Top news of the day was the BoC Rate Announcement: The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly …
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MAPF Performance: September, 2015
The fund underperformed the indices in September, weighed down by its heavy weighting in FixedResets, particularly those with a low Issue Reset Spread. The poor performance of the preferred share market is getting to be …
October 14, 2015
There was an extremely benign inflation indicator in the States today: Wholesale prices in the U.S. declined in September by the most since the start of the year as costs fell for gasoline, food and …
FFH Renews NCIB: Bid For FFH.PR.E Was Real
Fairfax Financial Holdings Limited has announced (emphasis added): that the Toronto Stock Exchange (the “TSX”) accepted a notice filed by Fairfax of its intention to commence a Normal Course Issuer Bid for its Subordinate Voting …
New Issue: CU FixedReset, 4.50%+369M450
Canadian Utilities Limited has announced (emphasis added): it has entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets, and including TD Securities Inc., Scotiabank, CIBC, Canaccord …
NPI.PR.A, FFH.PR.G, ALA.PR.A: Convert Or Hold?
It will be recalled that NPI.PR.A will reset to 3.51% effective September 30. Holders of NPI.PR.A have the option to convert to FloatingResets, which will pay 3-month bills plus 280bp, reset quarterly. FFH.PR.G will reset …
NSI.PR.D on Review-Negative by S&P
As mentioned in the post EMA Outlook-Negative by S&P; Review-Developing by DBRS, Emera’s Canadian subsidiary Nova Scotia Power has been put on Outlook-Negative by S&P: •On Sept. 4, Emera announced the US$10.4 billion proposed acquisition …
EMA Outlook-Negative by S&P; Review-Developing by DBRS
Emera Inc. announced on Friday: a definitive agreement for Emera to acquire TECO Energy (the “Transaction”), creating a North American energy leader, with over US$20 billion of assets and more than 2.4 million electric and …
MAPF Performance: August, 2015
The fund underperformed the indices in August, weighed down by its heavy weighting in FixedResets, particularly those with a low Issue Reset Spread which performed poorly. The poor performance of the preferred share market is …
ALA.PR.A To Reset At 3.38%
I have learned that ALA.PR.A will reset at 3.38%. ALA.PR.A is a FixedReset with a spread of 266bp over five-year Canadas, which commenced trading August 19, 2010 after being announced August 10, 2010. The original …