I am greatly relieved to announce that my eMail problem has been resolved and things are back to normal.
Correspondents may resume using my regular eMail address, jiHymas@himivest.com
I am greatly relieved to announce that my eMail problem has been resolved and things are back to normal.
Correspondents may resume using my regular eMail address, jiHymas@himivest.com
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 | 0.4425 % | 2,164.6 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4425 % | 4,151.8 |
Floater | 9.94 % | 10.06 % | 83,655 | 9.52 | 2 | 0.4425 % | 2,392.7 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1204 % | 3,600.5 |
SplitShare | 4.79 % | 5.25 % | 104,681 | 4.17 | 4 | 0.1204 % | 4,299.8 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1204 % | 3,354.9 |
Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3098 % | 2,925.3 |
Perpetual-Discount | 5.88 % | 5.99 % | 48,944 | 13.89 | 31 | -0.3098 % | 3,189.9 |
FixedReset Disc | 5.52 % | 6.56 % | 116,367 | 13.01 | 58 | -0.0466 % | 2,663.1 |
Insurance Straight | 5.73 % | 5.80 % | 61,756 | 14.23 | 20 | 0.2811 % | 3,160.1 |
FloatingReset | 8.22 % | 8.34 % | 29,523 | 11.06 | 2 | 0.2649 % | 2,714.0 |
FixedReset Prem | 6.42 % | 5.52 % | 216,278 | 13.58 | 7 | 0.2056 % | 2,579.4 |
FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0466 % | 2,722.3 |
FixedReset Ins Non | 5.22 % | 5.92 % | 99,858 | 13.97 | 14 | 0.1340 % | 2,813.6 |
Performance Highlights | |||
Issue | Index | Change | Notes |
ENB.PF.A | FixedReset Disc | -3.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.59 % |
TD.PF.E | FixedReset Disc | -3.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 22.42 Evaluated at bid price : 22.90 Bid-YTW : 6.00 % |
MFC.PR.M | FixedReset Ins Non | -2.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.11 % |
MIC.PR.A | Perpetual-Discount | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 20.56 Evaluated at bid price : 20.56 Bid-YTW : 6.62 % |
TD.PF.C | FixedReset Disc | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 21.96 Evaluated at bid price : 22.50 Bid-YTW : 5.58 % |
ENB.PF.G | FixedReset Disc | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 7.57 % |
BIP.PR.E | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 22.67 Evaluated at bid price : 23.51 Bid-YTW : 6.34 % |
POW.PR.A | Perpetual-Discount | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 23.09 Evaluated at bid price : 23.35 Bid-YTW : 6.01 % |
GWO.PR.L | Insurance Straight | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 23.49 Evaluated at bid price : 23.76 Bid-YTW : 5.98 % |
BIP.PR.B | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 7.30 % |
IFC.PR.G | FixedReset Ins Non | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 22.94 Evaluated at bid price : 24.13 Bid-YTW : 5.63 % |
PWF.PR.P | FixedReset Disc | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 14.76 Evaluated at bid price : 14.76 Bid-YTW : 7.06 % |
IFC.PR.C | FixedReset Ins Non | 1.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 6.30 % |
FTS.PR.H | FixedReset Disc | 1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 15.08 Evaluated at bid price : 15.08 Bid-YTW : 6.83 % |
CU.PR.C | FixedReset Disc | 3.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.22 % |
CCS.PR.C | Insurance Straight | 4.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 5.52 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
PVS.PR.L | SplitShare | 44,600 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : 5.25 % |
MFC.PR.K | FixedReset Ins Non | 39,665 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 23.01 Evaluated at bid price : 24.34 Bid-YTW : 5.41 % |
RY.PR.S | FixedReset Prem | 32,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 23.28 Evaluated at bid price : 25.23 Bid-YTW : 5.24 % |
BMO.PR.W | FixedReset Disc | 31,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 22.72 Evaluated at bid price : 23.89 Bid-YTW : 5.17 % |
TD.PF.A | FixedReset Disc | 29,250 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-03 Maturity Price : 22.19 Evaluated at bid price : 22.85 Bid-YTW : 5.49 % |
PVS.PR.K | SplitShare | 27,250 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 4.65 % |
There were 6 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: 16.12 – 17.00 Spot Rate : 0.8800 Average : 0.5614 YTW SCENARIO |
ENB.PF.A | FixedReset Disc | Quote: 18.00 – 18.85 Spot Rate : 0.8500 Average : 0.5353 YTW SCENARIO |
IFC.PR.E | Insurance Straight | Quote: 21.24 – 22.82 Spot Rate : 1.5800 Average : 1.2685 YTW SCENARIO |
TD.PF.E | FixedReset Disc | Quote: 22.90 – 23.90 Spot Rate : 1.0000 Average : 0.7547 YTW SCENARIO |
MIC.PR.A | Perpetual-Discount | Quote: 20.56 – 21.51 Spot Rate : 0.9500 Average : 0.7345 YTW SCENARIO |
TD.PF.C | FixedReset Disc | Quote: 22.50 – 23.33 Spot Rate : 0.8300 Average : 0.6499 YTW SCENARIO |
My usual eMail address, jiHymas@himivest.com, has temporarily gone down. I am in the process of getting it fixed.
If you need to contact me by eMail, please use my backup account, jiHymas@himipref.com
Update, 2024-10-4: The problem has been resolved.
PerpetualDiscounts now yield 5.96%, equivalent to 7.75% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.77% on 2024-9-20 and since then the closing price of ZLC has changed from 15.51 to 15.48 after going ex-dividend for $0.06 on 9/27, a total return of +0.19%, implying a decrease of yields of 2bp (BMO reports a duration of 12.47, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.75%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained constant at the 300bp reported September 25.
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 | -0.5719 % | 2,155.1 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5719 % | 4,133.5 |
Floater | 9.99 % | 10.08 % | 84,149 | 9.51 | 2 | -0.5719 % | 2,382.2 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5854 % | 3,596.2 |
SplitShare | 4.79 % | 5.21 % | 96,812 | 4.17 | 4 | 0.5854 % | 4,294.6 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5854 % | 3,350.8 |
Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3478 % | 2,934.4 |
Perpetual-Discount | 5.87 % | 5.96 % | 49,820 | 13.91 | 31 | 0.3478 % | 3,199.8 |
FixedReset Disc | 5.52 % | 6.58 % | 118,004 | 12.86 | 58 | 0.2016 % | 2,664.4 |
Insurance Straight | 5.74 % | 5.80 % | 62,554 | 14.19 | 20 | -1.0487 % | 3,151.3 |
FloatingReset | 8.24 % | 8.39 % | 30,002 | 11.01 | 2 | -1.2297 % | 2,706.8 |
FixedReset Prem | 6.43 % | 5.52 % | 219,345 | 13.57 | 7 | 0.0334 % | 2,574.1 |
FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2016 % | 2,723.5 |
FixedReset Ins Non | 5.23 % | 5.94 % | 100,202 | 14.00 | 14 | -0.0343 % | 2,809.8 |
Performance Highlights | |||
Issue | Index | Change | Notes |
IFC.PR.E | Insurance Straight | -6.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 6.17 % |
CCS.PR.C | Insurance Straight | -5.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 21.52 Evaluated at bid price : 21.78 Bid-YTW : 5.77 % |
FTS.PR.H | FixedReset Disc | -2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 14.80 Evaluated at bid price : 14.80 Bid-YTW : 6.96 % |
CU.PR.J | Perpetual-Discount | -1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 19.98 Evaluated at bid price : 19.98 Bid-YTW : 6.02 % |
IFC.PR.C | FixedReset Ins Non | -1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 6.42 % |
FFH.PR.D | FloatingReset | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 8.39 % |
ENB.PR.N | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 21.68 Evaluated at bid price : 22.00 Bid-YTW : 6.62 % |
GWO.PR.Q | Insurance Straight | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 21.86 Evaluated at bid price : 22.10 Bid-YTW : 5.86 % |
FTS.PR.K | FixedReset Disc | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 20.57 Evaluated at bid price : 20.57 Bid-YTW : 6.14 % |
GWO.PR.M | Insurance Straight | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 24.00 Evaluated at bid price : 24.25 Bid-YTW : 6.01 % |
GWO.PR.T | Insurance Straight | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 22.00 Evaluated at bid price : 22.00 Bid-YTW : 5.90 % |
GWO.PR.G | Insurance Straight | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.83 % |
FFH.PR.E | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 7.30 % |
TD.PF.E | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 23.14 Evaluated at bid price : 23.67 Bid-YTW : 5.80 % |
CU.PR.G | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.88 % |
TD.PF.A | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 22.30 Evaluated at bid price : 23.05 Bid-YTW : 5.43 % |
PWF.PR.P | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 14.56 Evaluated at bid price : 14.56 Bid-YTW : 7.15 % |
ENB.PF.K | FixedReset Disc | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 22.83 Evaluated at bid price : 23.80 Bid-YTW : 6.32 % |
CU.PR.F | Perpetual-Discount | 2.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 19.11 Evaluated at bid price : 19.11 Bid-YTW : 5.97 % |
POW.PR.C | Perpetual-Discount | 3.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 24.16 Evaluated at bid price : 24.42 Bid-YTW : 5.95 % |
ENB.PF.G | FixedReset Disc | 3.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 7.44 % |
BN.PR.M | Perpetual-Discount | 6.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 19.53 Evaluated at bid price : 19.53 Bid-YTW : 6.13 % |
BN.PR.X | FixedReset Disc | 8.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 6.94 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
TD.PF.C | FixedReset Disc | 146,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 22.20 Evaluated at bid price : 22.89 Bid-YTW : 5.47 % |
ENB.PR.Y | FixedReset Disc | 132,335 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 7.22 % |
ENB.PF.A | FixedReset Disc | 125,802 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 18.62 Evaluated at bid price : 18.62 Bid-YTW : 7.33 % |
PVS.PR.L | SplitShare | 96,800 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 5.21 % |
CM.PR.P | FixedReset Disc | 95,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 22.92 Evaluated at bid price : 23.80 Bid-YTW : 5.17 % |
BMO.PR.W | FixedReset Disc | 71,351 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-02 Maturity Price : 22.69 Evaluated at bid price : 23.82 Bid-YTW : 5.19 % |
There were 20 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
IFC.PR.E | Insurance Straight | Quote: 21.24 – 22.82 Spot Rate : 1.5800 Average : 0.9270 YTW SCENARIO |
CU.PR.E | Perpetual-Discount | Quote: 20.79 – 21.80 Spot Rate : 1.0100 Average : 0.6478 YTW SCENARIO |
CCS.PR.C | Insurance Straight | Quote: 21.78 – 23.00 Spot Rate : 1.2200 Average : 0.9268 YTW SCENARIO |
PWF.PR.O | Perpetual-Discount | Quote: 24.28 – 25.00 Spot Rate : 0.7200 Average : 0.4532 YTW SCENARIO |
IFC.PR.C | FixedReset Ins Non | Quote: 20.15 – 20.90 Spot Rate : 0.7500 Average : 0.4832 YTW SCENARIO |
BN.PF.D | Perpetual-Discount | Quote: 20.01 – 20.60 Spot Rate : 0.5900 Average : 0.3684 YTW SCENARIO |
The Toronto-Dominion Bank has announced:
the applicable dividend rates for its Non-Cumulative 5-Year Rate Reset Class A First Preferred Shares, Series 1 (Non-Viability Contingent Capital (NVCC)) (the “Series 1 Shares”) and Non-Cumulative Floating Rate Class A First Preferred Shares, Series 2 (NVCC) (the “Series 2 Shares”).
With respect to any Series 1 Shares that remain outstanding after October 31, 2024, holders of the Series 1 Shares will be entitled to receive quarterly fixed non-cumulative preferential cash dividends, as and when declared by the Board of Directors of TD, subject to the provisions of the Bank Act (Canada). The dividend rate for the 5-year period from and including October 31, 2024 to but excluding October 31, 2029 will be 4.97%, being equal to the 5-Year Government of Canada bond yield determined as at October 1, 2024 plus 2.24%, as determined in accordance with the terms of the Series 1 Shares.
With respect to any Series 2 Shares that may be issued on October 31, 2024, holders of the Series 2 Shares will be entitled to receive quarterly floating rate non-cumulative preferential cash dividends, calculated on the basis of the actual number of days elapsed in such quarterly period divided by 365, as and when declared by the Board of Directors of TD, subject to the provisions of the Bank Act (Canada). The dividend rate for the floating rate period from and including October 31, 2024 to but excluding January 31, 2025, will be 6.219%, being equal to the 3-month Government of Canada Treasury Bill yield determined as of October 1, 2024 plus 2.24%, as determined in accordance with the terms of the Series 2 Shares.
Beneficial owners of Series 1 Shares who wish to exercise their conversion right should communicate as soon as possible with their broker or other nominee to obtain instructions for exercising such right on or prior to the deadline for exercise, which is 5:00 p.m. (Toronto time) on October 16, 2024.
Inquiries should be directed to TD’s Registrar and Transfer Agent, TSX Trust Company at 1-800-387-0825 (or in Toronto 416-682-3860).
TD.PF.A was issued as a FixedReset, 3.90%+224, NVCC-compliant issue that commenced trading 2014-6-4 after being announced 2014-5-26. TD.PF.A reset at 3.662% effective October 31, 2019. I recommended against conversion and there was no conversion. Notice of extension in late September, 2024, took the market by surprise. The issue is tracked by HIMIPref™ and is assigned to the FixedReset – Discount subindex.
Thanks to Assiduous Reader niagara for bringing this to my attention!
TC Energy Corporation has announced:
that it does not intend to exercise its right to redeem its Cumulative Redeemable First Preferred Shares, Series 9 (Series 9 Shares) on Oct. 30, 2024. As a result, subject to certain conditions, the holders of Series 9 Shares have the right to choose one of the following options regarding their shares:
- to retain any or all of their Series 9 Shares and continue to receive a fixed rate quarterly dividend, or
- to convert, on a one-for-one basis, any or all of their Series 9 Shares into Cumulative Redeemable First Preferred Shares, Series 10 (Series 10 Shares) of TC Energy and receive a floating rate quarterly dividend.
Should holders of Series 9 Shares choose to retain their shares, such shareholders will receive the new annual fixed dividend rate applicable to the Series 9 Shares of 5.080 per cent for the five-year period commencing Oct. 30, 2024 to, but excluding, Oct. 30, 2029.
Should holders of Series 9 Shares choose to convert their shares to Series 10 Shares, holders of Series 10 Shares will receive the floating quarterly dividend rate applicable to the Series 10 Shares of 6.329 per cent for the first quarterly floating rate period commencing Oct. 30, 2024 to, but excluding, Jan. 30, 2025. The floating quarterly dividend rate will be reset every quarter.
Beneficial owners of Series 9 Shares who want to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions to meet the deadline to exercise such right, which is 5 p.m. (EDT) on Oct. 15, 2024. Any notices received after this deadline will not be valid. It is recommended that this be done well in advance of the deadline to provide the broker or other nominee with time to complete the necessary steps.
Beneficial owners of Series 9 Shares who do not exercise their conversion right through their broker or other nominee by the deadline will retain their Series 9 Shares and receive the new annual fixed dividend rate applicable to the Series 9 Shares, subject to the conditions stated below.
The foregoing conversions are subject to the conditions that: (i) if TC Energy determines that there would be less than one million Series 9 Shares outstanding after Oct. 30, 2024, then all remaining Series 9 Shares will automatically be converted into Series 10 Shares on a one-for-one basis on Oct. 30, 2024 and (ii) alternatively, if TC Energy determines that there would be less than one million Series 10 Shares outstanding after Oct. 30, 2024, no Series 9 Shares will be converted into Series 10 Shares. In either case, TC Energy will issue a news release to that effect no later than Oct. 23, 2024.
Holders of Series 9 Shares and Series 10 Shares will have the opportunity to convert their shares again on Oct. 30, 2029 and in every fifth year thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with an investment in the Series 9 Shares and the Series 10 Shares, please see the Corporation’s prospectus supplement dated Jan. 13, 2014 which is available on sedarplus.ca or on our website.
About TC Energy
We’re a team of 7,000+ energy problem solvers working to safely move, generate and store the energy North America relies on. Today, we’re delivering solutions to the world’s toughest energy challenges – from innovating to deliver the natural gas that feeds LNG to global markets, to working to reduce emissions from our assets, to partnering with our neighbours, customers and governments to build the energy system of the future. It’s all part of how we continue to deliver sustainable returns for our investors and create value for communities.TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.
TRP.PR.E is a FixedReset, 4.25%+235, that commenced trading 2014-1-20 after being announced 2014-1-13. Notice of extension was provided on 2019-9-18. TRP.PR.E reset at 3.762% effective 2019-10-30. I recommended against conversion and there was no conversion. The issue is tracked by HIMIPref™ and assigned to the FixedReset-Discount subindex.
Thanks to Assiduous Reader niagara for bringing this to my attention!
AltaGas Ltd. has announced (on 2024-9-30):
that 1,114,177 Cumulative Redeemable Floating Rate Preferred Shares, Series H (the “Series H Shares”) (TSX: ALA.PR.H) were converted into Cumulative Redeemable Five-Year Rate Reset Preferred Shares, Series G (the “Series G Shares”) (TSX: ALA.PR.G) on a one-for-one basis today (the “Conversion Date”). This included 883,163 Series H Shares tendered for conversion to Series G Shares prior to the conversion period deadline of 5:00 pm Eastern Time on September 13, 2024, and the remaining 231,014 Series H Shares converted automatically into Series G Shares in accordance with the terms of the Series H Shares. In addition, any of the Series G Shares that were tendered for conversion into Series H Shares were not converted and remain Series G Shares.
Following the conversion of Series H Shares, 8,000,000 Series G Shares are now outstanding while no Series H Shares remain outstanding. AltaGas made an application to the Toronto Stock Exchange (“TSX”) to have the Series H Shares voluntarily de-listed following the Conversion Date. AltaGas expects the TSX to de-list the Series H Shares as of close of markets on September 30, 2024.
As a reminder, holders of Series G Shares shall be entitled to receive, as and when declared by the Board of Directors of AltaGas, fixed cumulative preferential cash dividends, payable quarterly. The annual dividend rate applicable to the Series G Shares for the five-year period commencing on and including September 30, 2024 to, but excluding, September 30, 2029, is 6.017 percent. The Series G Shares will continue to be listed on the TSX under the symbol ALA.PR.G. Quarterly dividend payments for the prior period were paid on September 27, 2024.
Holders of Series G Shares will have the right to convert all or any of their shares into Series H Shares again in September 2029 (every fifth year) in accordance with the terms of the shares, subject to AltaGas’ option to redeem such shares for cash at that time.
ALA.PR.G was issued as a FixedReset, 4.75%+306, that commenced trading 2014-7-3 after being announced 2014-6-23. Notice of extension was announced 2019-8-29. The issue reset at 4.242% effective 2019-9-30. I recommended against conversion. News that some were converted was reported on 2019-9-24; there was, in fact a 14% conversion. A very confused notice of extension was issued on 2024-8-30 and resulted in an exchange of eMails with Investor Relations. The issue reset to 6.017% effective 2024-9-30. The issue is tracked by HIMIPref™ but relegated to the Scraps subindex on credit concerns. In December, 2018, the issue was downgraded to Pfd-3(low) by DBRS and to P-3 by S&P. DBRS withdrew its rating in November 2021. S&P continues to rate the ALA preferreds at P-3.
ALA.PR.H is a FloatingReset, Bills+306, that arose through a 14% conversion from ALA.PR.G in September, 2019.
I forgot to display a rainbow yesterday – sorry! But there’s a picture for today, anyway:
TXPR closed at 619.18, down 0.64% on the day. Volume today was 744,620, third-lowest of the past 21 trading days.
CPD closed at 12.255, down 0.69% on the day. Volume was 97,860, second-highest of the past 21 trading days.
ZPR closed at 10.46, down 0.95% on the day. Volume was 279,740, fourth-highest of the past 21 trading days.
Five-year Canada yields were up to 2.76%.
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 | -0.0879 % | 2,167.5 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0879 % | 4,157.3 |
Floater | 9.93 % | 10.05 % | 85,091 | 9.54 | 2 | -0.0879 % | 2,395.9 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1213 % | 3,575.3 |
SplitShare | 4.82 % | 5.30 % | 97,553 | 4.17 | 4 | 0.1213 % | 4,269.6 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1213 % | 3,331.3 |
Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2377 % | 2,924.2 |
Perpetual-Discount | 5.89 % | 5.96 % | 50,143 | 13.91 | 31 | -0.2377 % | 3,188.7 |
FixedReset Disc | 5.49 % | 6.56 % | 114,356 | 13.01 | 58 | -0.0221 % | 2,659.0 |
Insurance Straight | 5.68 % | 5.76 % | 62,582 | 14.27 | 20 | 0.5317 % | 3,184.7 |
FloatingReset | 8.14 % | 8.25 % | 29,947 | 11.16 | 2 | -0.0523 % | 2,740.5 |
FixedReset Prem | 6.44 % | 5.53 % | 221,863 | 13.57 | 7 | 0.2005 % | 2,573.3 |
FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0221 % | 2,718.1 |
FixedReset Ins Non | 5.23 % | 5.94 % | 100,710 | 13.98 | 14 | -0.0240 % | 2,810.8 |
Performance Highlights | |||
Issue | Index | Change | Notes |
ENB.PF.G | FixedReset Disc | -3.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 7.72 % |
BN.PR.M | Perpetual-Discount | -3.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.51 % |
CU.PR.F | Perpetual-Discount | -3.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 6.10 % |
POW.PR.C | Perpetual-Discount | -3.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 23.35 Evaluated at bid price : 23.64 Bid-YTW : 6.15 % |
PWF.PR.P | FixedReset Disc | -3.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 14.40 Evaluated at bid price : 14.40 Bid-YTW : 7.23 % |
IFC.PR.C | FixedReset Ins Non | -1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.31 % |
CU.PR.G | Perpetual-Discount | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 5.94 % |
GWO.PR.Y | Insurance Straight | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.81 % |
GWO.PR.S | Insurance Straight | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 22.25 Evaluated at bid price : 22.52 Bid-YTW : 5.86 % |
TD.PF.E | FixedReset Disc | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 22.90 Evaluated at bid price : 23.43 Bid-YTW : 5.86 % |
ENB.PR.Y | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 7.24 % |
BN.PF.F | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 6.87 % |
CU.PR.E | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 20.79 Evaluated at bid price : 20.79 Bid-YTW : 5.97 % |
FFH.PR.E | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 16.87 Evaluated at bid price : 16.87 Bid-YTW : 7.23 % |
FFH.PR.I | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 18.59 Evaluated at bid price : 18.59 Bid-YTW : 7.29 % |
ENB.PF.K | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 22.67 Evaluated at bid price : 23.50 Bid-YTW : 6.41 % |
BN.PR.N | Perpetual-Discount | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.12 % |
NA.PR.C | FixedReset Prem | 1.63 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 5.63 % |
BN.PF.I | FixedReset Disc | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 22.53 Evaluated at bid price : 23.05 Bid-YTW : 6.95 % |
GWO.PR.H | Insurance Straight | 1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 5.77 % |
GWO.PR.Q | Insurance Straight | 2.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.77 % |
BN.PF.A | FixedReset Disc | 3.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 22.63 Evaluated at bid price : 23.53 Bid-YTW : 6.30 % |
CCS.PR.C | Insurance Straight | 3.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 22.69 Evaluated at bid price : 22.93 Bid-YTW : 5.48 % |
SLF.PR.H | FixedReset Ins Non | 4.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 6.20 % |
GWO.PR.T | Insurance Straight | 4.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 21.80 Evaluated at bid price : 22.27 Bid-YTW : 5.80 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
PVS.PR.L | SplitShare | 150,700 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.28 Bid-YTW : 5.30 % |
FTS.PR.M | FixedReset Disc | 56,870 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.52 % |
BN.PF.B | FixedReset Disc | 22,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.60 % |
BIP.PR.A | FixedReset Disc | 21,902 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 7.32 % |
NA.PR.S | FixedReset Disc | 21,295 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 23.18 Evaluated at bid price : 24.97 Bid-YTW : 5.43 % |
FTS.PR.K | FixedReset Disc | 20,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-10-01 Maturity Price : 20.83 Evaluated at bid price : 20.83 Bid-YTW : 6.06 % |
There were 9 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
BN.PR.M | Perpetual-Discount | Quote: 18.40 – 19.90 Spot Rate : 1.5000 Average : 1.0521 YTW SCENARIO |
POW.PR.C | Perpetual-Discount | Quote: 23.64 – 24.63 Spot Rate : 0.9900 Average : 0.5899 YTW SCENARIO |
PWF.PR.P | FixedReset Disc | Quote: 14.40 – 15.25 Spot Rate : 0.8500 Average : 0.5332 YTW SCENARIO |
ENB.PF.G | FixedReset Disc | Quote: 17.20 – 17.99 Spot Rate : 0.7900 Average : 0.5297 YTW SCENARIO |
BN.PF.F | FixedReset Disc | Quote: 20.55 – 21.09 Spot Rate : 0.5400 Average : 0.3762 YTW SCENARIO |
BN.PR.X | FixedReset Disc | Quote: 15.21 – 16.90 Spot Rate : 1.6900 Average : 1.5348 YTW SCENARIO |
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 | -0.2193 % | 2,169.4 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2193 % | 4,160.9 |
Floater | 9.92 % | 10.02 % | 85,778 | 9.56 | 2 | -0.2193 % | 2,398.0 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7806 % | 3,570.9 |
SplitShare | 4.83 % | 5.32 % | 97,166 | 4.17 | 4 | 0.7806 % | 4,264.4 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7806 % | 3,327.3 |
Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2431 % | 2,931.1 |
Perpetual-Discount | 5.87 % | 5.96 % | 50,575 | 13.91 | 31 | -0.2431 % | 3,196.3 |
FixedReset Disc | 5.49 % | 6.56 % | 113,639 | 12.86 | 58 | 0.0689 % | 2,659.6 |
Insurance Straight | 5.71 % | 5.74 % | 63,968 | 14.29 | 20 | 0.1607 % | 3,167.8 |
FloatingReset | 8.13 % | 8.28 % | 31,184 | 11.13 | 2 | 0.2885 % | 2,741.9 |
FixedReset Prem | 6.45 % | 5.55 % | 224,559 | 13.57 | 7 | -0.1113 % | 2,568.1 |
FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0689 % | 2,718.7 |
FixedReset Ins Non | 5.23 % | 5.89 % | 102,334 | 14.03 | 14 | 0.0378 % | 2,811.5 |
Performance Highlights | |||
Issue | Index | Change | Notes |
BN.PR.X | FixedReset Disc | -9.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 15.21 Evaluated at bid price : 15.21 Bid-YTW : 7.56 % |
BN.PF.A | FixedReset Disc | -2.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 22.20 Evaluated at bid price : 22.76 Bid-YTW : 6.54 % |
BN.PR.M | Perpetual-Discount | -2.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 6.27 % |
GWO.PR.T | Insurance Straight | -2.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.11 % |
GWO.PR.H | Insurance Straight | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.89 % |
NA.PR.C | FixedReset Prem | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 23.62 Evaluated at bid price : 25.83 Bid-YTW : 6.15 % |
MFC.PR.F | FixedReset Ins Non | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.21 % |
CU.PR.H | Perpetual-Discount | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 5.98 % |
BN.PR.N | Perpetual-Discount | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 19.29 Evaluated at bid price : 19.29 Bid-YTW : 6.20 % |
CU.PR.G | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.84 % |
SLF.PR.C | Insurance Straight | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 5.41 % |
GWO.PR.M | Insurance Straight | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 24.25 Evaluated at bid price : 24.55 Bid-YTW : 5.94 % |
TD.PF.E | FixedReset Disc | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 23.17 Evaluated at bid price : 23.70 Bid-YTW : 5.79 % |
GWO.PR.S | Insurance Straight | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 5.78 % |
CCS.PR.C | Insurance Straight | 1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 21.81 Evaluated at bid price : 22.05 Bid-YTW : 5.70 % |
PVS.PR.K | SplitShare | 2.50 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.60 Bid-YTW : 4.94 % |
BN.PF.G | FixedReset Disc | 4.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.34 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
PVS.PR.L | SplitShare | 158,000 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : 5.32 % |
CM.PR.Q | FixedReset Disc | 101,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 23.21 Evaluated at bid price : 23.82 Bid-YTW : 5.65 % |
ENB.PF.C | FixedReset Disc | 29,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 7.39 % |
BN.PF.G | FixedReset Disc | 21,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.34 % |
FTS.PR.M | FixedReset Disc | 20,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 20.16 Evaluated at bid price : 20.16 Bid-YTW : 6.53 % |
ENB.PR.F | FixedReset Disc | 15,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-09-30 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 7.15 % |
There were 5 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
CU.PR.C | FixedReset Disc | Quote: 20.51 – 22.78 Spot Rate : 2.2700 Average : 1.4027 YTW SCENARIO |
ENB.PR.J | FixedReset Disc | Quote: 20.22 – 21.45 Spot Rate : 1.2300 Average : 0.6919 YTW SCENARIO |
SLF.PR.H | FixedReset Ins Non | Quote: 18.00 – 20.75 Spot Rate : 2.7500 Average : 2.2196 YTW SCENARIO |
CU.PR.D | Perpetual-Discount | Quote: 20.75 – 21.89 Spot Rate : 1.1400 Average : 0.7111 YTW SCENARIO |
BN.PR.X | FixedReset Disc | Quote: 15.21 – 17.00 Spot Rate : 1.7900 Average : 1.3647 YTW SCENARIO |
BN.PR.M | Perpetual-Discount | Quote: 19.10 – 19.97 Spot Rate : 0.8700 Average : 0.5610 YTW SCENARIO |
BMO.PR.W To Be Redeemed
October 3rd, 2024Bank of Montreal has announced:
BMO.PR.W was issued as a FixedReset, 3.80%+222, that commenced trading 2014-7-30 after being announced 2014-7-22. Notice of extension was given 2019-9-27. BMO.PR.W reset at 3.851% effective 2019-11-25. I recommended against conversion and there was no conversion. It is tracked by HIMIPref™ and has been assigned to the FixedReset – Discount subindex.
BMO.PR.W closed at 23.89 today, with a VWAP of 23.898 on volume of 31,400, so maybe some of the speculators who lost money on the extension of TD.PF.A recouped their losses.
Thanks to Assiduous Reader IrateAR for bringing this to my attention!
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