixed coupon of 5.125% and will be listed on the New York Stock Exchange under the symbol “BIPI”. Brookfield Infrastructure intends to use the net proceeds of the offering for the redemption of its Class A Preferred Units, Series 7, which are redeemable by Brookfield Infrastructure on March 31, 2022, with the remainder to be used for working capital purposes.

The Notes were issued by BIP Bermuda Holdings I Limited, an indirect wholly owned subsidiary of Brookfield Infrastructure, and are guaranteed on a subordinated basis by Brookfield Infrastructure and certain of its other subsidiaries.

Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Citigroup Global Markets Inc. acted as joint book-running managers for the offering.

BIP.PR.D is a FixedReset, 5.00%+378M500, ROC + Interest, that commenced trading 2017-1-26 after being announced 2017-1-19. It is tracked by HIMIPref™ and is been assigned to the FixedReset (Premium) subindex.

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

January 21, 2022

Friday, January 21st, 2022
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 3.02 % 3.49 % 41,375 20.07 1 0.0986 % 2,891.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.9191 % 5,475.2
Floater 2.91 % 2.95 % 55,001 19.85 3 -0.9191 % 3,155.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2309 % 3,658.5
SplitShare 4.69 % 4.41 % 30,035 3.56 6 -0.2309 % 4,369.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2309 % 3,408.9
Perpetual-Premium 5.16 % -8.36 % 51,954 0.09 24 -0.1794 % 3,252.0
Perpetual-Discount 4.74 % 4.80 % 53,335 15.77 7 -0.7385 % 3,838.9
FixedReset Disc 3.92 % 4.08 % 121,267 16.74 46 0.4917 % 2,897.0
Insurance Straight 4.89 % 4.54 % 81,568 15.77 17 -0.2621 % 3,659.2
FloatingReset 2.63 % 2.98 % 41,045 19.78 2 1.2431 % 2,974.7
FixedReset Prem 4.73 % 3.11 % 103,629 1.73 25 -0.2006 % 2,728.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4917 % 2,961.3
FixedReset Ins Non 4.07 % 3.87 % 68,442 16.91 17 -0.2247 % 2,983.4
Performance Highlights
Issue Index Change Notes
TD.PF.B FixedReset Disc -5.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 22.50
Evaluated at bid price : 23.00
Bid-YTW : 4.12 %
TD.PF.E FixedReset Disc -3.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 22.91
Evaluated at bid price : 24.07
Bid-YTW : 4.30 %
BAM.PR.K Floater -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 2.97 %
CU.PR.F Perpetual-Discount -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 23.62
Evaluated at bid price : 23.90
Bid-YTW : 4.76 %
BAM.PR.M Perpetual-Discount -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 23.72
Evaluated at bid price : 24.03
Bid-YTW : 4.97 %
BAM.PR.B Floater -2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 14.60
Evaluated at bid price : 14.60
Bid-YTW : 2.95 %
BAM.PR.X FixedReset Disc -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 4.47 %
SLF.PR.G FixedReset Ins Non -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 3.76 %
BIP.PR.A FixedReset Disc -1.80 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.55
Bid-YTW : 4.64 %
GWO.PR.H Insurance Straight -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 24.30
Evaluated at bid price : 24.61
Bid-YTW : 4.96 %
RY.PR.M FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.30
Bid-YTW : 3.94 %
CIU.PR.A Perpetual-Discount -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 23.93
Evaluated at bid price : 24.17
Bid-YTW : 4.81 %
TRP.PR.A FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 4.54 %
PWF.PR.F Perpetual-Premium -1.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-20
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : -19.75 %
MIC.PR.A Perpetual-Premium -1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 5.03 %
TRP.PR.C FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 4.31 %
TRP.PR.F FloatingReset 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 2.98 %
IFC.PR.A FixedReset Ins Non 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 3.80 %
SLF.PR.J FloatingReset 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 2.30 %
FTS.PR.H FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 4.03 %
CU.PR.G Perpetual-Discount 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 24.18
Evaluated at bid price : 24.46
Bid-YTW : 4.65 %
BAM.PR.C Floater 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 2.85 %
TRP.PR.G FixedReset Disc 88.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 22.63
Evaluated at bid price : 23.51
Bid-YTW : 4.53 %
Volume Highlights
Issue Index Shares
Traded
Notes
PWF.PF.A Perpetual-Discount 252,841 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 24.45
Evaluated at bid price : 24.85
Bid-YTW : 4.52 %
MFC.PR.L FixedReset Ins Non 245,080 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 22.40
Evaluated at bid price : 22.82
Bid-YTW : 4.10 %
PWF.PR.L Perpetual-Premium 244,146 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-20
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : -2.59 %
GWO.PR.Y Insurance Straight 231,715 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 24.51
Evaluated at bid price : 24.90
Bid-YTW : 4.53 %
CU.PR.J Perpetual-Premium 199,055 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-03-01
Maturity Price : 25.00
Evaluated at bid price : 25.51
Bid-YTW : 4.58 %
FTS.PR.F Perpetual-Premium 144,099 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 24.86
Evaluated at bid price : 25.08
Bid-YTW : 4.95 %
TRP.PR.B FixedReset Disc 137,198 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 14.81
Evaluated at bid price : 14.81
Bid-YTW : 4.48 %
MFC.PR.R FixedReset Ins Non 137,171 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.22
Bid-YTW : 2.01 %
There were 25 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.B FixedReset Disc Quote: 23.00 – 24.36
Spot Rate : 1.3600
Average : 0.7580

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 22.50
Evaluated at bid price : 23.00
Bid-YTW : 4.12 %

TD.PF.E FixedReset Disc Quote: 24.07 – 25.20
Spot Rate : 1.1300
Average : 0.7500

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 22.91
Evaluated at bid price : 24.07
Bid-YTW : 4.30 %

BAM.PR.K Floater Quote: 14.50 – 15.28
Spot Rate : 0.7800
Average : 0.5079

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 2.97 %

BAM.PR.M Perpetual-Discount Quote: 24.03 – 24.80
Spot Rate : 0.7700
Average : 0.5036

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 23.72
Evaluated at bid price : 24.03
Bid-YTW : 4.97 %

CU.PR.F Perpetual-Discount Quote: 23.90 – 25.00
Spot Rate : 1.1000
Average : 0.8767

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 23.62
Evaluated at bid price : 23.90
Bid-YTW : 4.76 %

BAM.PR.R FixedReset Disc Quote: 21.05 – 21.99
Spot Rate : 0.9400
Average : 0.7266

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-01-21
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 4.45 %

BMO.PR.B To Be Redeemed

Thursday, January 20th, 2022

Bank of Montreal has announced:

its intention to redeem all of its 24,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 38 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 38”) for an aggregate total of $600 million on February 25, 2022. The redemption has been approved by the Office of the Superintendent of Financial Institutions.

The Preferred Shares Series 38 are redeemable at the Bank’s option on February 25, 2022 (the “Redemption Date”) at a redemption price of $25.00 per share. Payment of the redemption price will be made by the Bank on the Redemption Date.

Separately from the payment of the redemption price, the final quarterly dividend of $0.303125 per share for the Preferred Shares Series 38 announced by the Bank on December 3, 2021 will be paid in the usual manner on February 25, 2022, to shareholders of record on February 1, 2022.

Notice will be delivered to holders of the Preferred Shares Series 38 in accordance with the terms thereof.

BMO.PR.B is a FixedReset, 4.85%+406, NVCC-compliant issue that commenced trading 2016-10-21 after being announced 2016-10-14. It has been tracked by HIMIPref™ and assigned to the FixedResets (Premium) subindex.

Thanks to Assiudous Readers TMD and CanSiamCyp for bringing this to my attention!

RY.PR.P To Be Redeemed

Thursday, January 20th, 2022

Royal Bank of Canada has announced:

its intention to redeem all of its issued and outstanding Non-Cumulative First Preferred Shares, Series BJ (Series BJ shares) (TSX: RY.PR.P) on February 24, 2022, for cash at a redemption price of $25.75 per share to be paid on February 24, 2022.

There are 6,000,000 Series BJ shares outstanding, representing $150 million of capital. The redemptions will be financed out of the general corporate funds of Royal Bank of Canada.

The final quarterly dividend of $0.328125 for each of the Series BJ shares, subject to declaration by the board of directors, will be paid separately from the redemption price for each of the Series BJ Shares and in the usual manner on February 24, 2022 to shareholders of record at the close of business on January 26, 2022. After such dividend payments, the holders of Series BJ shares will cease to be entitled to dividends.

RY.PR.P is a PerpetualDiscount, 5.25%, that commenced trading 2015-10-2 after being announced 2015-9-24. The issue has been tracked by HIMIPref™ and is assigned to the PerpetualPremium subindex.

Investors should be aware of a tax wrinkle in this redemption, in that the redemption price is 25.75. For tax purposes, this is regarded as a sale at $25.00 and a deemed dividend of $0.75. Those who cannot immediately use any capital loss generated by this sale to offset capital gains on current taxes should seriously consider selling on the market; by being redeemed they are paying tax immediately on the dividend but getting no immediate offset; by selling at around 25.75, they will at least avoid such a grievous mismatch in the relative timing of the two taxes.

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

ENB.PF.I To Be Redeemed

Thursday, January 20th, 2022

Enbridge Inc. has announced:

that it intends to exercise its right to redeem all of its outstanding Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17 (“Series 17 Shares”) on March 1, 2022 at a price of $25.00 per Series 17 Share, together with all accrued and unpaid dividends, if any.

Beneficial holders who are not directly the registered holders of the Series 17 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. Inquiries from registered shareholders should be directed to Enbridge’s Registrar and Transfer Agent, Computershare Investor Services Inc., at 1-800-564-6253 (Canada and United States) or 1-514-982-7555 (Outside North America).

This confirms their recent consideration of this redemption.

ENB.PF.I is a FixedReset 5.15%+414M515, that commenced trading 2016-11-23 after being announced 2016-11-15. It is tracked by HIMIPref™ and has been added to the Scraps index due to credit concerns.

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