Great-West Lifeco Inc. has announced:
that it has entered into an agreement with a syndicate of agents co-led by RBC Capital Markets, BMO Capital Markets and Scotiabank for the sale on an agency basis of $250 million aggregate principal amount of debentures maturing July 8, 2050 (the Debentures).
The Debentures will be dated July 8, 2020, will be issued at par and will mature on July 8, 2050. Interest on the Debentures at the rate of 2.981% per annum will be payable semi-annually in arrears on January 8 and July 8 in each year, commencing January 8, 2021, until the date on which the Debentures are repaid. The Debentures are redeemable at any time prior to January 8, 2050 in whole or in part at the greater of the Canada Yield Price and par, and on or after January 8, 2050 in whole or in part at par, together in each case with accrued and unpaid interest.
The Debenture offering is expected to close on or about July 8, 2020. The net proceeds will be used by Lifeco for general corporate purposes.
GWO PerpetualDiscounts are trading to yield about 5.65% today, equivalent to 7.34% interest at the standard equivalency factor of 1.3x, so the Seniority Spread for GWO is about 435bp, comparable to the overall figure reported June 24.
| 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 | -1.3821 % | 1,436.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.3821 % | 2,635.2 |
| Floater | 5.81 % | 5.87 % | 77,548 | 14.13 | 3 | -1.3821 % | 1,518.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1260 % | 3,456.3 |
| SplitShare | 4.86 % | 4.98 % | 63,881 | 3.79 | 7 | 0.1260 % | 4,127.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1260 % | 3,220.5 |
| Perpetual-Premium | 5.21 % | 5.24 % | 65,275 | 4.07 | 1 | 0.0000 % | 3,025.0 |
| Perpetual-Discount | 5.59 % | 5.76 % | 77,795 | 14.29 | 35 | 0.1426 % | 3,249.3 |
| FixedReset Disc | 6.12 % | 5.08 % | 140,474 | 15.02 | 75 | -0.1302 % | 1,842.1 |
| Deemed-Retractible | 5.32 % | 5.58 % | 83,902 | 14.43 | 27 | 0.1208 % | 3,216.0 |
| FloatingReset | 2.47 % | 3.01 % | 33,777 | 1.54 | 4 | 0.1644 % | 1,720.2 |
| FixedReset Prem | 5.50 % | 5.14 % | 347,325 | 15.17 | 3 | -0.0267 % | 2,550.3 |
| FixedReset Bank Non | 1.98 % | 3.00 % | 129,568 | 1.54 | 2 | 0.0615 % | 2,787.8 |
| FixedReset Ins Non | 6.44 % | 5.18 % | 104,132 | 14.66 | 22 | 0.3122 % | 1,849.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.C | FixedReset Ins Non | -3.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 5.49 % |
| PWF.PR.P | FixedReset Disc | -2.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 9.00 Evaluated at bid price : 9.00 Bid-YTW : 5.61 % |
| CU.PR.C | FixedReset Disc | -2.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 14.32 Evaluated at bid price : 14.32 Bid-YTW : 5.02 % |
| TD.PF.J | FixedReset Disc | -2.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 4.93 % |
| NA.PR.G | FixedReset Disc | -1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 4.96 % |
| MFC.PR.N | FixedReset Ins Non | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 5.18 % |
| BAM.PR.B | Floater | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 7.37 Evaluated at bid price : 7.37 Bid-YTW : 5.87 % |
| BNS.PR.I | FixedReset Disc | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 17.54 Evaluated at bid price : 17.54 Bid-YTW : 4.55 % |
| IFC.PR.A | FixedReset Ins Non | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 11.13 Evaluated at bid price : 11.13 Bid-YTW : 5.18 % |
| BAM.PR.K | Floater | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 7.36 Evaluated at bid price : 7.36 Bid-YTW : 5.87 % |
| TRP.PR.B | FixedReset Disc | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 7.65 Evaluated at bid price : 7.65 Bid-YTW : 5.44 % |
| BAM.PR.C | Floater | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 7.39 Evaluated at bid price : 7.39 Bid-YTW : 5.85 % |
| TRP.PR.E | FixedReset Disc | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 12.65 Evaluated at bid price : 12.65 Bid-YTW : 5.91 % |
| CM.PR.O | FixedReset Disc | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 14.07 Evaluated at bid price : 14.07 Bid-YTW : 5.23 % |
| SLF.PR.I | FixedReset Ins Non | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 15.76 Evaluated at bid price : 15.76 Bid-YTW : 5.06 % |
| IFC.PR.E | Deemed-Retractible | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 23.05 Evaluated at bid price : 23.41 Bid-YTW : 5.58 % |
| SLF.PR.H | FixedReset Ins Non | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 12.15 Evaluated at bid price : 12.15 Bid-YTW : 5.31 % |
| MFC.PR.M | FixedReset Ins Non | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 5.18 % |
| MFC.PR.K | FixedReset Ins Non | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 14.51 Evaluated at bid price : 14.51 Bid-YTW : 5.08 % |
| BAM.PF.F | FixedReset Disc | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 5.93 % |
| MFC.PR.L | FixedReset Ins Non | 1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 13.58 Evaluated at bid price : 13.58 Bid-YTW : 5.23 % |
| TD.PF.E | FixedReset Disc | 1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 4.92 % |
| BAM.PF.G | FixedReset Disc | 1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 5.89 % |
| BMO.PR.F | FixedReset Disc | 1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 4.97 % |
| BAM.PF.D | Perpetual-Discount | 2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 21.73 Evaluated at bid price : 21.73 Bid-YTW : 5.68 % |
| BAM.PR.T | FixedReset Disc | 2.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 11.85 Evaluated at bid price : 11.85 Bid-YTW : 5.90 % |
| TRP.PR.A | FixedReset Disc | 2.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 11.66 Evaluated at bid price : 11.66 Bid-YTW : 5.65 % |
| BMO.PR.Y | FixedReset Disc | 3.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 16.11 Evaluated at bid price : 16.11 Bid-YTW : 4.85 % |
| GWO.PR.N | FixedReset Ins Non | 5.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 9.40 Evaluated at bid price : 9.40 Bid-YTW : 4.51 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.R | FixedReset Disc | 118,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 18.73 Evaluated at bid price : 18.73 Bid-YTW : 5.13 % |
| TD.PF.J | FixedReset Disc | 53,350 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 4.93 % |
| RY.PR.H | FixedReset Disc | 52,690 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 4.74 % |
| TD.PF.A | FixedReset Disc | 51,760 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 15.17 Evaluated at bid price : 15.17 Bid-YTW : 4.81 % |
| RY.PR.Q | FixedReset Disc | 50,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 23.94 Evaluated at bid price : 24.46 Bid-YTW : 5.08 % |
| TD.PF.E | FixedReset Disc | 50,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-07 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 4.92 % |
| There were 19 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CCS.PR.C | Deemed-Retractible | Quote: 21.00 – 23.00 Spot Rate : 2.0000 Average : 1.6815 YTW SCENARIO |
| MFC.PR.K | FixedReset Ins Non | Quote: 14.51 – 15.21 Spot Rate : 0.7000 Average : 0.4297 YTW SCENARIO |
| PWF.PR.P | FixedReset Disc | Quote: 9.00 – 10.19 Spot Rate : 1.1900 Average : 0.9567 YTW SCENARIO |
| IFC.PR.C | FixedReset Ins Non | Quote: 14.00 – 14.65 Spot Rate : 0.6500 Average : 0.4305 YTW SCENARIO |
| TD.PF.J | FixedReset Disc | Quote: 17.25 – 17.90 Spot Rate : 0.6500 Average : 0.4805 YTW SCENARIO |
| BIK.PR.A | FixedReset Disc | Quote: 23.80 – 24.50 Spot Rate : 0.7000 Average : 0.5533 YTW SCENARIO |