17 Responses to “August 28, 2024”

1. IrateAR says:

   August 29, 2024 at 11:15 am

   No more EQB.PR.C:

   https://eqb.investorroom.com/2024-08-28-EQB-announces-4-q-q-and-24-y-y-dividend-increase-bolstered-by-record-Q3-adjusted-revenue-and-earnings-with-ROE-continuing-ahead-of-15-target

   Market has been giving up on ALA.PR.G and ALA.PR.H being called as the deadline approaches.

2. DR says:

   August 29, 2024 at 1:45 pm

   irate,

   well i suppose if ta were too incompetent or unable to either call for cash or swap for an lrcn a +380 j, no reason ala can’t be equally inept

   while i did have a lot of j’s and thought it was a done deal, i did manage to switch out of them at good levels as wasn’t enough meat left on the bone when d’s remain cheaper

3. DR says:

   August 29, 2024 at 2:26 pm

   yeesh, ala.g not in my spreadsheet but

   a +306 testing 24.5 on 3 occasions?? thats flat to a perp! talk about not any meat on the bone. far too many rate resets far back of perps equivalents to have stuck around on ala for so little

4. IrateAR says:

   August 29, 2024 at 3:25 pm

   Yeah it’s not appealing unless you think you’ll get the 25 bucks. They called a +317 last year so seemed plausible.

5. DR says:

   August 29, 2024 at 4:49 pm

   interesting

   despite goc5 having been >3.5 on day of the call, nov21, the call was not for cash but rather an lrcn swap

   given both ta.j (+380) and now ala (+306) both extended, wonder if the lrcn saviour trade may be winding down

6. niagara says:

   August 29, 2024 at 7:05 pm

   Has ALA.PR.G/H been extended? Reset is not until Tuesday I believe and I do not see any announcement on their website.

7. IrateAR says:

   August 29, 2024 at 8:06 pm

   DR – lots of banks still. TD.PF.A resetting on Halloween, that’d be a big one if it doesn’t go.

   Niagara – correct… they’ve been trading down but no clue if someone knows something or just people noting that when they called the last one they made the announcement well in advance of the deadline so no news might be bad news.

8. EQB.PR.C To Be Redeemed « PrefBlog says:

   August 29, 2024 at 8:16 pm

   […] Thanks to Assiduous Reader IrateAR for bringing this to my attention! […]

9. DR says:

   August 29, 2024 at 8:31 pm

   irate,

   the first thing i did when a guy running the pref desk at a major bank sent me his master spreadsheet (so i didn’t have to build my own) in 2015 was to delete all the rows of bank and most insurance co’s…

   some of us prefer the road less traveled

10. DR says:

    August 29, 2024 at 8:42 pm

    dont get me wrong, the lrcn movement has been a godsend in addressing the oversaturation of the pref mkt in general but

    i was encouraged when it began to spread beyond the banks (ala, cpx etc)

    if however that trend is arrested, so be it and i will be cheering on the upcoming TD you mentioned

11. alex3 says:

    August 30, 2024 at 9:24 am

    Surprisingly, there has been no official announcement re. possible call on ALA.G. Aren’t we supposed to know by today as the latest?

12. peet says:

    August 30, 2024 at 9:30 am

    The prospectus has the usual “business day” clause: where the relevant day falls on a weekend or holiday, the “next business day” kicks in… in this case Tuesday.

13. IrateAR says:

    August 30, 2024 at 3:02 pm

    Official now:

    https://www.altagas.ca/newsroom/news-releases/altagas-provides-notice-series-g-and-series-h-preferred-shares-conversion

14. niagara says:

    August 30, 2024 at 7:08 pm

    Typos on the reset rates?

    “The new annual dividend rate applicable to the Series G Shares for the five-year period commencing on and including September 30, 2024 to, but excluding, September 30, 2029 will be 3.025 percent, being equal to the sum of the five-year Government of Canada bond yield determined as of today plus 3.060 percent.”

    3.025% is the new divvy rate? I think that was just the GOC5 rate. So 3.025+3.06=6.085%

    Similarly on the floating rate H series:
    ” The dividend rate applicable to the Series H Shares for the three-month floating rate period commencing on and including September 30, 2024 to, but excluding, December 31, 2024 will be 4.205 percent, being equal to the sum of the annual rate of interest for the most recent auction of 90 day Government of Canada treasury bills plus 3.060 percent (the “Floating Quarterly Dividend Rate”). The Floating Quarterly Dividend Rate will be reset every quarter.”

15. ALA.PR.G & ALA.PR.H To Be Extended « PrefBlog says:

    August 30, 2024 at 11:25 pm

    […] Thanks to Assiduous Reader IrateAR for bringing this to my attention, and to Niagara for pointing out arithmetic errors. […]

16. MAPF Performance: August, 2024 « PrefBlog says:

    September 1, 2024 at 1:27 pm

    […] Seniority Spread (between long-term corporate bonds and interest-equivalent PerpetualDiscounts) was 305bp on 2024-08-28, a significant narrowing from the 325bp on 2024-7-31 (chart end-date 2024-8-9). This was, […]

17. September 4, 2024 « PrefBlog says:

    September 5, 2024 at 8:27 am

    […] PerpetualDiscounts now yield 6.09%, equivalent to 7.92% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.83% on 2024-8-23 and since then the closing price of ZLC has changed from 15.45 to 15.38, a decrease of 45bp in price, implying an increase of yields of 4bp (BMO reports a duration of 12.44, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.87%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained steady at the 305bp reported August 28. […]