Each of the mainstream indicators made a new 52-week low today.
TXPR closed at 577.43, a new 52-week low and down 0.56% on the day. Volume was 2.40-million, above average but nothing special in the context of the past 30 days.
CPD closed at 11.53, a new 52-week low and down 0.69% on the day. Volume of 138,446 was above average but nothing special in the constext of the past 30 days.
ZPR closed at 9.16, a new 52-week low and down 0.97% on the day. Volume of 249,098 was high but oddly the “Price History” tab on tmxmoney refuses to display data for this issue. Yahoo Finance comes through with the information that today had the third-highest volume of the past thirty days, behind August 13 and August 14.
Five-year Canada yields were down 2bp to 1.20% today.
HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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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 | -1.7615 % | 1,782.7 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.7615 % | 3,271.1 |
Floater | 6.70 % | 6.95 % | 41,541 | 12.52 | 4 | -1.7615 % | 1,885.2 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1684 % | 3,351.2 |
SplitShare | 4.65 % | 4.67 % | 60,407 | 4.05 | 7 | -0.1684 % | 4,002.0 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1684 % | 3,122.5 |
Perpetual-Premium | 5.64 % | -9.54 % | 61,245 | 0.09 | 9 | -0.0176 % | 2,973.6 |
Perpetual-Discount | 5.49 % | 5.61 % | 53,284 | 14.45 | 25 | -0.2211 % | 3,106.9 |
FixedReset Disc | 5.96 % | 5.60 % | 154,586 | 14.47 | 66 | -0.8623 % | 1,954.0 |
Deemed-Retractible | 5.29 % | 6.13 % | 68,100 | 7.84 | 27 | -0.1550 % | 3,080.1 |
FloatingReset | 4.76 % | 7.56 % | 60,898 | 7.86 | 3 | -1.3190 % | 2,233.7 |
FixedReset Prem | 5.21 % | 4.85 % | 167,784 | 1.90 | 21 | -0.1098 % | 2,556.2 |
FixedReset Bank Non | 1.99 % | 4.39 % | 90,251 | 2.37 | 3 | -0.0700 % | 2,639.2 |
FixedReset Ins Non | 5.65 % | 8.20 % | 102,069 | 7.98 | 21 | -1.0963 % | 2,032.1 |
Performance Highlights | |||
Issue | Index | Change | Notes |
MFC.PR.F | FixedReset Ins Non | -3.92 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.26 Bid-YTW : 10.76 % |
SLF.PR.J | FloatingReset | -3.89 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.35 Bid-YTW : 11.65 % |
TD.PF.J | FixedReset Disc | -3.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 5.46 % |
RY.PR.J | FixedReset Disc | -3.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.66 Evaluated at bid price : 17.66 Bid-YTW : 5.61 % |
NA.PR.C | FixedReset Disc | -3.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.80 % |
MFC.PR.K | FixedReset Ins Non | -3.35 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.44 Bid-YTW : 9.03 % |
MFC.PR.G | FixedReset Ins Non | -3.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.27 Bid-YTW : 8.59 % |
RY.PR.H | FixedReset Disc | -2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 16.32 Evaluated at bid price : 16.32 Bid-YTW : 5.35 % |
BMO.PR.C | FixedReset Disc | -2.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 20.44 Evaluated at bid price : 20.44 Bid-YTW : 5.58 % |
TD.PF.M | FixedReset Prem | -2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 22.67 Evaluated at bid price : 23.75 Bid-YTW : 5.16 % |
BAM.PR.B | Floater | -2.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 10.12 Evaluated at bid price : 10.12 Bid-YTW : 6.95 % |
TRP.PR.A | FixedReset Disc | -2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 11.82 Evaluated at bid price : 11.82 Bid-YTW : 6.76 % |
PWF.PR.P | FixedReset Disc | -2.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 12.31 Evaluated at bid price : 12.31 Bid-YTW : 5.68 % |
BAM.PR.C | Floater | -2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 10.12 Evaluated at bid price : 10.12 Bid-YTW : 6.95 % |
BAM.PR.K | Floater | -2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 10.12 Evaluated at bid price : 10.12 Bid-YTW : 6.95 % |
RY.PR.Z | FixedReset Disc | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 5.23 % |
BAM.PF.E | FixedReset Disc | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 14.40 Evaluated at bid price : 14.40 Bid-YTW : 6.72 % |
MFC.PR.N | FixedReset Ins Non | -1.97 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.91 Bid-YTW : 9.77 % |
PWF.PR.T | FixedReset Disc | -1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 5.46 % |
CM.PR.O | FixedReset Disc | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 15.87 Evaluated at bid price : 15.87 Bid-YTW : 5.71 % |
MFC.PR.J | FixedReset Ins Non | -1.85 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.05 Bid-YTW : 8.20 % |
BAM.PF.B | FixedReset Disc | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 16.01 Evaluated at bid price : 16.01 Bid-YTW : 6.40 % |
BAM.PF.G | FixedReset Disc | -1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 6.70 % |
TD.PF.C | FixedReset Disc | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 5.54 % |
SLF.PR.H | FixedReset Ins Non | -1.73 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.34 Bid-YTW : 9.16 % |
TD.PF.I | FixedReset Disc | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.30 % |
NA.PR.W | FixedReset Disc | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 14.93 Evaluated at bid price : 14.93 Bid-YTW : 5.85 % |
IFC.PR.G | FixedReset Ins Non | -1.51 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.22 Bid-YTW : 8.36 % |
BAM.PF.A | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.68 Evaluated at bid price : 17.68 Bid-YTW : 6.27 % |
TRP.PR.G | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 6.59 % |
HSE.PR.G | FixedReset Disc | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 7.30 % |
CM.PR.Q | FixedReset Disc | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 5.91 % |
CU.PR.H | Perpetual-Discount | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 23.55 Evaluated at bid price : 24.00 Bid-YTW : 5.47 % |
CM.PR.Y | FixedReset Disc | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 22.78 Evaluated at bid price : 24.01 Bid-YTW : 5.16 % |
TRP.PR.B | FixedReset Disc | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 9.76 Evaluated at bid price : 9.76 Bid-YTW : 6.45 % |
TD.PF.E | FixedReset Disc | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 5.61 % |
MFC.PR.Q | FixedReset Ins Non | -1.31 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.12 Bid-YTW : 8.13 % |
TRP.PR.F | FloatingReset | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 7.56 % |
BMO.PR.D | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.44 % |
GWO.PR.Q | Deemed-Retractible | -1.16 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.98 Bid-YTW : 6.35 % |
GWO.PR.T | Deemed-Retractible | -1.11 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.06 Bid-YTW : 6.31 % |
RY.PR.M | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.32 Evaluated at bid price : 17.32 Bid-YTW : 5.54 % |
POW.PR.B | Perpetual-Discount | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 23.09 Evaluated at bid price : 23.35 Bid-YTW : 5.79 % |
HSE.PR.C | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.92 % |
HSE.PR.A | FixedReset Disc | 2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 10.75 Evaluated at bid price : 10.75 Bid-YTW : 6.80 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
TD.PF.M | FixedReset Prem | 73,569 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 22.67 Evaluated at bid price : 23.75 Bid-YTW : 5.16 % |
TD.PF.C | FixedReset Disc | 58,185 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 5.54 % |
IAF.PR.I | FixedReset Ins Non | 56,200 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.91 Bid-YTW : 7.95 % |
PWF.PR.P | FixedReset Disc | 52,343 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 12.31 Evaluated at bid price : 12.31 Bid-YTW : 5.68 % |
MFC.PR.O | FixedReset Ins Non | 51,177 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 3.89 % |
RY.PR.J | FixedReset Disc | 46,133 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.66 Evaluated at bid price : 17.66 Bid-YTW : 5.61 % |
There were 36 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
MFC.PR.K | FixedReset Ins Non | Quote: 16.44 – 17.10 Spot Rate : 0.6600 Average : 0.4798 YTW SCENARIO |
TD.PF.M | FixedReset Prem | Quote: 23.75 – 24.20 Spot Rate : 0.4500 Average : 0.2974 YTW SCENARIO |
BAM.PF.A | FixedReset Disc | Quote: 17.68 – 18.01 Spot Rate : 0.3300 Average : 0.2133 YTW SCENARIO |
SLF.PR.H | FixedReset Ins Non | Quote: 15.34 – 15.66 Spot Rate : 0.3200 Average : 0.2149 YTW SCENARIO |
GWO.PR.T | Deemed-Retractible | Quote: 23.06 – 23.48 Spot Rate : 0.4200 Average : 0.3229 YTW SCENARIO |
CU.PR.H | Perpetual-Discount | Quote: 24.00 – 24.32 Spot Rate : 0.3200 Average : 0.2284 YTW SCENARIO |
PPL To Acquire KML Under Proposed Plan of Arrangement
August 22nd, 2019Pembina Pipeline Corporation has announced:
The Corporate Acquisition is valued at approximately $2.3 billion including the assumption of Kinder Morgan Canada’s preferred shares and outstanding net debt. is the crucial phrase for preferred shareholders. There is no huge change in credit quality – KML was downgraded to Pfd-3 by DBRS in March, 2019, while PPL was confirmed at Pfd-3 in April, 2019. Meanwhile, S&P shows both KML and PPL at P-3(high).
The press release does not specify that preferred shareholders will be voting on this arrangement; I have checked with and been told:
I confess I’m a little surprised by this. It may be because this is a plan of arrangement under the Business Corporations Act (Alberta) and we more often see a plan of arrangement under the Canada Business Corporations Act.
Following receipt of the eMail above, I received another one:
DBRS comments:
Affected issues are KML.PR.A and KML.PR.C. Both issues were up smartly on the day; KML.PR.A up $0.68 to 22.35 (close/close) and KML.PR.C up $0.80 to 22.25 (close/close).
KML.PR.A is a FixedReset 5.25%+365M525 that commenced trading 2017-8-15 after being announced 2017-8-3. It is tracked by HIMIPref™ but relegated to the Scraps-FixedReset Discount subindex on credit concerns.
KML.PR.C is a FixedReset, 5.20%+351M520, that commenced trading 2017-12-15 after being announced 2017-12-6. It is tracked by HIMIPref™ but relegated to the Scraps-FixedReset Discount subindex on credit concerns.
Update, 2019-08-22: KML.PR.A & KML.PR.C On Review-Developing by DBRS until additional information becomes available with respect to Pembina’s intention for the Preferred Shares and the proposed capital structure at KMU post completion of the Acquisition.
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