{"id":18128,"date":"2012-03-15T22:24:51","date_gmt":"2012-03-16T02:24:51","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18128"},"modified":"2012-03-15T22:24:51","modified_gmt":"2012-03-16T02:24:51","slug":"march-15-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18128","title":{"rendered":"March 15, 2012"},"content":{"rendered":"

It seems that BAM will spin out some real estate<\/a>:<\/p>\n

Now the company\u2019s largest division by far, its $83-billion collection of real estate, is about to receive the spin-out treatment. And therein lies the potential opportunity for investors. The move to create the new venture, to be known as Brookfield Property Partners, could be a catalyst to move the share price higher.<\/p><\/blockquote>\n

The company states<\/a>:<\/p>\n

\u201cAs long-term, value-oriented real estate investors, we believe this is an excellent time to selectively build a portfolio of high-quality industrial properties, and we look forward to expanding our relationship with Hillwood,\u201d said David Arthur, Managing Partner at Brookfield Asset Management. \u201cThis initiative expands the scope of our real estate platform in an exciting asset class, strengthening our global property operations in line with the expected launch later this year of our flagship property vehicle, Brookfield Property Partners.\u201d<\/p><\/blockquote>\n

It was a poor day for the Canadian preferred share market, with PerpetualPremiums down 13bp, PerpetualDiscounts off 4bp and DeemedRetractibles losing 18bp. The Performance Highlights table is short, but comprised entirely of losers. Volume was pathetically, Christmasally low.<\/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>\n-0.8006 %<\/td>\n2,442.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.57 %<\/td>\n3.95 %<\/td>\n39,826<\/td>\n17.36<\/td>\n1<\/td>\n-0.8576 %<\/td>\n3,415.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.96 %<\/td>\n2.94 %<\/td>\n50,519<\/td>\n19.88<\/td>\n3<\/td>\n-0.8006 %<\/td>\n2,637.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.93 %<\/td>\n3.06 %<\/td>\n55,353<\/td>\n1.26<\/td>\n6<\/td>\n-0.0258 %<\/td>\n2,496.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.28 %<\/td>\n-2.61 %<\/td>\n84,838<\/td>\n0.75<\/td>\n4<\/td>\n-0.0348 %<\/td>\n2,678.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0258 %<\/td>\n2,283.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.40 %<\/td>\n-1.12 %<\/td>\n101,771<\/td>\n0.13<\/td>\n25<\/td>\n-0.1298 %<\/td>\n2,216.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.10 %<\/td>\n5.09 %<\/td>\n186,555<\/td>\n15.26<\/td>\n7<\/td>\n-0.0413 %<\/td>\n2,421.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.05 %<\/td>\n2.92 %<\/td>\n196,701<\/td>\n2.22<\/td>\n67<\/td>\n-0.1149 %<\/td>\n2,383.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.94 %<\/td>\n3.84 %<\/td>\n199,902<\/td>\n2.96<\/td>\n46<\/td>\n-0.1760 %<\/td>\n2,307.2<\/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
IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\n-2.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
IAG.PR.E<\/td>\nDeemed-Retractible<\/td>\n-2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-12-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.72
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n-1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-15
\nMaturity Price : 17.80
\nEvaluated at bid price : 17.80
\nBid-YTW : 2.94 %<\/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
BNS.PR.Z<\/td>\nFixedReset<\/td>\n259,685<\/td>\nLots of blocks, all at 25.25: TD crossed 25,000 and 65,000. RBC crossed four blocks: 25,000 shares, 50,000 and two of 10,000 each. Desjardins crossed 10,000 and 35,000.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 3.15 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n125,794<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-15
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n40,321<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
CM.PR.L<\/td>\nFixedReset<\/td>\n39,959<\/td>\nRBC crossed 30,000 at 27.21.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.16
\nBid-YTW : 2.70 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Premium<\/td>\n33,200<\/td>\nDesjardins crossed 25,000 at 25.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n27,676<\/td>\nRBC crossed 19,400 at 23.75.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-15
\nMaturity Price : 23.45
\nEvaluated at bid price : 23.72
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
There were 15 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
IAG.PR.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.72 – 26.30
\nSpot Rate : 0.5800
\nAverage : 0.3416<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-12-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.72
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n

IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.50 – 27.20
\nSpot Rate : 0.7000
\nAverage : 0.4648<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset<\/td>\nQuote: 24.00 – 24.25
\nSpot Rate : 0.2500
\nAverage : 0.1563<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n

IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.72 – 24.20
\nSpot Rate : 0.4800
\nAverage : 0.4032<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.72
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 20.81 – 21.19
\nSpot Rate : 0.3800
\nAverage : 0.3047<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-15
\nMaturity Price : 21.71
\nEvaluated at bid price : 20.81
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n

BAM.PR.Z<\/td>\nFixedReset<\/td>\nQuote: 25.42 – 25.65
\nSpot Rate : 0.2300
\nAverage : 0.1560<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-15
\nMaturity Price : 23.25
\nEvaluated at bid price : 25.42
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

It seems that BAM will spin out some real estate: Now the company\u2019s largest division by far, its $83-billion collection of real estate, is about to receive the spin-out treatment. And therein lies the potential …<\/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-18128","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18128","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=18128"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18128\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}