CPX has acquired a generation facility:
Capital Power Corporation (Capital Power or the Company) (TSX: CPX) announced today that it has entered into an agreement to acquire Goreway Power Station Holdings Inc., which owns the Goreway Power Station, an 875 megawatt (MW) natural gas combined cycle generation facility. Goreway Power Station Holdings Inc. is jointly owned by JERA Co. Inc., and Toyota Tsusho Corporation. The purchase price is $387 million in total cash consideration, subject to working capital and other closing adjustments, and the assumption of $590 million of project level debt (the Acquisition). The Acquisition is expected to close in the second quarter of 2019 and is subject to regulatory approvals and other customary closing conditions.
DBRS comments:
The Acquisition is expected to result in a modest improvement in CPC’s business risk profile by increasing (1) diversification out of the volatile Alberta market, (2) contracted revenues and (3) average contract length. DBRS views CPC’s financing plan for the Acquisition as having a neutral effect on the Company’s financial metrics. Overall, DBRS believes that the Acquisition will have a neutral impact on CPC’s credit assessment if the following occurs: (1) CPC effectively integrates the Facility into its portfolio; (2) the Acquisition is funded as planned at the announced transaction price; (3) the Facility is able to distribute cash to CPC as expected and (4) the project-level debt is non-recourse to CPC. DBRS notes that future material acquisitions by CPC without the issuance of additional common equity could negatively affect its financial metrics, which could result in DBRS taking a negative rating action.
There was a nice little pop in TXPR at the close today, but nothing special in the great scheme of things:
Click for Big
There were a lot of MOC Imbalances, but very few of them were for more than 100 shares. I have no idea what that might have been about … the only thing that occurs to me is ‘software testing’.
| 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 | -0.3240 % | 2,091.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3240 % | 3,838.1 |
| Floater | 5.62 % | 5.97 % | 52,122 | 13.92 | 3 | -0.3240 % | 2,211.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0050 % | 3,283.1 |
| SplitShare | 4.88 % | 4.84 % | 72,422 | 3.79 | 8 | 0.0050 % | 3,920.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0050 % | 3,059.1 |
| Perpetual-Premium | 5.59 % | -10.56 % | 94,754 | 0.09 | 10 | 0.1184 % | 2,955.3 |
| Perpetual-Discount | 5.40 % | 5.47 % | 79,507 | 14.64 | 23 | 0.1054 % | 3,110.9 |
| FixedReset Disc | 5.24 % | 5.34 % | 179,811 | 14.98 | 61 | -0.0713 % | 2,195.5 |
| Deemed-Retractible | 5.22 % | 5.76 % | 109,680 | 8.10 | 27 | 0.1168 % | 3,081.9 |
| FloatingReset | 4.23 % | 4.36 % | 50,754 | 2.64 | 5 | -0.2586 % | 2,412.1 |
| FixedReset Prem | 5.07 % | 3.76 % | 282,622 | 2.19 | 23 | -0.0254 % | 2,589.0 |
| FixedReset Bank Non | 1.98 % | 3.94 % | 139,157 | 2.66 | 3 | -0.3461 % | 2,644.8 |
| FixedReset Ins Non | 4.99 % | 6.75 % | 104,916 | 8.25 | 22 | -0.2523 % | 2,257.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.C | FixedReset Ins Non | -2.87 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.60 Bid-YTW : 7.56 % |
| TD.PF.J | FixedReset Disc | -2.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-29 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.21 % |
| IFC.PR.G | FixedReset Ins Non | -2.34 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.41 Bid-YTW : 7.01 % |
| MFC.PR.K | FixedReset Ins Non | -1.78 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.35 Bid-YTW : 7.24 % |
| GWO.PR.T | Deemed-Retractible | -1.38 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.57 Bid-YTW : 5.96 % |
| TRP.PR.F | FloatingReset | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-29 Maturity Price : 14.66 Evaluated at bid price : 14.66 Bid-YTW : 6.22 % |
| BAM.PF.F | FixedReset Disc | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-29 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 5.80 % |
| MFC.PR.J | FixedReset Ins Non | -1.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.76 Bid-YTW : 6.75 % |
| BMO.PR.T | FixedReset Disc | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-29 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 5.28 % |
| BAM.PF.E | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-29 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 5.85 % |
| PWF.PR.T | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-29 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 5.18 % |
| MFC.PR.L | FixedReset Ins Non | 1.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.86 Bid-YTW : 7.77 % |
| CCS.PR.C | Deemed-Retractible | 1.25 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.56 Bid-YTW : 5.81 % |
| SLF.PR.B | Deemed-Retractible | 1.30 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.65 Bid-YTW : 6.09 % |
| BIP.PR.A | FixedReset Disc | 1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-29 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.22 % |
| SLF.PR.G | FixedReset Ins Non | 1.82 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.10 Bid-YTW : 8.66 % |
| IAF.PR.I | FixedReset Ins Non | 2.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.58 Bid-YTW : 5.81 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.F | FixedReset Prem | 116,709 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.36 Bid-YTW : 4.84 % |
| BMO.PR.D | FixedReset Disc | 77,850 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-29 Maturity Price : 22.02 Evaluated at bid price : 22.41 Bid-YTW : 5.27 % |
| W.PR.M | FixedReset Prem | 61,745 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 4.19 % |
| TD.PF.H | FixedReset Prem | 36,990 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 3.68 % |
| BMO.PR.S | FixedReset Disc | 36,158 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-29 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.17 % |
| RY.PR.J | FixedReset Disc | 33,502 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-29 Maturity Price : 20.77 Evaluated at bid price : 20.77 Bid-YTW : 5.13 % |
| There were 23 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TD.PF.J | FixedReset Disc | Quote: 21.00 – 21.90 Spot Rate : 0.9000 Average : 0.5763 YTW SCENARIO |
| BAM.PF.F | FixedReset Disc | Quote: 19.26 – 19.93 Spot Rate : 0.6700 Average : 0.4514 YTW SCENARIO |
| HSE.PR.A | FixedReset Disc | Quote: 12.65 – 13.11 Spot Rate : 0.4600 Average : 0.2844 YTW SCENARIO |
| IFC.PR.C | FixedReset Ins Non | Quote: 18.60 – 19.00 Spot Rate : 0.4000 Average : 0.2565 YTW SCENARIO |
| GWO.PR.T | Deemed-Retractible | Quote: 23.57 – 23.98 Spot Rate : 0.4100 Average : 0.2730 YTW SCENARIO |
| IFC.PR.G | FixedReset Ins Non | Quote: 20.41 – 20.95 Spot Rate : 0.5400 Average : 0.4048 YTW SCENARIO |