There’s a good article in Forbes by Steve Denning about a new indicator, the Job Quality Index.
The U.S. Private Sector Job Quality Index (JQI) assesses job quality in the United States by measuring desirable higher-wage/higher-hour jobs versus lower-wage/lower-hour jobs. The JQI results also may serve as a proxy for the overall health of the U.S. jobs market, since the index enables month-by-month tracking of the direction and degree of change in high-to-low job composition.
By tracking this information, policymakers and financial market participants can be more fully informed of past developments, current trends, and likely future developments in the absence of policy intervention. Economists and international organizations have in recent years developed other, complementary conceptions of job quality such as those addressing the emotional satisfaction employees derive from their jobs.
For the purposes of this JQI, “job quality” means the weekly dollar-income a job generates for an employee. Payment, after all, is a primary reason why people work: the income generated by a job being necessary to maintain a standard of living, to provide for the essentials of life and, hopefully, to save for retirement, among other things.
Click for Big
It’s a different world from the one where I got my start, all right.
I sent another eMail via Husky Energy’s on-line form about their anomalous reset calculation for HSE.PR.C. Still no answer, but I’m not the only one querying them.
| 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 | 0.0443 % | 1,973.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0443 % | 3,620.8 |
| Floater | 6.12 % | 6.33 % | 55,297 | 13.30 | 4 | 0.0443 % | 2,086.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2813 % | 3,438.6 |
| SplitShare | 4.64 % | 4.34 % | 44,519 | 3.85 | 7 | 0.2813 % | 4,106.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2813 % | 3,204.0 |
| Perpetual-Premium | 5.54 % | -15.56 % | 56,012 | 0.09 | 10 | -0.0156 % | 3,043.6 |
| Perpetual-Discount | 5.30 % | 5.41 % | 70,509 | 14.75 | 25 | -0.0379 % | 3,262.2 |
| FixedReset Disc | 5.65 % | 5.84 % | 193,509 | 14.13 | 66 | -0.0166 % | 2,087.3 |
| Deemed-Retractible | 5.19 % | 5.29 % | 76,118 | 14.95 | 27 | -0.0172 % | 3,214.0 |
| FloatingReset | 6.38 % | 6.42 % | 132,538 | 13.35 | 2 | -1.6239 % | 2,412.3 |
| FixedReset Prem | 5.11 % | 3.71 % | 150,515 | 1.55 | 20 | 0.1463 % | 2,632.3 |
| FixedReset Bank Non | 1.95 % | 3.82 % | 66,143 | 2.07 | 3 | -0.0411 % | 2,710.9 |
| FixedReset Ins Non | 5.55 % | 5.91 % | 119,197 | 14.01 | 22 | -0.1619 % | 2,111.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.J | FloatingReset | -4.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 12.09 Evaluated at bid price : 12.09 Bid-YTW : 6.36 % |
| BIP.PR.F | FixedReset Disc | -1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 21.68 Evaluated at bid price : 22.00 Bid-YTW : 5.79 % |
| MFC.PR.M | FixedReset Ins Non | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 16.92 Evaluated at bid price : 16.92 Bid-YTW : 5.88 % |
| SLF.PR.H | FixedReset Ins Non | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 6.04 % |
| MFC.PR.H | FixedReset Ins Non | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 19.66 Evaluated at bid price : 19.66 Bid-YTW : 5.97 % |
| BNS.PR.I | FixedReset Disc | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 18.63 Evaluated at bid price : 18.63 Bid-YTW : 5.77 % |
| MFC.PR.K | FixedReset Ins Non | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 5.83 % |
| BMO.PR.E | FixedReset Disc | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 5.86 % |
| NA.PR.E | FixedReset Disc | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 17.77 Evaluated at bid price : 17.77 Bid-YTW : 6.08 % |
| IFC.PR.A | FixedReset Ins Non | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 14.45 Evaluated at bid price : 14.45 Bid-YTW : 5.89 % |
| EIT.PR.B | SplitShare | 1.15 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : 4.34 % |
| TRP.PR.D | FixedReset Disc | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 6.24 % |
| PWF.PR.P | FixedReset Disc | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 12.82 Evaluated at bid price : 12.82 Bid-YTW : 6.21 % |
| BAM.PR.R | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 6.40 % |
| TRP.PR.A | FixedReset Disc | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 14.01 Evaluated at bid price : 14.01 Bid-YTW : 6.30 % |
| BAM.PF.B | FixedReset Disc | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 6.06 % |
| GWO.PR.N | FixedReset Ins Non | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 13.33 Evaluated at bid price : 13.33 Bid-YTW : 5.38 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.J | FixedReset Disc | 127,510 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 5.74 % |
| BAM.PR.Z | FixedReset Disc | 127,226 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 19.14 Evaluated at bid price : 19.14 Bid-YTW : 6.12 % |
| BMO.PR.E | FixedReset Disc | 91,946 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 5.86 % |
| RY.PR.P | Perpetual-Premium | 88,136 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-02-24 Maturity Price : 25.25 Evaluated at bid price : 25.66 Bid-YTW : 4.85 % |
| TRP.PR.A | FixedReset Disc | 76,071 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 14.01 Evaluated at bid price : 14.01 Bid-YTW : 6.30 % |
| MFC.PR.M | FixedReset Ins Non | 76,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-09 Maturity Price : 16.92 Evaluated at bid price : 16.92 Bid-YTW : 5.88 % |
| There were 65 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| SLF.PR.J | FloatingReset | Quote: 12.09 – 12.65 Spot Rate : 0.5600 Average : 0.3520 YTW SCENARIO |
| BIP.PR.F | FixedReset Disc | Quote: 22.00 – 22.55 Spot Rate : 0.5500 Average : 0.3510 YTW SCENARIO |
| SLF.PR.I | FixedReset Ins Non | Quote: 17.99 – 18.47 Spot Rate : 0.4800 Average : 0.2950 YTW SCENARIO |
| RY.PR.S | FixedReset Disc | Quote: 18.61 – 18.98 Spot Rate : 0.3700 Average : 0.2135 YTW SCENARIO |
| TD.PF.L | FixedReset Disc | Quote: 23.63 – 23.98 Spot Rate : 0.3500 Average : 0.2132 YTW SCENARIO |
| PVS.PR.E | SplitShare | Quote: 25.68 – 25.99 Spot Rate : 0.3100 Average : 0.1812 YTW SCENARIO |
Interesting note regarding still no response from Husky. I had a quick scan through their prospectus and it says the “Fixed Rate Calculation Date” date falls on “the 30th day prior to the first day of such Subsequent Fixed Rate Period”. I can’t help but notice that nov 30, 2019 was a Saturday.
later on they say “If any day on which any dividend on the Series 3 Preferred Shares is payable by Husky or on or by which any other action is required to be taken by Husky is not a business day, then such dividend shall be payable and such other action may be taken on or by the next succeeding day that is a business day”.
Someone screwed up and used the earlier business day which miraculously had a more favourable rate for them.
Not to quibble, but 🙂 … The Subsequent Fixed Rate Period is a defined term in the prospectus and begins December 31, so it’s actually December 1 that is the 30th day prior to that first day. I wrote Husky again yesterday but still no response.
Most excellent observation Peet! Thanks for pointing out my folly. I too have written in to Husky with a similar question. I got an acknowledgement stating that the question has been forwarded on to someone in their finance dept and will share any further updates.
I got an acknowledgement
Wow, you’re doing better than me!
Thank you Avocado for your involvement and update.
I got a response: Husky confirmed November 29 was used for this date. I have replied asking if an error may have been made. I’ll share any more updates I get.
Note that the prospectus states:
I have received a response too and have queried the sender regarding why the prior business day was used in light of this paragraph.
hot off the press: https://huskyenergy.com/news/release.asp?release_id=1959611
Husky Energy Announces Revised Series 3 Preferred Share Dividend Rate
CALGARY, Alberta, Dec. 11, 2019 (GLOBE NEWSWIRE) — On December 2, 2019 Husky Energy (TSX:HSE) announced the fixed-rate quarterly dividend applicable to its Cumulative Redeemable Preferred Shares, Series 3 (Series 3 Shares) for the five-year period commencing December 31, 2019.
The fixed-rate dividend for the Series 3 Shares announced on December 2, 2019 was calculated on November 29, 2019 as 4.636%, representing the sum of the Canadian Government five-year bond yield of 1.506% plus 3.13%.
The new fixed-rate dividend for Series 3 Shares, based on a calculation as of December 2, 2019, is 4.689%, representing the sum of the Canadian Government five-year bond yield of 1.559% plus 3.13%.
The dividend rate applicable to the Cumulative Redeemable Preferred Shares, Series 4 for the three-month period commencing December 31, 2019 to, but excluding, March 31, 2020 remains unchanged at 4.782%, being equal to the annual rate for the most recent auction of 90-day Government of Canada Treasury Bills as of December 2, 2019 of 1.652% plus 3.13%.
Yes indeed! I will be posting about this shortly.
HSE.PR.C Resets Reset to 4.689%