TXPR closed at 571.70, up 0.94% on the day. Volume today was 924,710, well below the median of the past 21 trading days. The TXPR Price Index is now above its September 30, 2023, close of 571.13.
CPD closed at 11.34, up 0.44% on the day. Volume was 217,780, third-highest of the past 21 trading days.
ZPR closed at 9.49, up 0.64% on the day. Volume was 351,230, well above the median of the past 21 trading days.
Five-year Canada yields were down a bit to 3.24% today.
The pundits don’t have much to say:
Investors are awaiting comments Tuesday from Fed Chair Jerome Powell, who some strategists expect could say more time is needed to show inflation is under control.
Canada’s main stock index rose on Monday to its highest closing level in nearly four weeks as investors snapped up stocks in some of the most depressed sectors of the market amid hopes that central banks would ease the pace of interest rate hikes.
…
Money market bets were showing 77% odds of a 25-basis point hike in the Fed’s February policy meeting.A U.S. consumer prices report due Thursday could be key for rate expectations, said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina. “The CPI report this week is going to be essential for fine-tuning the Fed funds futures market.”
The New York Fed released the December 2022 Survey of Consumer Expectations:
which shows that inflation expectations continued to decline in the short term and were unchanged over the medium term. Longer-term inflation expectations edged up slightly. Household spending expectations fell sharply in December, while income growth expectations rose to a new series high. Home price expectations rose slightly, but remain below their pre-pandemic levels. Households’ perceptions about their current financial situation and their expectations about their future financial situation one year from now improved in December.
The main findings from the December 2022 Survey are:
Inflation
- Median one-year-ahead inflation expectations continued to decline in December, falling by 0.2 percentage point to 5.0%, its lowest reading since July 2021. In contrast, three-year-ahead inflation expectations were unchanged in December at 3.0%. The survey’s measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) decreased at the one-year horizon and was unchanged at the three-year horizon.
- Median five-year-ahead inflation expectations increased by 0.1 percentage point to 2.4%. Disagreement across respondents in their five-year-ahead inflation expectations was unchanged in December.
- Median inflation uncertainty—or the uncertainty expressed regarding future inflation outcomes—was unchanged at the short-term horizon and decreased at the medium-term horizon.
- Median home price growth expectations increased by 0.3 percentage point to 1. 3%. The increase was driven by those in the South census region. Despite this increase, home price growth expectations remain subdued relative to their pre-pandemic levels.
- Expectations about year-ahead price changes declined by 0.7 percentage point for both gas (to 4.1%) and food (to 7.6%) , and 0.2 percentage point for both college education (to 9.2%) and rent (to 9.6%). The median expected change in the cost of medical care, on the other hand, rose by 0.1 percentage point (to 9.7%) .
And a management buy-out of Canaccord Genuity Inc. has been proposed:
Senior leaders of Canaccord Genuity Inc. are seeking to take the independent Canadian investment bank private, though a special committee of the company’s own board of directors thinks the price is too low
The management team of Canaccord Genuity Inc. Inc. announced an all-cash takeover bid of $11.25 per share early Monday, valuing the financial services company at roughly $1.13-billion. New York-based HPS Investment Partners LLC, Canaccord’s largest individual shareholder, has agreed to provide up to $825-million in financing to support the deal.
In response, Canaccord’s board of directors has formed a special committee to consider the proposal from the management group that includes board chair David Kassie. The committee, which is composed of three board members who are not part of the offeror group, has not agreed to support the offer, it said in a statement, as it is awaiting the results of a formal valuation being prepared by Royal Bank of Canada.
Nothing is yet known about how the preferred will be treated if the buy-out goes through, but it’s my bet that:
- The preferred would remain outstanding
- They will continue to trade on the Toronto Exchange
- This will be credit negative for CF
| 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 | 0.9747 % | 2,489.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.9747 % | 4,774.1 |
| Floater | 8.72 % | 8.83 % | 42,829 | 10.56 | 2 | 0.9747 % | 2,751.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2788 % | 3,318.5 |
| SplitShare | 5.07 % | 7.45 % | 70,863 | 2.85 | 7 | 0.2788 % | 3,963.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2788 % | 3,092.1 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3527 % | 2,737.3 |
| Perpetual-Discount | 6.22 % | 6.27 % | 98,621 | 13.53 | 35 | 0.3527 % | 2,984.9 |
| FixedReset Disc | 5.36 % | 7.27 % | 93,192 | 12.42 | 62 | 0.9030 % | 2,259.4 |
| Insurance Straight | 6.05 % | 6.19 % | 110,119 | 13.65 | 20 | 1.4374 % | 2,968.0 |
| FloatingReset | 9.95 % | 10.52 % | 41,617 | 9.16 | 2 | 0.1310 % | 2,481.2 |
| FixedReset Prem | 6.63 % | 6.18 % | 185,567 | 4.13 | 2 | 0.2592 % | 2,371.5 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.9030 % | 2,309.6 |
| FixedReset Ins Non | 5.47 % | 7.25 % | 61,511 | 12.48 | 14 | 0.6179 % | 2,359.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PR.M | Perpetual-Discount | -3.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.74 % |
| IFC.PR.F | Insurance Straight | -2.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.34 % |
| MFC.PR.M | FixedReset Ins Non | -2.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.97 % |
| IFC.PR.I | Perpetual-Discount | -1.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.44 Evaluated at bid price : 21.77 Bid-YTW : 6.24 % |
| TD.PF.E | FixedReset Disc | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 7.22 % |
| CU.PR.D | Perpetual-Discount | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 6.16 % |
| BN.PR.X | FixedReset Disc | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 7.87 % |
| BIP.PR.A | FixedReset Disc | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 9.04 % |
| GWO.PR.G | Insurance Straight | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.86 Evaluated at bid price : 20.86 Bid-YTW : 6.29 % |
| POW.PR.C | Perpetual-Discount | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 23.22 Evaluated at bid price : 23.52 Bid-YTW : 6.19 % |
| PWF.PR.F | Perpetual-Discount | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.97 Evaluated at bid price : 20.97 Bid-YTW : 6.28 % |
| MFC.PR.I | FixedReset Ins Non | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 22.34 Evaluated at bid price : 23.08 Bid-YTW : 6.61 % |
| MFC.PR.B | Insurance Straight | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.79 % |
| BN.PF.G | FixedReset Disc | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 8.69 % |
| MFC.PR.Q | FixedReset Ins Non | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.14 Evaluated at bid price : 20.14 Bid-YTW : 7.25 % |
| TRP.PR.E | FixedReset Disc | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 8.53 % |
| TD.PF.L | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 23.88 Evaluated at bid price : 24.30 Bid-YTW : 6.59 % |
| POW.PR.D | Perpetual-Discount | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.21 % |
| BMO.PR.E | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.47 Evaluated at bid price : 21.80 Bid-YTW : 6.81 % |
| RY.PR.Z | FixedReset Disc | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 18.48 Evaluated at bid price : 18.48 Bid-YTW : 7.27 % |
| FTS.PR.F | Perpetual-Discount | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.42 Evaluated at bid price : 20.42 Bid-YTW : 6.09 % |
| BIP.PR.F | FixedReset Disc | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 7.60 % |
| CU.PR.J | Perpetual-Discount | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 6.27 % |
| GWO.PR.M | Insurance Straight | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 6.24 % |
| PVS.PR.J | SplitShare | 1.40 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 21.70 Bid-YTW : 7.70 % |
| IFC.PR.E | Insurance Straight | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.55 Evaluated at bid price : 21.55 Bid-YTW : 6.09 % |
| FTS.PR.M | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 7.92 % |
| BNS.PR.I | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.71 % |
| NA.PR.E | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 6.94 % |
| RY.PR.J | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 7.17 % |
| PWF.PR.O | Perpetual-Discount | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 6.37 % |
| POW.PR.G | Perpetual-Discount | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 22.18 Evaluated at bid price : 22.46 Bid-YTW : 6.26 % |
| GWO.PR.H | Insurance Straight | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.21 % |
| PWF.PR.S | Perpetual-Discount | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 6.25 % |
| BN.PR.B | Floater | 1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 12.95 Evaluated at bid price : 12.95 Bid-YTW : 8.83 % |
| BMO.PR.T | FixedReset Disc | 1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 7.32 % |
| POW.PR.B | Perpetual-Discount | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.28 Evaluated at bid price : 21.55 Bid-YTW : 6.23 % |
| TD.PF.B | FixedReset Disc | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 7.30 % |
| IFC.PR.C | FixedReset Disc | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 7.37 % |
| BN.PF.F | FixedReset Disc | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 17.49 Evaluated at bid price : 17.49 Bid-YTW : 8.44 % |
| PWF.PR.T | FixedReset Disc | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 7.49 % |
| RY.PR.S | FixedReset Disc | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 6.67 % |
| RY.PR.H | FixedReset Disc | 1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 18.57 Evaluated at bid price : 18.57 Bid-YTW : 7.24 % |
| TRP.PR.G | FixedReset Disc | 1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 8.12 % |
| TRP.PR.C | FixedReset Disc | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 12.10 Evaluated at bid price : 12.10 Bid-YTW : 8.58 % |
| CM.PR.S | FixedReset Disc | 1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.67 Evaluated at bid price : 22.05 Bid-YTW : 6.45 % |
| BN.PF.A | FixedReset Disc | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.58 Evaluated at bid price : 19.58 Bid-YTW : 7.86 % |
| BN.PF.I | FixedReset Disc | 1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 22.32 Evaluated at bid price : 23.00 Bid-YTW : 7.23 % |
| TRP.PR.D | FixedReset Disc | 2.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 16.28 Evaluated at bid price : 16.28 Bid-YTW : 8.43 % |
| TRP.PR.A | FixedReset Disc | 2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 8.56 % |
| PWF.PR.Z | Perpetual-Discount | 2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 6.29 % |
| MFC.PR.C | Insurance Straight | 2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.68 Evaluated at bid price : 19.68 Bid-YTW : 5.78 % |
| GWO.PR.R | Insurance Straight | 2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.58 Evaluated at bid price : 19.58 Bid-YTW : 6.19 % |
| PWF.PR.L | Perpetual-Discount | 2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.24 % |
| PWF.PF.A | Perpetual-Discount | 2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 6.20 % |
| SLF.PR.D | Insurance Straight | 2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.43 Evaluated at bid price : 19.43 Bid-YTW : 5.78 % |
| PWF.PR.E | Perpetual-Discount | 2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.65 Evaluated at bid price : 21.90 Bid-YTW : 6.29 % |
| GWO.PR.N | FixedReset Ins Non | 2.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 7.97 % |
| BN.PR.Z | FixedReset Disc | 2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.71 Evaluated at bid price : 22.10 Bid-YTW : 7.02 % |
| SLF.PR.C | Insurance Straight | 2.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 5.71 % |
| GWO.PR.S | Insurance Straight | 2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.28 % |
| BMO.PR.F | FixedReset Disc | 2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 24.25 Evaluated at bid price : 24.60 Bid-YTW : 6.80 % |
| PWF.PR.G | Perpetual-Discount | 2.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 23.33 Evaluated at bid price : 23.62 Bid-YTW : 6.25 % |
| RY.PR.N | Perpetual-Discount | 2.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.76 Evaluated at bid price : 22.25 Bid-YTW : 5.56 % |
| BIP.PR.E | FixedReset Disc | 2.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 7.43 % |
| TRP.PR.B | FixedReset Disc | 2.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 11.55 Evaluated at bid price : 11.55 Bid-YTW : 8.72 % |
| GWO.PR.I | Insurance Straight | 2.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 18.79 Evaluated at bid price : 18.79 Bid-YTW : 6.04 % |
| CU.PR.E | Perpetual-Discount | 2.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.19 % |
| MFC.PR.J | FixedReset Ins Non | 3.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.96 % |
| FTS.PR.H | FixedReset Disc | 3.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 13.12 Evaluated at bid price : 13.12 Bid-YTW : 8.09 % |
| GWO.PR.L | Insurance Straight | 3.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 6.26 % |
| CCS.PR.C | Insurance Straight | 3.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 20.68 Evaluated at bid price : 20.68 Bid-YTW : 6.10 % |
| SLF.PR.E | Insurance Straight | 3.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 5.82 % |
| CU.PR.F | Perpetual-Discount | 5.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 6.06 % |
| BMO.PR.W | FixedReset Disc | 6.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.25 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.I | FixedReset Prem | 66,124 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 23.01 Evaluated at bid price : 24.53 Bid-YTW : 6.33 % |
| BN.PR.X | FixedReset Disc | 56,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 7.87 % |
| CM.PR.S | FixedReset Disc | 52,219 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 21.67 Evaluated at bid price : 22.05 Bid-YTW : 6.45 % |
| BN.PF.D | Perpetual-Discount | 41,314 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 6.43 % |
| NA.PR.C | FixedReset Prem | 24,113 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.76 Bid-YTW : 6.18 % |
| GWO.PR.H | Insurance Straight | 22,388 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-09 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.21 % |
| There were 7 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.F | FixedReset Ins Non | Quote: 13.06 – 17.00 Spot Rate : 3.9400 Average : 2.2082 YTW SCENARIO |
| BNS.PR.I | FixedReset Disc | Quote: 21.00 – 24.00 Spot Rate : 3.0000 Average : 1.7471 YTW SCENARIO |
| RY.PR.O | Perpetual-Discount | Quote: 21.71 – 24.50 Spot Rate : 2.7900 Average : 1.5863 YTW SCENARIO |
| IFC.PR.K | Perpetual-Discount | Quote: 21.00 – 24.00 Spot Rate : 3.0000 Average : 1.9949 YTW SCENARIO |
| BN.PR.M | Perpetual-Discount | Quote: 17.80 – 20.00 Spot Rate : 2.2000 Average : 1.2890 YTW SCENARIO |
| PWF.PR.F | Perpetual-Discount | Quote: 20.97 – 22.50 Spot Rate : 1.5300 Average : 0.8906 YTW SCENARIO |
Hi James,
I see that this offer will be made possible by “HPS Investment Partners”) for an interest-bearing senior secured first lien term loan facility in an aggregate principal amount up to C$825 million” — Is this in line with your thoughts as to “[being] credit negative for CF”?
Furthermore, it seems that when commons are taken private, but prefs remain, there seems to be much less public fillings (e.g. BPO comes to mind) — would this also be responsible for the market requiring a higher yield, as it’s no longer as easy to guage the financial health of a company?
Is this in line with your thoughts as to “[being] credit negative for CF”?
Management buy-outs are (always?) credit-negative because very few management teams have the wherewithal to buy the company for cash. So they have to borrow. And this enormous amount of new debt is senior to the preferreds.
Furthermore, it seems that when commons are taken private, but prefs remain, there seems to be much less public fillings (e.g. BPO comes to mind) — would this also be responsible for the market requiring a higher yield, as it’s no longer as easy to guage the financial health of a company?
That’s something I’ve never looked at, frankly!