{"id":19314,"date":"2012-07-24T23:43:41","date_gmt":"2012-07-25T03:43:41","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=19314"},"modified":"2012-07-24T23:43:41","modified_gmt":"2012-07-25T03:43:41","slug":"july-24-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=19314","title":{"rendered":"July 24, 2012"},"content":{"rendered":"

Capital Power Corporation, proud issuer of CPX.PR.A, has been confirmed at Pfd-3(low) by DBRS<\/a>:<\/p>\n

DBRS has today confirmed Capital Power Corporation\u2019s (CPC or the Company) Preferred Shares rating at Pfd-3 (low) with a Stable trend. CPC\u2019s rating is based on the credit quality of its subsidiary, Capital Power L.P. (CPLP; rated BBB by DBRS). CPC\u2019s rating is notched downward relative to CPLP\u2019s rating to reflect its structural subordination to the debt obligations at CPLP.
…<\/b>
CPC has no debt issued at the parent level and is not expected to issue any debt in the foreseeable future. The Company has $122 million of preferred shares outstanding as of March 31, 2012. Preferred shares, as a percentage of common equity, are within the 20% threshold (defined as the percentage of preferred shares outstanding divided by total equity excluding preferreds). For the three months ended March 31, 2012, CPC distributed $1 million to its preferred shareholders and $19 million to its common shareholders ($6 and $51 million to preferred and common shareholders, respectively, in 2011).<\/p><\/blockquote>\n

It was an uneventful day for the Canadian preferred share market, despite all the excitement for equities<\/a>: PerpetualPremiums gained 6bp, FixedResets were flat and DeemedRetractibles gained 8bp. Volatility was almost non-existent. Volume was above average.<\/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>\n0.0202 %<\/td>\n2,286.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0202 %<\/td>\n3,421.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.18 %<\/td>\n3.21 %<\/td>\n71,241<\/td>\n19.20<\/td>\n3<\/td>\n0.0202 %<\/td>\n2,469.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.78 %<\/td>\n2.77 %<\/td>\n39,957<\/td>\n0.91<\/td>\n5<\/td>\n-0.0154 %<\/td>\n2,526.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.49 %<\/td>\n4.93 %<\/td>\n68,333<\/td>\n4.68<\/td>\n3<\/td>\n0.0935 %<\/td>\n2,757.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0154 %<\/td>\n2,310.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.34 %<\/td>\n1.59 %<\/td>\n97,602<\/td>\n0.47<\/td>\n27<\/td>\n0.0587 %<\/td>\n2,263.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.97 %<\/td>\n4.90 %<\/td>\n98,884<\/td>\n15.64<\/td>\n6<\/td>\n0.1435 %<\/td>\n2,507.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.99 %<\/td>\n2.95 %<\/td>\n189,422<\/td>\n4.38<\/td>\n71<\/td>\n-0.0018 %<\/td>\n2,417.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.97 %<\/td>\n3.52 %<\/td>\n145,782<\/td>\n1.38<\/td>\n46<\/td>\n0.0754 %<\/td>\n2,343.5<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.46
\nBid-YTW : 3.22 %<\/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
CU.PR.C<\/td>\nFixedReset<\/td>\n130,720<\/td>\nNesbit crossed 25,000 at 25.95; National crossed 20,000 at the same price. Desjardins crossed blocks of 25,000 shares, 17,600 and 24,500, all at 25.95.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 3.34 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Premium<\/td>\n104,394<\/td>\nNational Bank crossed blocks of 48,000 and 49,900, both at 26.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.46
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nDeemed-Retractible<\/td>\n102,137<\/td>\nDesjardins crossed 95,600 at 26.03.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-08-23
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.99
\nBid-YTW : -7.54 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nDeemed-Retractible<\/td>\n72,710<\/td>\nTD crossed 64,200 at 25.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-08-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.28
\nBid-YTW : -11.65 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n65,030<\/td>\nScotia crossed 60,000 at 25.60.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n57,366<\/td>\nNational crossed 56,700 at 26.85.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.65
\nBid-YTW : 1.46 %<\/td>\n<\/tr>\n
There were 36 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
RY.PR.H<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.75 – 27.09
\nSpot Rate : 0.3400
\nAverage : 0.2365<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-24
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.75
\nBid-YTW : 1.36 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.87 – 26.18
\nSpot Rate : 0.3100
\nAverage : 0.2159<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-09-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.87
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n

RY.PR.T<\/td>\nFixedReset<\/td>\nQuote: 26.60 – 26.88
\nSpot Rate : 0.2800
\nAverage : 0.2082<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.60
\nBid-YTW : 2.83 %<\/td>\n<\/tr>\n

TD.PR.K<\/td>\nFixedReset<\/td>\nQuote: 26.73 – 26.94
\nSpot Rate : 0.2100
\nAverage : 0.1432<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.73
\nBid-YTW : 2.67 %<\/td>\n<\/tr>\n

FTS.PR.C<\/td>\nOpRet<\/td>\nQuote: 25.71 – 26.00
\nSpot Rate : 0.2900
\nAverage : 0.2266<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-08-23
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.71
\nBid-YTW : -7.02 %<\/td>\n<\/tr>\n

RY.PR.R<\/td>\nFixedReset<\/td>\nQuote: 26.23 – 26.49
\nSpot Rate : 0.2600
\nAverage : 0.1976<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.23
\nBid-YTW : 2.74 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Capital Power Corporation, proud issuer of CPX.PR.A, has been confirmed at Pfd-3(low) by DBRS: DBRS has today confirmed Capital Power Corporation\u2019s (CPC or the Company) Preferred Shares rating at Pfd-3 (low) with a Stable trend. …<\/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-19314","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19314","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=19314"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19314\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}