Dundee Corporation has announced: that it does not intend to exercise its right to redeem any currently outstanding cumulative 5‐year rate reset first preference shares, series 2 (the “Series 2 Shares”) on September 30, 2014 …
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MAPF Performance: July 2014
The fund underperformed the the indices in July, breaking its streak of six consecutive months of outperformance. The underperformance was largely due to weakness in low-coupon insurance DeemedRetractibles. Click for Big Click for Big I …
August 13, 2014
In the wake of the August jobs number fiasco, it has been suggested that timeliness of delivery of other data should be improved: It should be noted that the United States doesn’t rely on a …
S&P Sets Outlook-Negative on Canadian Banks
Standard & Poor’s has announced: Standard & Poor’s Ratings Services today said that it revised its outlooks to negative from stable on almost all Canadian banks to which we have ascribed ratings uplift for potential …
No CoCos, Please, We're British
Retail investors in the UK have been barred from buying Contingent Capital instruments: The U.K.’s Financial Conduct Authority will ban firms from selling contingent convertible bonds to individual investors, saying they’re too complex and risky …
Feds Consulting on Bank Recapitalization Regime
The Ministry of Finance has announced: a public consultation on a key element of the Government’s comprehensive risk management framework for Canada’s domestic systemically important banks.…The proposed regime focuses on a specific range of liabilities …
New Issue: EQB FixedReset, 6.35%+478 (EQB.PR.C)
Equitable Group Inc. has announced: that it has agreed to issue 2,800,000 Non-cumulative 5-Year Rate Reset Preferred Shares Series 3 (the “Series 3 Preferred Shares”) on a bought deal basis to a syndicate of underwriters …
Royal Bank Issues NVCC-Compliant Sub-Debt
Royal Bank of Canada has announced: an inaugural Basel III-compliant offering of $1 billion of subordinated debentures (“the Notes”) through its Canadian Medium Term Note Program. The Notes bear interest at a fixed rate of …
MAPF Performance: June 2014
The fund underperformed the BMO-CM “50” and TXPL indices in June, but was about even with TXPR. Click for Big Click for Big I continue to believe that the decline in the preferred share market …
New Issue: CM FixedReset, 3.90%+232
Canadian Imperial Bank of Commerce has announced: that it had entered into an agreement with a group of underwriters led by CIBC World Markets Inc. for an issue of 10 million Basel III-compliant non-cumulative Rate …