April 16, 2019

I noticed another recent corporate long bond issue, this one some thirty-year notes from Pembina:

Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced offering of $800 million of senior unsecured medium-term notes (the “Offering”). The Offering was conducted in two tranches consisting of $400 million in senior unsecured medium-term notes, series 12 (the “Series 12 Notes”) having a fixed coupon of 3.62% per annum, paid semi-annually, and maturing on April 3, 2029, and $400 million in senior unsecured medium-term notes, series 13 (the “Series 13 Notes”) having a fixed coupon of 4.54% per annum, paid semi-annually, and maturing on April 3, 2049.

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 -0.2622 % 2,147.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2622 % 3,940.5
Floater 5.45 % 5.72 % 45,085 14.33 3 -0.2622 % 2,270.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0397 % 3,280.3
SplitShare 4.88 % 4.66 % 75,844 3.82 8 -0.0397 % 3,917.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0397 % 3,056.5
Perpetual-Premium 5.57 % -16.50 % 81,851 0.09 10 -0.0589 % 2,960.0
Perpetual-Discount 5.39 % 5.43 % 77,151 14.71 23 0.1202 % 3,114.4
FixedReset Disc 5.23 % 5.43 % 183,042 14.88 61 -0.0477 % 2,200.7
Deemed-Retractible 5.21 % 5.74 % 99,449 8.13 27 -0.0739 % 3,082.0
FloatingReset 4.22 % 4.29 % 52,991 2.68 5 0.0215 % 2,419.9
FixedReset Prem 5.06 % 3.71 % 293,626 2.20 22 0.0194 % 2,588.2
FixedReset Bank Non 1.98 % 3.95 % 146,077 2.69 3 -0.0278 % 2,640.4
FixedReset Ins Non 4.97 % 6.55 % 108,241 8.27 22 -0.0861 % 2,266.7
Performance Highlights
Issue Index Change Notes
IAF.PR.B Deemed-Retractible -1.36 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.75
Bid-YTW : 6.34 %
BAM.PF.I FixedReset Prem -1.04 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.66
Bid-YTW : 5.40 %
IFC.PR.C FixedReset Ins Non -1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.05
Bid-YTW : 7.31 %
TRP.PR.B FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 5.79 %
BAM.PF.J FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 22.95
Evaluated at bid price : 24.15
Bid-YTW : 4.89 %
BMO.PR.T FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 5.33 %
MFC.PR.J FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.15
Bid-YTW : 6.55 %
SLF.PR.H FixedReset Ins Non 1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.90
Bid-YTW : 7.47 %
BAM.PF.C Perpetual-Discount 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.76 %
BMO.PR.W FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 5.33 %
MFC.PR.L FixedReset Ins Non 1.70 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.94
Bid-YTW : 7.79 %
BAM.PR.Z FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.65 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.H FixedReset Disc 116,121 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 19.21
Evaluated at bid price : 19.21
Bid-YTW : 5.16 %
BAM.PF.A FixedReset Disc 84,025 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 21.23
Evaluated at bid price : 21.23
Bid-YTW : 5.56 %
TRP.PR.E FixedReset Disc 45,090 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 16.92
Evaluated at bid price : 16.92
Bid-YTW : 5.93 %
BAM.PR.Z FixedReset Disc 43,519 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.65 %
TD.PF.H FixedReset Prem 43,035 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 3.71 %
GWO.PR.I Deemed-Retractible 42,346 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.38
Bid-YTW : 6.44 %
There were 29 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IAF.PR.B Deemed-Retractible Quote: 21.75 – 22.21
Spot Rate : 0.4600
Average : 0.3270

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.75
Bid-YTW : 6.34 %

BMO.PR.W FixedReset Disc Quote: 18.40 – 18.84
Spot Rate : 0.4400
Average : 0.3095

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 5.33 %

TRP.PR.D FixedReset Disc Quote: 17.00 – 17.39
Spot Rate : 0.3900
Average : 0.2630

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 5.94 %

BIP.PR.A FixedReset Disc Quote: 20.21 – 20.72
Spot Rate : 0.5100
Average : 0.3946

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 6.44 %

CCS.PR.C Deemed-Retractible Quote: 22.91 – 23.41
Spot Rate : 0.5000
Average : 0.3868

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.91
Bid-YTW : 6.13 %

CM.PR.Q FixedReset Disc Quote: 19.90 – 20.28
Spot Rate : 0.3800
Average : 0.2878

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-04-16
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.50 %

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