I was fascinated to read about the Royal Ottawa Golf Club’s CEWS-derived operating surplus:
The Royal Ottawa Golf Club, one of the country’s most prominent private courses, has banked a $1-million surplus from its past season, thanks mostly to federal subsidies for workers’ wages during the COVID-19 pandemic.
CBC News has obtained the club’s audited financial statements, and a recording of its annual general meeting, in which its board told members about the club’s “very strong financial position” due to the Canada emergency wage subsidy (CEWS) windfall.
“We ended up with a rather substantial subsidy,” Doug McLarty, the club treasurer, told participants in the Dec. 5 online video meeting. “It was over a million dollars. And that ended up on the bottom line.”
…
“I can tell you that pretty well every club in Ontario that we are aware of, and in Quebec, applied for that subsidy. And many of them are in a similar situation to what we have enjoyed this year — they have an operating surplus that they weren’t anticipating.” [said McLarty]
It was interesting because not only did the effect go far beyond partial mitigation of coronavirus damage, but because I can’t figure out how they qualified. This puzzlement led to curiosity about investment management firms – we weren’t subject to lockdowns and fees are based on assets under management. So I used the CRA CEWS Registry to search for a few investment management companies that might have obtained some of this largesse … it turns out that quite a few of them were sucking government tit!
If anybody can tell me why these guys don’t deserve to be classed as welfare bums, let me know!
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 | -0.2716 % | 1,860.5 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2716 % | 3,414.0 |
Floater | 4.67 % | 4.61 % | 75,891 | 16.22 | 2 | -0.2716 % | 1,967.5 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1780 % | 3,632.3 |
SplitShare | 4.77 % | 4.36 % | 43,755 | 3.82 | 9 | 0.1780 % | 4,337.7 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1780 % | 3,384.5 |
Perpetual-Premium | 5.34 % | -0.10 % | 73,036 | 0.08 | 19 | 0.1277 % | 3,203.7 |
Perpetual-Discount | 5.01 % | 5.01 % | 71,597 | 15.40 | 12 | -0.0378 % | 3,670.6 |
FixedReset Disc | 5.02 % | 3.90 % | 148,051 | 17.22 | 56 | -0.0818 % | 2,325.4 |
Insurance Straight | 5.07 % | 4.85 % | 88,356 | 15.37 | 22 | -0.0719 % | 3,549.0 |
FloatingReset | 1.93 % | 1.91 % | 41,600 | 1.09 | 3 | 0.0656 % | 1,851.5 |
FixedReset Prem | 5.15 % | 3.14 % | 220,925 | 0.78 | 22 | 0.0573 % | 2,677.0 |
FixedReset Bank Non | 1.93 % | 1.81 % | 174,846 | 1.09 | 2 | -0.0200 % | 2,880.3 |
FixedReset Ins Non | 5.05 % | 3.87 % | 84,829 | 17.29 | 22 | 0.4152 % | 2,426.1 |
Performance Highlights | |||
Issue | Index | Change | Notes |
TRP.PR.D | FixedReset Disc | -7.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 5.62 % |
CU.PR.F | Perpetual-Discount | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 23.30 Evaluated at bid price : 23.56 Bid-YTW : 4.81 % |
IAF.PR.I | FixedReset Ins Non | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 4.05 % |
BAM.PR.K | Floater | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 9.05 Evaluated at bid price : 9.05 Bid-YTW : 4.74 % |
MFC.PR.C | Insurance Straight | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 23.36 Evaluated at bid price : 23.65 Bid-YTW : 4.77 % |
IFC.PR.A | FixedReset Ins Non | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 14.97 Evaluated at bid price : 14.97 Bid-YTW : 3.82 % |
TRP.PR.C | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 10.37 Evaluated at bid price : 10.37 Bid-YTW : 4.85 % |
BAM.PR.Z | FixedReset Disc | -1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 4.87 % |
MFC.PR.L | FixedReset Ins Non | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 17.84 Evaluated at bid price : 17.84 Bid-YTW : 3.95 % |
IAF.PR.B | Insurance Straight | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 23.98 Evaluated at bid price : 24.23 Bid-YTW : 4.75 % |
TD.PF.D | FixedReset Disc | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 21.77 Evaluated at bid price : 22.17 Bid-YTW : 3.65 % |
GWO.PR.R | Insurance Straight | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 24.01 Evaluated at bid price : 24.45 Bid-YTW : 4.90 % |
BAM.PR.B | Floater | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 9.31 Evaluated at bid price : 9.31 Bid-YTW : 4.61 % |
GWO.PR.N | FixedReset Ins Non | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 11.30 Evaluated at bid price : 11.30 Bid-YTW : 3.87 % |
RY.PR.M | FixedReset Disc | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 3.59 % |
CU.PR.G | Perpetual-Discount | 1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 23.16 Evaluated at bid price : 23.60 Bid-YTW : 4.79 % |
RY.PR.H | FixedReset Disc | 2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 21.26 Evaluated at bid price : 21.26 Bid-YTW : 3.40 % |
PWF.PR.T | FixedReset Disc | 2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 4.11 % |
MFC.PR.H | FixedReset Ins Non | 4.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 22.91 Evaluated at bid price : 23.40 Bid-YTW : 3.84 % |
IAF.PR.G | FixedReset Ins Non | 7.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 4.05 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
BMO.PR.B | FixedReset Prem | 201,550 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 2.93 % |
TD.PF.A | FixedReset Disc | 22,763 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 20.84 Evaluated at bid price : 20.84 Bid-YTW : 3.48 % |
BMO.PR.T | FixedReset Disc | 21,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 19.96 Evaluated at bid price : 19.96 Bid-YTW : 3.60 % |
BNS.PR.I | FixedReset Disc | 20,015 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 21.89 Evaluated at bid price : 22.20 Bid-YTW : 3.60 % |
RY.PR.Z | FixedReset Disc | 18,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-23 Maturity Price : 20.98 Evaluated at bid price : 20.98 Bid-YTW : 3.39 % |
BNS.PR.Z | FixedReset Bank Non | 18,300 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 1.81 % |
There were 20 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
TRP.PR.D | FixedReset Disc | Quote: 13.75 – 15.05 Spot Rate : 1.3000 Average : 0.7427 YTW SCENARIO |
MFC.PR.K | FixedReset Ins Non | Quote: 18.60 – 20.17 Spot Rate : 1.5700 Average : 1.2743 YTW SCENARIO |
BAM.PF.E | FixedReset Disc | Quote: 15.90 – 16.79 Spot Rate : 0.8900 Average : 0.5950 YTW SCENARIO |
MFC.PR.C | Insurance Straight | Quote: 23.65 – 24.23 Spot Rate : 0.5800 Average : 0.3975 YTW SCENARIO |
CU.PR.D | Perpetual-Discount | Quote: 24.85 – 25.85 Spot Rate : 1.0000 Average : 0.8451 YTW SCENARIO |
CU.PR.C | FixedReset Disc | Quote: 18.42 – 19.42 Spot Rate : 1.0000 Average : 0.8483 YTW SCENARIO |
Heck from the same source you can see that 95 Canadian Tire outlets are also collecting the CEWS! Fear not however, we can afford it.
Hence why I don’t have confidence on the “current strength of the CDN $”… The government really blew it when it came to CERB/CEWS !! You knew it was wrong when hardly NO ONE complained ….
If properly done, we would have been paying for it…
Ended up with our ourselves/kids/grandkids paying for this !!