TXPR closed at 635.45, up 0.96% on the day. Volume today was 2.22-million, third-highest of the past 21 trading days.
CPD closed at 12.45, up 0.24% on the day. Volume was 34,180, lowest of the past 21 trading days.
ZPR closed at 10.47 up 0.48% on the day. Volume of 129,610 was below the median of the past 21 trading days.
Five-year Canada yields were down to 2.65% today.
The SEC is proposing a new rule on fund names:
The Securities and Exchange Commission (the “Commission”) is proposing to amend the rule under the Investment Company Act of 1940 (the “Investment Company Act” or the “Act”) that addresses certain broad categories of investment company names that are likely to mislead investors about an investment company’s investments and risks. The proposed amendments to this rule are designed to increase investor protection by improving and clarifying the requirement for certain funds to adopt a policy to invest at least 80% of their assets in accordance with the investment focus that the fund’s name suggests, updating the rule’s notice requirements, and establishing recordkeeping requirements. The Commission also is proposing enhanced prospectus disclosure requirements for terminology used in fund names, and additional requirements for funds to report information on Form N-PORT regarding compliance with the proposed names-related regulatory requirements.
As far as I can tell though, hedge funds will not be required to change their names to ‘levered up to hell ‘n’ gone’ funds.
In the Frozen North, Blake’s provides Ten Securities Law Fun Facts:
Unlike in the U.S., it is still the case in Canada that posting of material information to an issuer’s website “will not, by itself, be likely to satisfy the “generally disclosed requirement”, meaning that material information should always be first published by way of a press release issued over a newswire (which can be much more expensive than a posting on a company’s own website). Further to National Policy 51-201 Disclosure Standards, as currently drafted: “Investors’ access to the Internet is not yet sufficiently widespread such that a Web site posting alone would be a means of dissemination ‘calculated to effectively reach the marketplace’” and “As technology evolves and as more investors gain access to the Internet, it may be that postings to certain companies’ Web sites alone could satisfy the ‘generally disclosed’ requirement.”
…
The Ontario securities law compendium text colloquially known as the “blue book” weighed 4.0lbs in 2004, while the current edition weighs 7.8lbs. Also, while on the topic of “blue”, there is scientific evidence that, until modern times, humans did not actually see the colour blue, meaning that from an anthropocentric perspective, blue did not exist.
We can hope that at some time, enough investors will have gained access to the Internet to allow website posts to meet the ‘generally disclosed’ requirement. But it may take a while, given the expense highlighted by MobileSyrup.com:
The study examined the cost for 135 countries and based life expectancy on the global average of 72 years. Canada lands at 103 on the list, which shows residents will spend an average of $67 a month on the service. Out of the countries examined, only 32 countries charge residents more for internet access.
DBRS has rated some new LRCNs, but I have no further information:
DBRS Limited (DBRS Morningstar) assigned a provisional rating of BBB (high) with a Stable trend to iA Financial Corporation Inc.’s (iA or the Company) Limited Recourse Capital Notes Series 2022-1 and a provisional rating of Pfd-2 with a Stable trend to the Company’s Non-Cumulative Preferred Shares Series A.
PerpetualDiscounts now yield 5.84%, equivalent to 7.59% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.97%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 260bp from the 270bp reported May 18.
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 | 3.96 % | 4.63 % | 18,125 | 18.11 | 1 | -0.6111 % | 2,548.5 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0744 % | 4,952.8 |
Floater | 4.17 % | 4.16 % | 40,868 | 17.02 | 3 | 0.0744 % | 2,854.3 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4754 % | 3,514.6 |
SplitShare | 4.84 % | 5.15 % | 39,362 | 3.24 | 8 | 0.4754 % | 4,197.2 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4754 % | 3,274.8 |
Perpetual-Premium | 5.90 % | 5.96 % | 68,030 | 13.92 | 1 | 0.0000 % | 2,958.2 |
Perpetual-Discount | 5.75 % | 5.84 % | 61,686 | 14.13 | 35 | 0.4136 % | 3,231.4 |
FixedReset Disc | 4.59 % | 5.79 % | 121,956 | 14.28 | 59 | 0.3433 % | 2,544.4 |
Insurance Straight | 5.67 % | 5.85 % | 90,835 | 14.03 | 20 | 0.6375 % | 3,161.3 |
FloatingReset | 4.74 % | 5.13 % | 56,902 | 15.20 | 2 | 0.3120 % | 2,609.5 |
FixedReset Prem | 5.10 % | 5.11 % | 122,093 | 2.05 | 9 | 0.1607 % | 2,586.7 |
FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3433 % | 2,600.9 |
FixedReset Ins Non | 4.45 % | 5.71 % | 71,693 | 14.56 | 15 | 0.5284 % | 2,696.2 |
Performance Highlights | |||
Issue | Index | Change | Notes |
TRP.PR.D | FixedReset Disc | -6.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.79 % |
TRP.PR.E | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 19.06 Evaluated at bid price : 19.06 Bid-YTW : 6.41 % |
BAM.PR.T | FixedReset Disc | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.40 % |
POW.PR.C | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 24.68 Evaluated at bid price : 25.00 Bid-YTW : 5.87 % |
BNS.PR.I | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 23.52 Evaluated at bid price : 23.90 Bid-YTW : 5.35 % |
CCS.PR.C | Insurance Straight | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.66 % |
GWO.PR.Q | Insurance Straight | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 22.06 Evaluated at bid price : 22.35 Bid-YTW : 5.85 % |
BIP.PR.A | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 22.30 Evaluated at bid price : 22.80 Bid-YTW : 6.42 % |
CU.PR.J | Perpetual-Discount | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 20.54 Evaluated at bid price : 20.54 Bid-YTW : 5.81 % |
GWO.PR.N | FixedReset Ins Non | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 14.22 Evaluated at bid price : 14.22 Bid-YTW : 6.19 % |
BAM.PR.N | Perpetual-Discount | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.82 % |
BMO.PR.E | FixedReset Disc | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 23.63 Evaluated at bid price : 24.04 Bid-YTW : 5.53 % |
POW.PR.D | Perpetual-Discount | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 21.54 Evaluated at bid price : 21.80 Bid-YTW : 5.80 % |
MIC.PR.A | Perpetual-Discount | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 21.58 Evaluated at bid price : 21.90 Bid-YTW : 6.26 % |
PWF.PF.A | Perpetual-Discount | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.61 % |
BMO.PR.T | FixedReset Disc | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.68 % |
CM.PR.S | FixedReset Disc | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 23.05 Evaluated at bid price : 23.72 Bid-YTW : 5.39 % |
GWO.PR.G | Insurance Straight | 1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 22.33 Evaluated at bid price : 22.60 Bid-YTW : 5.84 % |
TRP.PR.C | FixedReset Disc | 1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 6.84 % |
TRP.PR.A | FixedReset Disc | 2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 16.84 Evaluated at bid price : 16.84 Bid-YTW : 6.63 % |
PVS.PR.I | SplitShare | 2.11 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.71 Bid-YTW : 5.10 % |
MFC.PR.N | FixedReset Ins Non | 2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.84 % |
IAF.PR.B | Insurance Straight | 2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 21.86 Evaluated at bid price : 22.10 Bid-YTW : 5.27 % |
RY.PR.Z | FixedReset Disc | 2.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.62 % |
GWO.PR.Y | Insurance Straight | 2.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 5.71 % |
IFC.PR.A | FixedReset Ins Non | 2.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.71 % |
BMO.PR.Y | FixedReset Disc | 2.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 5.67 % |
NA.PR.S | FixedReset Disc | 6.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 5.71 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
IAF.PR.G | FixedReset Ins Non | 318,667 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 2.95 % |
TD.PF.M | FixedReset Prem | 26,260 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.30 % |
CM.PR.R | FixedReset Disc | 26,005 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 24.08 Evaluated at bid price : 24.93 Bid-YTW : 6.07 % |
PWF.PR.K | Perpetual-Discount | 22,268 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 21.17 Evaluated at bid price : 21.17 Bid-YTW : 5.92 % |
PWF.PR.G | Perpetual-Premium | 21,587 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 24.68 Evaluated at bid price : 25.00 Bid-YTW : 5.96 % |
GWO.PR.Y | Insurance Straight | 15,515 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-25 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 5.71 % |
There were 22 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
SLF.PR.H | FixedReset Ins Non | Quote: 19.25 – 23.64 Spot Rate : 4.3900 Average : 2.7910 YTW SCENARIO |
BAM.PF.A | FixedReset Disc | Quote: 23.14 – 25.85 Spot Rate : 2.7100 Average : 1.6110 YTW SCENARIO |
PWF.PR.P | FixedReset Disc | Quote: 14.80 – 17.14 Spot Rate : 2.3400 Average : 1.4135 YTW SCENARIO |
GWO.PR.R | Insurance Straight | Quote: 20.77 – 22.64 Spot Rate : 1.8700 Average : 1.2096 YTW SCENARIO |
TRP.PR.E | FixedReset Disc | Quote: 19.06 – 21.00 Spot Rate : 1.9400 Average : 1.3753 YTW SCENARIO |
RY.PR.N | Perpetual-Discount | Quote: 23.85 – 25.20 Spot Rate : 1.3500 Average : 0.8364 YTW SCENARIO |
IAF.PR.G To Be Redeemed
May 17th, 2022Industrial Alliance Insurance and Financial Services Inc. has announced:
IAF.PR.G arose via ticker change from IAG.PR.G in January 2019. IAG.PR.G was issued as a FixedReset, 4.30%+285, that commenced trading 2012-6-1 after being announced 2012-5-24. Unusually, the issue was re-opened shortly afterwards. IAG.PR.G reset at 3.777% in 2017; I recommended against conversion; and there was no conversion, although getting official confirmation of this was like pulling teeth.
The issue has been tracked by HIMIPref™ and assigned to the FixedReset (Discount) subindex.
The redemption notice came as a surprise to the markets; the issue traded up $1.03 to 25.18, which isn’t a bad day’s work; its sister issue, IAF.PR.I, was up a similar amount; this follows similar jumps on the ENB.PR.U redemption announcement. The Straight Perpetual, IAF.PR.B, was up only about 1.10% today, though, so the market’s largesse was not indiscriminate!
Thanks to Assiduous Reader niagara for bringing this to my attention!
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