{"id":15346,"date":"2011-06-15T00:17:01","date_gmt":"2011-06-15T04:17:01","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=15346"},"modified":"2011-06-15T00:17:01","modified_gmt":"2011-06-15T04:17:01","slug":"june-14-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=15346","title":{"rendered":"June 14, 2011"},"content":{"rendered":"

OSFI’s revolving door revolved again, with the departure of the Assistant Croupier<\/a>:<\/p>\n

I am writing to announce the departure from OSFI of Mark White, Assistant Superintendent, Regulation Sector, effective October 31, 2011. Mark has accepted a position with a federally regulated financial institution and will assume his new role on November 1, 2011.<\/p><\/blockquote>\n

You can’t see the Sino-Forest for the trees<\/a>:<\/p>\n

Horsley, Chief Executive Officer Allen Chan, and director William Ardell held a 68-minute conference call with investors and analysts yesterday to refute assertions from Block\u2019s Muddy Waters LLC that Sino-Forest overstated its timber holdings. Sino-Forest slumped 33 percent yesterday after the company\u2019s earnings missed analysts\u2019 estimates.<\/p>\n

Paulson may have lost about C$515.5 million ($532.4 million) since June 1, the day before the Muddy Waters report on Sino-Forest was released.
…<\/b>
\u201cBecause Muddy Waters never approached the company before it issued the report, it came as a total surprise to us,\u201d Chan said. \u201cHad Muddy Waters approached us before the release of the report, definitely we would have had lots of opportunity to explain to them, to show them all the errors that they have made in the report.\u201d<\/p>\n

The company has established an independent committee to investigate Muddy Waters\u2019 allegations and appointed PricewaterhouseCoopers LLP to assist. The probe won\u2019t be finished for two to three months, slowing the pace of timberland acquisitions, Sino-Forest said yesterday in its earnings statement.<\/p><\/blockquote>\n

From the last two paragraphs, I’m not sure whether refuting the allegations is supposed to be easy or hard!<\/p>\n

Time for some yellow journalism!<\/p>\n

\n\n\n\n\n\n\n\n
YLO Issues, 2011-6-13<\/td>\n<\/tr>\n
Ticker<\/td>\nQuote
6\/13<\/td>\n		Quote
6\/14<\/td>\n		Bid YTW
6\/14<\/td>\n		YTW
Scenario
6\/14<\/td>\n		Performance
6\/14
(bid\/bid)<\/td>\n<\/tr>\n
YLO.PR.A<\/td>\n22.22-29<\/td>\n22.61-74<\/td>\n11.06%<\/td>\nSoft Maturity
2012-12-30<\/td>\n		+1.76%<\/td>\n<\/tr>\n
YLO.PR.B<\/td>\n15.93-00<\/td>\n15.54-74<\/td>\n14.70%<\/td>\nSoft Maturity
2017-06-29<\/td>\n		-2.45%<\/td>\n<\/tr>\n
YLO.PR.C<\/td>\n16.12-22<\/td>\n15.20-35<\/td>\n10.66%<\/td>\nLimit Maturity<\/td>\n-5.71%<\/td>\n<\/tr>\n
YLO.PR.D<\/td>\n16.25-40<\/td>\n15.75-88<\/td>\n10.50%<\/td>\nLimit Maturity<\/td>\n-3.08%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts up 15bp, FixedResets losing 1bp and DeemedRetractibles gaining 11bp. Volume was good.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1771 %<\/td>\n2,479.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1771 %<\/td>\n3,729.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.44 %<\/td>\n2.20 %<\/td>\n41,145<\/td>\n21.79<\/td>\n4<\/td>\n0.1771 %<\/td>\n2,677.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.88 %<\/td>\n2.61 %<\/td>\n67,419<\/td>\n0.37<\/td>\n9<\/td>\n0.0903 %<\/td>\n2,432.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.25 %<\/td>\n-0.26 %<\/td>\n63,878<\/td>\n0.50<\/td>\n6<\/td>\n-0.0179 %<\/td>\n2,498.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0903 %<\/td>\n2,224.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.66 %<\/td>\n4.75 %<\/td>\n151,549<\/td>\n0.77<\/td>\n12<\/td>\n-0.0378 %<\/td>\n2,075.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.46 %<\/td>\n5.54 %<\/td>\n120,633<\/td>\n14.45<\/td>\n18<\/td>\n0.1475 %<\/td>\n2,179.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.15 %<\/td>\n3.28 %<\/td>\n192,360<\/td>\n2.82<\/td>\n57<\/td>\n-0.0053 %<\/td>\n2,313.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.07 %<\/td>\n4.88 %<\/td>\n294,447<\/td>\n6.32<\/td>\n47<\/td>\n0.1134 %<\/td>\n2,156.8<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.79
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nDeemed-Retractible<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-06-14
\nMaturity Price : 24.10
\nEvaluated at bid price : 24.36
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n83,257<\/td>\nRBC crossed two blocks of 25,000 each, both at 27.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.23
\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nDeemed-Retractible<\/td>\n74,976<\/td>\nDesjardins crossed 37.400 at 25.10. TD crossed 24,100 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
FTS.PR.C<\/td>\nOpRet<\/td>\n52,087<\/td>\nRBC crossed 50,000 at 25.83.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-07-14
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.83
\nBid-YTW : -7.86 %<\/td>\n<\/tr>\n
BMO.PR.H<\/td>\nDeemed-Retractible<\/td>\n51,117<\/td>\nRBC crossed 40,000 at 25.48.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-03-27
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.38
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n48,005<\/td>\nTD crossed 25,000 at 27.16.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.16
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nDeemed-Retractible<\/td>\n34,220<\/td>\nTD crossed 24,900 at 25.61.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-07-14
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.58
\nBid-YTW : -4.23 %<\/td>\n<\/tr>\n
There were 43 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.50 – 25.88
\nSpot Rate : 0.3800
\nAverage : 0.2419<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-11-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n

IAG.PR.C<\/td>\nFixedReset<\/td>\nQuote: 26.70 – 27.00
\nSpot Rate : 0.3000
\nAverage : 0.2144<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.70
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n

BAM.PR.O<\/td>\nOpRet<\/td>\nQuote: 26.00 – 26.45
\nSpot Rate : 0.4500
\nAverage : 0.3674<\/p>\n

YTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 2.88 %<\/td>\n<\/tr>\n

BNA.PR.E<\/td>\nSplitShare<\/td>\nQuote: 24.20 – 24.58
\nSpot Rate : 0.3800
\nAverage : 0.3062<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n

MFC.PR.E<\/td>\nFixedReset<\/td>\nQuote: 26.56 – 26.79
\nSpot Rate : 0.2300
\nAverage : 0.1673<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.56
\nBid-YTW : 3.59 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 24.50 – 24.84
\nSpot Rate : 0.3400
\nAverage : 0.2776<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

OSFI’s revolving door revolved again, with the departure of the Assistant Croupier: I am writing to announce the departure from OSFI of Mark White, Assistant Superintendent, Regulation Sector, effective October 31, 2011. Mark has accepted …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-15346","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15346","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=15346"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15346\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}