The Tembec Empty Voting controversy, discussed on July 20, now looks like a fizzle:
Shares in Tembec Inc. rose the most since May after Rayonier Advanced Materials Inc. won support from two key shareholders for its increased bid for the Canadian lumber and paper producer.
…
Rayonier Advanced is now offering Tembec investors the choice of receiving C$4.75 a share in cash — valuing the company at about C$475 million ($379 million) — or 0.2542 Rayonier Advanced shares for each Tembec share.
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Paul Boynton, chief executive officer of Rayonier Advanced, said in an interview Sunday that the companies have entered into an irrevocable agreement with Tembec’s two biggest shareholders, Oaktree Capital Group LLC and Restructuring Capital Associates to support the deal. The pair collectively hold about 37 percent of the target’s shares.
| 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 | 0.3963 % | 2,407.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3963 % | 4,417.3 |
| Floater | 3.60 % | 3.62 % | 128,413 | 18.25 | 3 | 0.3963 % | 2,545.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1799 % | 3,062.1 |
| SplitShare | 4.70 % | 4.33 % | 52,316 | 3.80 | 5 | -0.1799 % | 3,656.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1799 % | 2,853.1 |
| Perpetual-Premium | 5.39 % | 4.74 % | 65,793 | 6.10 | 21 | 0.0977 % | 2,770.8 |
| Perpetual-Discount | 5.31 % | 5.27 % | 84,045 | 14.99 | 15 | 0.2211 % | 2,912.1 |
| FixedReset | 4.33 % | 4.35 % | 185,099 | 6.38 | 98 | 0.1692 % | 2,400.9 |
| Deemed-Retractible | 5.08 % | 5.44 % | 121,990 | 6.13 | 30 | 0.0861 % | 2,855.5 |
| FloatingReset | 2.54 % | 2.84 % | 43,306 | 4.28 | 10 | 0.0315 % | 2,635.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| VNR.PR.A | FixedReset | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-24 Maturity Price : 21.90 Evaluated at bid price : 22.40 Bid-YTW : 4.86 % |
| SLF.PR.G | FixedReset | -1.37 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.26 Bid-YTW : 8.33 % |
| PWF.PR.S | Perpetual-Discount | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-24 Maturity Price : 22.47 Evaluated at bid price : 22.80 Bid-YTW : 5.27 % |
| TRP.PR.E | FixedReset | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-24 Maturity Price : 22.54 Evaluated at bid price : 23.01 Bid-YTW : 4.26 % |
| BAM.PR.N | Perpetual-Discount | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-24 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.59 % |
| TRP.PR.C | FixedReset | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-24 Maturity Price : 17.06 Evaluated at bid price : 17.06 Bid-YTW : 4.31 % |
| TRP.PR.B | FixedReset | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-24 Maturity Price : 15.89 Evaluated at bid price : 15.89 Bid-YTW : 4.31 % |
| BAM.PF.C | Perpetual-Discount | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-24 Maturity Price : 21.55 Evaluated at bid price : 21.86 Bid-YTW : 5.59 % |
| MFC.PR.K | FixedReset | 2.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.67 Bid-YTW : 6.09 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.R | FixedReset | 516,248 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 4.50 % |
| NA.PR.S | FixedReset | 51,084 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-24 Maturity Price : 21.86 Evaluated at bid price : 22.39 Bid-YTW : 4.38 % |
| BMO.PR.C | FixedReset | 49,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.72 Bid-YTW : 4.24 % |
| TD.PF.I | FixedReset | 34,405 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-24 Maturity Price : 23.15 Evaluated at bid price : 25.03 Bid-YTW : 4.44 % |
| RY.PR.R | FixedReset | 29,338 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-24 Maturity Price : 25.00 Evaluated at bid price : 26.77 Bid-YTW : 3.53 % |
| CM.PR.P | FixedReset | 27,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-24 Maturity Price : 21.48 Evaluated at bid price : 21.84 Bid-YTW : 4.31 % |
| There were 23 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| EIT.PR.A | SplitShare | Quote: 25.84 – 26.20 Spot Rate : 0.3600 Average : 0.2321 YTW SCENARIO |
| PVS.PR.E | SplitShare | Quote: 26.10 – 26.40 Spot Rate : 0.3000 Average : 0.1997 YTW SCENARIO |
| TRP.PR.F | FloatingReset | Quote: 20.12 – 20.50 Spot Rate : 0.3800 Average : 0.2940 YTW SCENARIO |
| NA.PR.S | FixedReset | Quote: 22.39 – 22.65 Spot Rate : 0.2600 Average : 0.1867 YTW SCENARIO |
| POW.PR.D | Perpetual-Discount | Quote: 23.98 – 24.29 Spot Rate : 0.3100 Average : 0.2506 YTW SCENARIO |
| SLF.PR.J | FloatingReset | Quote: 17.00 – 17.18 Spot Rate : 0.1800 Average : 0.1276 YTW SCENARIO |