Pace Credit Union (last discussed June 22) is back in the news:
The Financial Services Regulators Authority of Ontario (FSRA) announced late Friday that is has taken over daily oversight of PACE for the second time in two years.
The directors who resigned over a three-day span include board chair George Cooke, a former insurance executive who was hand-picked by FSRA to help turn PACE around after two years of turmoil. Also stepping down are CEO Barbara Dirks and head of risk Terri O’Brien, both of whom joined PACE in April.
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More recently, however, regulators have been investigating whether a now-defunct investment dealer started by the previous executives, Pace Securities Corp., improperly sold $46-million in risky investment products to retail investors
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. Those investments plunged in value early this year, and another regulator, the Investment Industry Regulatory Organization of Canada (IIROC), is seeking to discipline the two former executives who led Pace Securities, Joseph Thomson and Gerald McRae.In August, law firm Paliare Roland Rosenberg Rothstein LLP was appointed to represent investors in negotiating a settlement who say they were misled. Yet even after the deadline for talks was extended, no deal has been announced.
A FSRA investigation recently concluded that the sales of the investment products had breached the act that governs credit unions, and PACE’s management agreed. But “there was not consensus on how best to address those breaches,” said Mark White, FSRA’s CEO, in a statement.
| 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 | 1.1173 % | 1,796.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.1173 % | 3,295.7 |
| Floater | 4.74 % | 4.81 % | 37,857 | 15.78 | 3 | 1.1173 % | 1,899.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1144 % | 3,583.2 |
| SplitShare | 4.83 % | 4.40 % | 43,824 | 3.89 | 9 | 0.1144 % | 4,279.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1144 % | 3,338.8 |
| Perpetual-Premium | 5.34 % | 2.48 % | 76,664 | 0.39 | 14 | -0.0056 % | 3,186.7 |
| Perpetual-Discount | 5.13 % | 5.07 % | 80,739 | 15.14 | 19 | 0.3246 % | 3,613.6 |
| FixedReset Disc | 5.28 % | 4.09 % | 115,518 | 16.55 | 64 | 0.3016 % | 2,193.7 |
| Insurance Straight | 5.06 % | 4.87 % | 99,358 | 15.13 | 22 | 0.1033 % | 3,511.8 |
| FloatingReset | 1.97 % | 2.44 % | 46,803 | 1.17 | 3 | 0.1499 % | 1,820.1 |
| FixedReset Prem | 5.19 % | 2.86 % | 214,645 | 0.71 | 15 | -0.1440 % | 2,668.1 |
| FixedReset Bank Non | 1.94 % | 2.06 % | 194,240 | 1.17 | 2 | 0.0402 % | 2,864.8 |
| FixedReset Ins Non | 5.31 % | 4.12 % | 74,720 | 16.72 | 22 | 0.2305 % | 2,291.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.E | Insurance Straight | -1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 23.36 Evaluated at bid price : 23.65 Bid-YTW : 4.81 % |
| BIK.PR.A | FixedReset Prem | -1.17 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 5.58 % |
| BNS.PR.I | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 20.88 Evaluated at bid price : 20.88 Bid-YTW : 3.85 % |
| GWO.PR.R | Insurance Straight | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 24.29 Evaluated at bid price : 24.80 Bid-YTW : 4.88 % |
| TRP.PR.E | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 5.33 % |
| SLF.PR.H | FixedReset Ins Non | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 4.12 % |
| SLF.PR.G | FixedReset Ins Non | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 11.38 Evaluated at bid price : 11.38 Bid-YTW : 4.11 % |
| TD.PF.B | FixedReset Disc | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 18.62 Evaluated at bid price : 18.62 Bid-YTW : 3.91 % |
| BAM.PR.N | Perpetual-Discount | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 22.60 Evaluated at bid price : 22.85 Bid-YTW : 5.27 % |
| SLF.PR.I | FixedReset Ins Non | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 4.04 % |
| TRP.PR.C | FixedReset Disc | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 9.52 Evaluated at bid price : 9.52 Bid-YTW : 5.26 % |
| SLF.PR.A | Insurance Straight | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 24.59 Evaluated at bid price : 24.84 Bid-YTW : 4.84 % |
| TD.PF.I | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 23.50 Evaluated at bid price : 23.84 Bid-YTW : 3.73 % |
| BAM.PR.B | Floater | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 9.10 Evaluated at bid price : 9.10 Bid-YTW : 4.77 % |
| TRP.PR.B | FixedReset Disc | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 8.80 Evaluated at bid price : 8.80 Bid-YTW : 4.94 % |
| TD.PF.A | FixedReset Disc | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 3.87 % |
| BAM.PF.C | Perpetual-Discount | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 22.81 Evaluated at bid price : 23.20 Bid-YTW : 5.29 % |
| BIP.PR.E | FixedReset Disc | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 22.49 Evaluated at bid price : 22.95 Bid-YTW : 5.51 % |
| BAM.PR.M | Perpetual-Discount | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 5.23 % |
| BAM.PR.K | Floater | 1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 9.04 Evaluated at bid price : 9.04 Bid-YTW : 4.81 % |
| TRP.PR.F | FloatingReset | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 10.62 Evaluated at bid price : 10.62 Bid-YTW : 4.84 % |
| BMO.PR.S | FixedReset Disc | 1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 3.92 % |
| BIP.PR.D | FixedReset Disc | 2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 23.29 Evaluated at bid price : 23.75 Bid-YTW : 5.32 % |
| BAM.PR.R | FixedReset Disc | 2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 5.17 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.H | FixedReset Prem | 56,455 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 3.09 % |
| SLF.PR.C | Insurance Straight | 34,140 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 23.32 Evaluated at bid price : 23.60 Bid-YTW : 4.77 % |
| TD.PF.A | FixedReset Disc | 29,721 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 3.87 % |
| TRP.PR.K | FixedReset Disc | 29,351 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 23.65 Evaluated at bid price : 24.81 Bid-YTW : 4.89 % |
| TD.PF.C | FixedReset Disc | 21,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 3.90 % |
| NA.PR.C | FixedReset Disc | 21,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-23 Maturity Price : 23.35 Evaluated at bid price : 24.41 Bid-YTW : 3.97 % |
| There were 17 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| SLF.PR.E | Insurance Straight | Quote: 23.65 – 24.27 Spot Rate : 0.6200 Average : 0.3494 YTW SCENARIO |
| RY.PR.M | FixedReset Disc | Quote: 19.15 – 19.85 Spot Rate : 0.7000 Average : 0.5442 YTW SCENARIO |
| SLF.PR.I | FixedReset Ins Non | Quote: 20.10 – 20.56 Spot Rate : 0.4600 Average : 0.3115 YTW SCENARIO |
| IFC.PR.I | Perpetual-Premium | Quote: 25.72 – 26.25 Spot Rate : 0.5300 Average : 0.4023 YTW SCENARIO |
| MFC.PR.H | FixedReset Ins Non | Quote: 22.10 – 22.41 Spot Rate : 0.3100 Average : 0.1981 YTW SCENARIO |
| BMO.PR.Y | FixedReset Disc | Quote: 19.75 – 20.30 Spot Rate : 0.5500 Average : 0.4388 YTW SCENARIO |