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 |
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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 | -0.2622 % | 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 |
| BMO.PR.W | FixedReset Disc | Quote: 18.40 – 18.84 Spot Rate : 0.4400 Average : 0.3095 YTW SCENARIO |
| TRP.PR.D | FixedReset Disc | Quote: 17.00 – 17.39 Spot Rate : 0.3900 Average : 0.2630 YTW SCENARIO |
| BIP.PR.A | FixedReset Disc | Quote: 20.21 – 20.72 Spot Rate : 0.5100 Average : 0.3946 YTW SCENARIO |
| CCS.PR.C | Deemed-Retractible | Quote: 22.91 – 23.41 Spot Rate : 0.5000 Average : 0.3868 YTW SCENARIO |
| CM.PR.Q | FixedReset Disc | Quote: 19.90 – 20.28 Spot Rate : 0.3800 Average : 0.2878 YTW SCENARIO |