I was pleased to see that Atlantic Power ‘fessed up to their error regarding the reset rate for AZP.PR.B. Very impressive! It isn’t “making no errors” that makes you good; errors happen all the time. It’s recognizing, acknowledging and fixing errors that makes you good.
I just wish Husky Energy was as prompt! I have used their online form to contact Investor Relations:
I would appreciate greater detail regarding the reset rate for HSE.PR.C announced December 2, specifically the Government of Canada 5-Year Bond Yield used as the basis for this calculation.
Can you please tell me the effective date and time that the Government of Canada 5-Year Bond Yield was measured for the purpose of this calculation?
Sincerely,
I urge anybody who has a spare minute today to similarly contact the company to ask this question. This is a brief, simple question regarding a matter of fact and while I appreciate that they have a lot going on at the moment, this is my third eMail to them. First be polite, then be annoying, that’s my motto!
Shaw Communications issued 30-Year Notes today:
Shaw Communications Inc. (“Shaw” or the “Corporation”) announced today the terms of an offering of C$800 million of senior notes, comprised of C$500 million principal amount of 3.30% senior notes due 2029 (the “2029 Notes”) and C$300 million principal amount of 4.25% senior notes due 2049 (the “2049 Notes”, and together with the 2029 Notes, the “Notes”).
SJR.PR.A currently yields 6.59% (equivalent to interest of 8.57%) and SJR.PR.B yields 6.89% (equivalent to interest of 8.96%), based on GOC yields of 1.54% and 1.66% respectively. A Straight Perpetual would probably yield a little less, given the current state of the markets, but that’s quite a spread! No wonder that they – and nobody else, either – aren’t issuing new preferreds!
| 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 | 0.3779 % | 1,973.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3779 % | 3,620.8 |
| Floater | 6.12 % | 6.33 % | 50,954 | 13.31 | 4 | 0.3779 % | 2,086.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2198 % | 3,430.7 |
| SplitShare | 4.65 % | 4.45 % | 44,031 | 3.86 | 7 | 0.2198 % | 4,097.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2198 % | 3,196.7 |
| Perpetual-Premium | 5.55 % | -12.88 % | 55,946 | 0.09 | 10 | -0.1837 % | 3,040.6 |
| Perpetual-Discount | 5.29 % | 5.38 % | 69,203 | 14.79 | 25 | 0.0517 % | 3,265.7 |
| FixedReset Disc | 5.64 % | 5.74 % | 195,234 | 14.27 | 66 | 0.3857 % | 2,088.0 |
| Deemed-Retractible | 5.18 % | 5.26 % | 70,573 | 14.96 | 27 | -0.0141 % | 3,215.5 |
| FloatingReset | 6.32 % | 6.62 % | 129,739 | 13.09 | 2 | 1.1932 % | 2,434.5 |
| FixedReset Prem | 5.12 % | 3.70 % | 131,535 | 1.56 | 20 | -0.0507 % | 2,627.9 |
| FixedReset Bank Non | 1.95 % | 3.99 % | 62,683 | 2.09 | 3 | 0.2337 % | 2,710.1 |
| FixedReset Ins Non | 5.53 % | 5.80 % | 125,460 | 14.21 | 22 | 0.4004 % | 2,118.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.G | FixedReset Disc | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 6.45 % |
| SLF.PR.I | FixedReset Ins Non | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 17.94 Evaluated at bid price : 17.94 Bid-YTW : 5.89 % |
| CM.PR.Q | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 5.98 % |
| SLF.PR.G | FixedReset Ins Non | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 5.70 % |
| MFC.PR.R | FixedReset Ins Non | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 23.38 Evaluated at bid price : 24.65 Bid-YTW : 5.33 % |
| IFC.PR.A | FixedReset Ins Non | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 14.22 Evaluated at bid price : 14.22 Bid-YTW : 5.90 % |
| GWO.PR.N | FixedReset Ins Non | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 13.01 Evaluated at bid price : 13.01 Bid-YTW : 5.40 % |
| BAM.PF.E | FixedReset Disc | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 16.57 Evaluated at bid price : 16.57 Bid-YTW : 6.32 % |
| BAM.PR.X | FixedReset Disc | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 6.30 % |
| BAM.PF.G | FixedReset Disc | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 6.20 % |
| EMA.PR.C | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 6.25 % |
| PWF.PR.P | FixedReset Disc | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 6.13 % |
| SLF.PR.H | FixedReset Ins Non | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 5.76 % |
| TRP.PR.B | FixedReset Disc | 1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 11.30 Evaluated at bid price : 11.30 Bid-YTW : 6.22 % |
| HSE.PR.E | FixedReset Disc | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 17.36 Evaluated at bid price : 17.36 Bid-YTW : 7.38 % |
| MFC.PR.Q | FixedReset Ins Non | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 5.69 % |
| BAM.PF.B | FixedReset Disc | 1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 18.02 Evaluated at bid price : 18.02 Bid-YTW : 6.01 % |
| PWF.PR.A | Floater | 1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 11.86 Evaluated at bid price : 11.86 Bid-YTW : 5.89 % |
| SLF.PR.J | FloatingReset | 2.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 6.02 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.T | FixedReset Disc | 127,985 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 16.54 Evaluated at bid price : 16.54 Bid-YTW : 5.70 % |
| HSE.PR.A | FixedReset Disc | 116,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 10.70 Evaluated at bid price : 10.70 Bid-YTW : 7.50 % |
| GWO.PR.P | Deemed-Retractible | 83,810 | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-01-04 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 0.72 % |
| RY.PR.Z | FixedReset Disc | 75,658 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 16.88 Evaluated at bid price : 16.88 Bid-YTW : 5.58 % |
| BMO.PR.E | FixedReset Disc | 64,980 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 19.42 Evaluated at bid price : 19.42 Bid-YTW : 5.67 % |
| TRP.PR.E | FixedReset Disc | 62,940 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-12-05 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 6.18 % |
| There were 68 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IAF.PR.G | FixedReset Ins Non | Quote: 18.35 – 18.83 Spot Rate : 0.4800 Average : 0.3510 YTW SCENARIO |
| IFC.PR.G | FixedReset Ins Non | Quote: 18.04 – 18.45 Spot Rate : 0.4100 Average : 0.2975 YTW SCENARIO |
| POW.PR.C | Perpetual-Premium | Quote: 25.60 – 25.89 Spot Rate : 0.2900 Average : 0.1809 YTW SCENARIO |
| TRP.PR.G | FixedReset Disc | Quote: 17.45 – 17.83 Spot Rate : 0.3800 Average : 0.2811 YTW SCENARIO |
| POW.PR.D | Perpetual-Discount | Quote: 23.09 – 23.35 Spot Rate : 0.2600 Average : 0.1698 YTW SCENARIO |
| PVS.PR.F | SplitShare | Quote: 25.40 – 25.69 Spot Rate : 0.2900 Average : 0.2055 YTW SCENARIO |