OSFI’s revolving door revolved again, with the departure of the Assistant Croupier:
I am writing to announce the departure from OSFI of Mark White, Assistant Superintendent, Regulation Sector, effective October 31, 2011. Mark has accepted a position with a federally regulated financial institution and will assume his new role on November 1, 2011.
You can’t see the Sino-Forest for the trees:
Horsley, Chief Executive Officer Allen Chan, and director William Ardell held a 68-minute conference call with investors and analysts yesterday to refute assertions from Block’s Muddy Waters LLC that Sino-Forest overstated its timber holdings. Sino-Forest slumped 33 percent yesterday after the company’s earnings missed analysts’ estimates.
Paulson may have lost about C$515.5 million ($532.4 million) since June 1, the day before the Muddy Waters report on Sino-Forest was released.
…
“Because Muddy Waters never approached the company before it issued the report, it came as a total surprise to us,” Chan said. “Had Muddy Waters approached us before the release of the report, definitely we would have had lots of opportunity to explain to them, to show them all the errors that they have made in the report.”The company has established an independent committee to investigate Muddy Waters’ allegations and appointed PricewaterhouseCoopers LLP to assist. The probe won’t be finished for two to three months, slowing the pace of timberland acquisitions, Sino-Forest said yesterday in its earnings statement.
From the last two paragraphs, I’m not sure whether refuting the allegations is supposed to be easy or hard!
Time for some yellow journalism!
| YLO Issues, 2011-6-13 | |||||
| Ticker | Quote 6/13 |
Quote 6/14 |
Bid YTW 6/14 |
YTW Scenario 6/14 |
Performance 6/14 (bid/bid) |
| YLO.PR.A | 22.22-29 | 22.61-74 | 11.06% | Soft Maturity 2012-12-30 |
+1.76% |
| YLO.PR.B | 15.93-00 | 15.54-74 | 14.70% | Soft Maturity 2017-06-29 |
-2.45% |
| YLO.PR.C | 16.12-22 | 15.20-35 | 10.66% | Limit Maturity | -5.71% |
| YLO.PR.D | 16.25-40 | 15.75-88 | 10.50% | Limit Maturity | -3.08% |
It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts up 15bp, FixedResets losing 1bp and DeemedRetractibles gaining 11bp. Volume was good.
| 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 | 0.1771 % | 2,479.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1771 % | 3,729.8 |
| Floater | 2.44 % | 2.20 % | 41,145 | 21.79 | 4 | 0.1771 % | 2,677.6 |
| OpRet | 4.88 % | 2.61 % | 67,419 | 0.37 | 9 | 0.0903 % | 2,432.6 |
| SplitShare | 5.25 % | -0.26 % | 63,878 | 0.50 | 6 | -0.0179 % | 2,498.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0903 % | 2,224.4 |
| Perpetual-Premium | 5.66 % | 4.75 % | 151,549 | 0.77 | 12 | -0.0378 % | 2,075.2 |
| Perpetual-Discount | 5.46 % | 5.54 % | 120,633 | 14.45 | 18 | 0.1475 % | 2,179.8 |
| FixedReset | 5.15 % | 3.28 % | 192,360 | 2.82 | 57 | -0.0053 % | 2,313.4 |
| Deemed-Retractible | 5.07 % | 4.88 % | 294,447 | 6.32 | 47 | 0.1134 % | 2,156.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| HSB.PR.C | Deemed-Retractible | 1.01 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-30 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.05 % |
| GWO.PR.I | Deemed-Retractible | 1.02 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.79 Bid-YTW : 5.62 % |
| HSB.PR.D | Deemed-Retractible | 1.21 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2015-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.96 % |
| POW.PR.B | Perpetual-Discount | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2041-06-14 Maturity Price : 24.10 Evaluated at bid price : 24.36 Bid-YTW : 5.58 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.D | FixedReset | 83,257 | RBC crossed two blocks of 25,000 each, both at 27.25. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-19 Maturity Price : 25.00 Evaluated at bid price : 27.23 Bid-YTW : 3.54 % |
| NA.PR.L | Deemed-Retractible | 74,976 | Desjardins crossed 37.400 at 25.10. TD crossed 24,100 at the same price. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 4.88 % |
| FTS.PR.C | OpRet | 52,087 | RBC crossed 50,000 at 25.83. YTW SCENARIO Maturity Type : Call Maturity Date : 2011-07-14 Maturity Price : 25.50 Evaluated at bid price : 25.83 Bid-YTW : -7.86 % |
| BMO.PR.H | Deemed-Retractible | 51,117 | RBC crossed 40,000 at 25.48. YTW SCENARIO Maturity Type : Call Maturity Date : 2013-03-27 Maturity Price : 25.00 Evaluated at bid price : 25.38 Bid-YTW : 4.58 % |
| RY.PR.P | FixedReset | 48,005 | TD crossed 25,000 at 27.16. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 27.16 Bid-YTW : 3.13 % |
| NA.PR.K | Deemed-Retractible | 34,220 | TD crossed 24,900 at 25.61. YTW SCENARIO Maturity Type : Call Maturity Date : 2011-07-14 Maturity Price : 25.25 Evaluated at bid price : 25.58 Bid-YTW : -4.23 % |
| There were 43 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| PWF.PR.O | Perpetual-Premium | Quote: 25.50 – 25.88 Spot Rate : 0.3800 Average : 0.2419 YTW SCENARIO |
| IAG.PR.C | FixedReset | Quote: 26.70 – 27.00 Spot Rate : 0.3000 Average : 0.2144 YTW SCENARIO |
| BAM.PR.O | OpRet | Quote: 26.00 – 26.45 Spot Rate : 0.4500 Average : 0.3674 YTW SCENARIO |
| BNA.PR.E | SplitShare | Quote: 24.20 – 24.58 Spot Rate : 0.3800 Average : 0.3062 YTW SCENARIO |
| MFC.PR.E | FixedReset | Quote: 26.56 – 26.79 Spot Rate : 0.2300 Average : 0.1673 YTW SCENARIO |
| GWO.PR.N | FixedReset | Quote: 24.50 – 24.84 Spot Rate : 0.3400 Average : 0.2776 YTW SCENARIO |
With respect to Volume Highlights on June 14 Blog, you list NA.PR.L as having a hard maturity date in 2022. After reviewing the March 7, 2005 prospectus, it appears this series has an infinite maturity date. Am I missing something here?
Welcome to the blog!
See the discussion of DeemedRetractibles at http://www.prefletter.com/whatPrefLetter.php and the January, February, March and June editions of PrefLetter for discussion.