Janus Capital introduced a new batch of ETFs today … some old guys might want to overweight them:
It’s easy to imagine the slapping sounds of high-fives when Janus executives conjured up these ticker symbols: SLIM, for the Obesity ETF; OLD, for the Long-Term Care ETF; FITS, for the Health and Fitness ETF; and ORG, for the Organics ETF. Each started trading on Thursday, representing the fund manager’s second set of original equity ETF offerings after entering the space in 2014 with the purchase of VelocityShares.
Assiduous Reader JR reminds me I haven’t posted any drone news in a while … so how about a passenger drone?
Ehang CEO Huazhi Hu began designing the one-seater electric drone a couple of years ago, after two of his pilot friends were killed in plane crashes. He decided that people needed a form of short-to-medium-distance personal air transport that didn’t require them to have a pilot’s license, and that took much of the danger out of low-altitude flight.
The idea behind the Chinese-built 184 is that users will simply get in, power it up, select their destination using a 12-inch touchscreen tablet display, then press the “take-off” button. The drone’s automated flight systems will take over from there, managing tasks such as communication with air traffic control and other aircraft, obstacle avoidance, and of course navigation – it will always choose the fastest yet safest route between its present location and its destination.
Failsafe systems will reportedly take over in the event of malfunctions, plus passengers can get the drone to stop and hover in place if needed.
The company is hoping to start testing this year.
DBRS confirmed Brookfield Office Properties at Pfd-3:
DBRS Limited (DBRS) has confirmed the rating of Brookfield Office Properties Inc.’s (Brookfield or the Company) Senior Unsecured Notes at BBB and its Cumulative Redeemable Preferred Shares, Class AAA at Pfd-3, both with Stable trends. The confirmation acknowledges DBRS’s previous expectation that Brookfield’s coverage ratios would remain at aggressive levels for the current rating category during the re-leasing transition period (2015–2016) at BPNY. The confirmation reflects DBRS’s expectation for a gradual improvement in coverage ratios in 2016, driven by income contributions from leases at BPNY, and that Brookfield will use asset disposition proceeds to reduce debt.
…
If Brookfield achieves weaker operating income and/or increased leverage such that the Company fails to meet DBRS’s expectations of EBITDA interest coverage (including capitalized interest) increasing to 1.70x within a year, a negative rating action could occur. Although highly unlikely, a positive rating action would require Brookfield to demonstrate meaningful improvement in operating income and significant deleveraging of its balance sheet.
| 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 | 0.7957 % | 1,695.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7957 % | 3,098.1 |
| Floater | 4.48 % | 4.56 % | 65,400 | 16.21 | 3 | 0.7957 % | 1,785.5 |
| OpRet | 4.87 % | -1.09 % | 42,779 | 0.08 | 1 | 0.0000 % | 2,831.3 |
| SplitShare | 4.87 % | 4.70 % | 86,984 | 4.69 | 7 | 0.0689 % | 3,343.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0689 % | 2,609.0 |
| Perpetual-Premium | 5.60 % | -1.16 % | 75,250 | 0.09 | 9 | -0.0911 % | 2,623.3 |
| Perpetual-Discount | 5.37 % | 5.46 % | 106,183 | 14.66 | 28 | 0.0184 % | 2,730.5 |
| FixedReset | 5.05 % | 4.48 % | 160,995 | 7.44 | 87 | 0.3550 % | 2,020.6 |
| Deemed-Retractible | 5.11 % | 5.30 % | 128,332 | 4.96 | 33 | 0.0579 % | 2,706.8 |
| FloatingReset | 3.09 % | 4.92 % | 26,999 | 5.23 | 17 | 0.2775 % | 2,125.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.X | FixedReset | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 14.17 Evaluated at bid price : 14.17 Bid-YTW : 4.61 % |
| POW.PR.D | Perpetual-Discount | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 22.70 Evaluated at bid price : 22.94 Bid-YTW : 5.53 % |
| PWF.PR.Q | FloatingReset | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 4.26 % |
| GWO.PR.O | FloatingReset | -1.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.00 Bid-YTW : 10.33 % |
| BAM.PR.R | FixedReset | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 4.92 % |
| TRP.PR.G | FixedReset | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 19.91 Evaluated at bid price : 19.91 Bid-YTW : 4.60 % |
| BAM.PR.B | Floater | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 10.67 Evaluated at bid price : 10.67 Bid-YTW : 4.49 % |
| BNS.PR.P | FixedReset | 1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.22 Bid-YTW : 3.59 % |
| BNS.PR.Q | FixedReset | 1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.22 Bid-YTW : 4.38 % |
| TD.PR.S | FixedReset | 1.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.22 Bid-YTW : 4.21 % |
| CM.PR.Q | FixedReset | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 20.39 Evaluated at bid price : 20.39 Bid-YTW : 4.29 % |
| RY.PR.M | FixedReset | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 19.66 Evaluated at bid price : 19.66 Bid-YTW : 4.27 % |
| NA.PR.S | FixedReset | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 18.68 Evaluated at bid price : 18.68 Bid-YTW : 4.32 % |
| TRP.PR.E | FixedReset | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 18.69 Evaluated at bid price : 18.69 Bid-YTW : 4.35 % |
| FTS.PR.K | FixedReset | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 17.71 Evaluated at bid price : 17.71 Bid-YTW : 4.06 % |
| TRP.PR.I | FloatingReset | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 4.50 % |
| BMO.PR.R | FloatingReset | 1.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.14 Bid-YTW : 4.44 % |
| TRP.PR.D | FixedReset | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 17.98 Evaluated at bid price : 17.98 Bid-YTW : 4.46 % |
| CCS.PR.C | Deemed-Retractible | 1.84 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.25 Bid-YTW : 6.05 % |
| HSE.PR.A | FixedReset | 2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 12.14 Evaluated at bid price : 12.14 Bid-YTW : 4.90 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.G | FixedReset | 121,992 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.33 Bid-YTW : 4.44 % |
| TD.PF.C | FixedReset | 85,406 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 4.14 % |
| BMO.PR.W | FixedReset | 58,823 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 4.06 % |
| RY.PR.Z | FixedReset | 48,654 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-06-09 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 4.06 % |
| GWO.PR.P | Deemed-Retractible | 36,800 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 5.45 % |
| MFC.PR.L | FixedReset | 33,907 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.39 Bid-YTW : 6.70 % |
| There were 16 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| GWO.PR.O | FloatingReset | Quote: 13.00 – 15.46 Spot Rate : 2.4600 Average : 1.5029 YTW SCENARIO |
| ALB.PR.C | SplitShare | Quote: 26.02 – 27.00 Spot Rate : 0.9800 Average : 0.7113 YTW SCENARIO |
| RY.PR.I | FixedReset | Quote: 23.16 – 23.60 Spot Rate : 0.4400 Average : 0.3004 YTW SCENARIO |
| POW.PR.D | Perpetual-Discount | Quote: 22.94 – 23.27 Spot Rate : 0.3300 Average : 0.1956 YTW SCENARIO |
| BAM.PR.Z | FixedReset | Quote: 19.52 – 19.77 Spot Rate : 0.2500 Average : 0.1787 YTW SCENARIO |
| TD.PF.F | Perpetual-Discount | Quote: 24.68 – 24.89 Spot Rate : 0.2100 Average : 0.1401 YTW SCENARIO |