{"id":18240,"date":"2012-03-30T21:50:37","date_gmt":"2012-03-31T01:50:37","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18240"},"modified":"2012-03-30T21:50:37","modified_gmt":"2012-03-31T01:50:37","slug":"march-30-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18240","title":{"rendered":"March 30, 2012"},"content":{"rendered":"

Sino-Forest is for sale<\/a>! Who wants to buy … er … something?<\/p>\n

Sino-Forest Corp., the embattled timber firm facing fraud allegations is filing for court protection from creditors as it tries to find a buyer for what was once the largest publicly traded forestry firm on the Toronto Stock Exchange.
…<\/b>
While under court protection from its creditors, Sino-Forest hopes to sell its assets to a third party. It has launched a process to consider offers. If the company is unable to find a buyer its assets will be transferred to its debtholders, Sino-Forest said in a statement.<\/p><\/blockquote>\n

The Canadian preferred share market had a strong day to close the quarter, with PerpetualPremiums up 14bp, FixedResets winning 20bp and DeemedRetractibles gaining 12bp. Volatility was low. Volume was very light.<\/p>\n

PerpetualDiscounts now yield 5.26%, equivalent to 6.84% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 4.5% (maybe just a little bit over) so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 230bp, a significant narrowing over two days from the 240bp reported March 28<\/a>.<\/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>\n0.1914 %<\/td>\n2,399.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.52 %<\/td>\n3.92 %<\/td>\n38,636<\/td>\n17.39<\/td>\n1<\/td>\n-1.4085 %<\/td>\n3,447.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.01 %<\/td>\n3.01 %<\/td>\n44,259<\/td>\n19.68<\/td>\n3<\/td>\n0.1914 %<\/td>\n2,590.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.93 %<\/td>\n3.17 %<\/td>\n46,398<\/td>\n1.21<\/td>\n6<\/td>\n0.0129 %<\/td>\n2,496.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.26 %<\/td>\n-4.59 %<\/td>\n88,092<\/td>\n0.71<\/td>\n4<\/td>\n0.2589 %<\/td>\n2,684.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0129 %<\/td>\n2,283.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.45 %<\/td>\n2.65 %<\/td>\n93,138<\/td>\n0.78<\/td>\n25<\/td>\n0.1378 %<\/td>\n2,207.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.22 %<\/td>\n5.26 %<\/td>\n189,316<\/td>\n15.04<\/td>\n7<\/td>\n0.1148 %<\/td>\n2,381.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.05 %<\/td>\n3.16 %<\/td>\n193,024<\/td>\n2.23<\/td>\n68<\/td>\n0.2044 %<\/td>\n2,382.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.98 %<\/td>\n4.01 %<\/td>\n207,671<\/td>\n3.09<\/td>\n46<\/td>\n0.1157 %<\/td>\n2,295.0<\/td>\n<\/tr>\n<\/table>\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
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-30
\nMaturity Price : 21.80
\nEvaluated at bid price : 21.00
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.61
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-30
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.70
\nBid-YTW : 3.66 %<\/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
ENB.PR.H<\/td>\nFixedReset<\/td>\n80,667<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-30
\nMaturity Price : 23.09
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n36,922<\/td>\nTD bought 10,000 from Scotia at 25.55.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
RY.PR.E<\/td>\nDeemed-Retractible<\/td>\n31,397<\/td>\nTD crossed 30,000 at 25.54.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n28,718<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.08
\nBid-YTW : 3.22 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n27,388<\/td>\nDesjardins crossed 25,000 at 25.83.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-30
\nMaturity Price : 23.50
\nEvaluated at bid price : 25.83
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n26,603<\/td>\nDesjardins crossed 25,000 at 26.35.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.32
\nBid-YTW : 3.17 %<\/td>\n<\/tr>\n
There were 16 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
GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.00 – 26.50
\nSpot Rate : 0.5000
\nAverage : 0.3200<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 21.00 – 21.50
\nSpot Rate : 0.5000
\nAverage : 0.3409<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-30
\nMaturity Price : 21.80
\nEvaluated at bid price : 21.00
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n

BMO.PR.Q<\/td>\nFixedReset<\/td>\nQuote: 25.42 – 25.76
\nSpot Rate : 0.3400
\nAverage : 0.1840<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.42
\nBid-YTW : 3.16 %<\/td>\n<\/tr>\n

BAM.PR.X<\/td>\nFixedReset<\/td>\nQuote: 24.70 – 25.15
\nSpot Rate : 0.4500
\nAverage : 0.3083<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-30
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.70
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n

PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.20 – 26.55
\nSpot Rate : 0.3500
\nAverage : 0.2339<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.20
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n

NA.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.76 – 27.12
\nSpot Rate : 0.3600
\nAverage : 0.2533<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-15
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.76
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Sino-Forest is for sale! Who wants to buy … er … something? Sino-Forest Corp., the embattled timber firm facing fraud allegations is filing for court protection from creditors as it tries to find a buyer …<\/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-18240","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18240","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=18240"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18240\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}