The clown show at Canaccord is taking an intermission:
Executives at Canaccord Genuity Group Inc. have officially scrapped their all-cash $1.1-billion management buyout offer, ending a fight that turned into a hostile takeover from within and resulted in the resignations of multiple board directors.
The investment dealer’s management team announced early Wednesday that they have let their bid to take the company private expire – an outcome they had previously warned could happen after disclosing a vague “ongoing regulatory matter” in one of Canaccord Genuity’s foreign subsidiaries. The team also said they have agreed to a two-year standstill with the board.
The company’s shares closed Wednesday at $8 a piece, dropping to roughly where they were trading when the takeover saga began five months ago.
| 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 | 2.2727 % | 2,173.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 2.2727 % | 4,168.1 |
| Floater | 10.81 % | 10.89 % | 46,781 | 8.93 | 1 | 2.2727 % | 2,402.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0873 % | 3,289.4 |
| SplitShare | 5.10 % | 8.16 % | 42,873 | 2.21 | 6 | 0.0873 % | 3,928.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0873 % | 3,065.0 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0863 % | 2,634.9 |
| Perpetual-Discount | 6.47 % | 6.65 % | 40,544 | 12.92 | 31 | 0.0863 % | 2,873.2 |
| FixedReset Disc | 5.83 % | 8.34 % | 85,691 | 11.30 | 63 | 0.3033 % | 2,139.9 |
| Insurance Straight | 6.40 % | 6.39 % | 56,016 | 13.42 | 19 | 0.3103 % | 2,811.7 |
| FloatingReset | 11.36 % | 10.91 % | 27,351 | 8.92 | 2 | 0.7578 % | 2,374.1 |
| FixedReset Prem | 6.96 % | 6.98 % | 287,751 | 3.75 | 1 | 0.1984 % | 2,322.8 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3033 % | 2,187.4 |
| FixedReset Ins Non | 6.07 % | 7.72 % | 88,505 | 11.73 | 9 | 0.0543 % | 2,340.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PVS.PR.G | SplitShare | -1.30 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.85 Bid-YTW : 8.62 % |
| PWF.PR.L | Perpetual-Discount | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 6.80 % |
| TD.PF.L | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 22.93 Evaluated at bid price : 23.53 Bid-YTW : 7.44 % |
| FTS.PR.H | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 12.28 Evaluated at bid price : 12.28 Bid-YTW : 9.60 % |
| BN.PF.A | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 8.91 % |
| GWO.PR.Y | Insurance Straight | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 6.30 % |
| RY.PR.N | Perpetual-Discount | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 21.85 Evaluated at bid price : 21.85 Bid-YTW : 5.67 % |
| FTS.PR.G | FixedReset Disc | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 8.07 % |
| SLF.PR.J | FloatingReset | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 10.91 % |
| PWF.PF.A | Perpetual-Discount | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 6.62 % |
| BN.PF.G | FixedReset Disc | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 14.45 Evaluated at bid price : 14.45 Bid-YTW : 10.46 % |
| RY.PR.O | Perpetual-Discount | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 21.51 Evaluated at bid price : 21.88 Bid-YTW : 5.64 % |
| BN.PR.R | FixedReset Disc | 1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 13.07 Evaluated at bid price : 13.07 Bid-YTW : 10.26 % |
| PVS.PR.K | SplitShare | 1.91 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 21.35 Bid-YTW : 7.60 % |
| BN.PR.T | FixedReset Disc | 1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 9.91 % |
| BN.PR.B | Floater | 2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 11.25 Evaluated at bid price : 11.25 Bid-YTW : 10.89 % |
| BIP.PR.E | FixedReset Disc | 2.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 7.97 % |
| IFC.PR.F | Insurance Straight | 2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.25 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| IFC.PR.A | FixedReset Ins Non | 114,520 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.59 % |
| TD.PF.I | FixedReset Disc | 105,450 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 6.60 % |
| RY.PR.J | FixedReset Disc | 51,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 8.25 % |
| PWF.PR.P | FixedReset Disc | 30,405 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 12.42 Evaluated at bid price : 12.42 Bid-YTW : 9.35 % |
| GWO.PR.N | FixedReset Ins Non | 22,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 12.10 Evaluated at bid price : 12.10 Bid-YTW : 9.00 % |
| MFC.PR.M | FixedReset Ins Non | 21,565 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-15 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 8.82 % |
| There were 6 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CCS.PR.C | Insurance Straight | Quote: 19.71 – 21.00 Spot Rate : 1.2900 Average : 0.9654 YTW SCENARIO |
| BN.PF.A | FixedReset Disc | Quote: 18.72 – 20.00 Spot Rate : 1.2800 Average : 0.9936 YTW SCENARIO |
| MFC.PR.N | FixedReset Ins Non | Quote: 16.20 – 17.00 Spot Rate : 0.8000 Average : 0.5424 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 16.70 – 17.35 Spot Rate : 0.6500 Average : 0.4207 YTW SCENARIO |
| BIK.PR.A | FixedReset Disc | Quote: 23.10 – 23.60 Spot Rate : 0.5000 Average : 0.3542 YTW SCENARIO |
| BIP.PR.A | FixedReset Disc | Quote: 17.05 – 17.50 Spot Rate : 0.4500 Average : 0.3285 YTW SCENARIO |