Enrico Perotti & Javier Suarez write a piece on VoxEU, Liquidity Insurance for Systemic Crises, proposing: to establish a mandatory liquidity charge, to be paid continuously to a regulator who is able to provide emergency …
Search Results for: conversion
January 23, 2009
Inflation is down, according to Statistics Canada: The Bank of Canada’s core index advanced 2.4% over the 12 months to December, identical to the rise in November. The main contributors to the increase in the …
STW.PR.A: Capital Units' Distribution Cut
STRATA Income Fund has announced: Based upon a review of various factors, we have reduced the distribution for STRATA Income Fund (the “Fund”) to $0.05 per capital unit payable on February 13, 2009 to unitholders …
January 16, 2009
The day was enlivened somewhat by reports of excited groupies at the Financial Forum and by the closing quote of BNS.PR.S at 26.00-99.99. Whatever happened to the good old days of bid-without? There is still …
December 19, 2008
S&P cut a whack of bank ratings today, on the following grounds: overall assessment of industry risk has been increased sensitivity of ratings model to reliance on short term funding has increased levels of stress …
Convertible Preferreds? In Canada?
Another hot tip from Assiduous Reader tobyone leads to more musings from Barry Critchley of the Financial Post:Flurry of Share Offerings: And it seems OSFI is interested in other types of securities that would constitute …
BCE.PR.F & PPL.PR.A Added to HIMIPref™ Database
I have bowed to overwhelming popular demand and added the captioned issues to the database. BCE.PR.F is a FixedFloater, paying $1.10 annually (paid quarterly) until 2010-2-1, at which point the rate gets reset and it …
December 12, 2008
Volume continued heavy today, but should start slowing next week. Still, the deadline for tax-loss selling is Wednesday Dec 24, so we shall see! PerpetualDiscounts now yield an average of 6.99% 7.99% pre-tax, equivalent to …
OSFI Loosens Rules on Innovative Tier 1 Capital
OSFI has released Advisories on Innovative Tier 1 Instruments. I have not yet reviewed the intricacies of the advisories, but it appears that the the draft advisory I thought was so appalling has been adopted …
December 1, 2008
Total confusion in the news today about the duration of perpetual annuities, a subject dear to the hearts of preferred share investors. Bloomberg reports (hat tip: Assiduous Reader MP): The gilts, known as perpetuals because …