{"id":10389,"date":"2010-04-06T21:29:49","date_gmt":"2010-04-07T01:29:49","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=10389"},"modified":"2010-04-06T21:29:49","modified_gmt":"2010-04-07T01:29:49","slug":"enbridge-pipelines-issues-30-year-paper","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=10389","title":{"rendered":"Enbridge Pipelines Issues 30-Year Paper"},"content":{"rendered":"<p>I can&#8217;t find any definitive information on this issue but <a href=\"http:\/\/www.dbrs.com\/research\/232243\/enbridge-pipelines-inc\/dbrs-rates-enbridge-pipelines-inc-new-issues-at-a-high-stable-trend.html\">DBRS reports<\/a>:<\/p>\n<blockquote><p>DBRS has today assigned a rating of A (high) with a Stable trend to Enbridge Pipelines Inc.\u2019s $350 million 4.45% unsecured medium-term notes (Notes) issue maturing on April 6, 2020, and $300 million 5.33% Notes maturing on April 6, 2040.<br \/>\nThe Notes will rank equally with all of Enbridge Pipelines Inc.\u2019s existing senior unsecured indebtedness. Net proceeds from the issue will be used to repay short-term indebtedness and for other general corporate purposes.<\/p><\/blockquote>\n<p>Thirty year Enbridge Pipelines paper at 5.33%, eh? Given continuing carnage in the preferred share market, it&#8217;s nice to see how the other half lives!<\/p>\n<p>Enbridge Pipelines is 100% owned by Enbridge. It issued $200-million in 30-year notes at 5.35 in a prospectus supplement dated 2009-11-23.  That issue had a Canada Call at +33bp, but no unusual features.<\/p>\n<p>ENB.PR.A closed today at 24.05-10 to yield 5.78% dividend at the bid, equivalent to 8.09% interest at the standard equivalency factor of 1.4x; a spread (assuming credit equivalency) of +276bp. ENB.PR.A was last mentioned on PrefBlog in the post <a href=\"http:\/\/www.prefblog.com\/?p=9461\">TXPR Rebalancing Effect on Market<\/a> (it was removed from TXPR in January). ENB.PR.A is tracked by HIMIPref&trade; and is a member of the PerpetualDiscounts subindex.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I can&#8217;t find any definitive information on this issue but DBRS reports: DBRS has today assigned a rating of A (high) with a Stable trend to Enbridge Pipelines Inc.\u2019s $350 million 4.45% unsecured medium-term notes &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-10389","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/10389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10389"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/10389\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}