{"id":20501,"date":"2012-12-07T00:26:50","date_gmt":"2012-12-07T04:26:50","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=20501"},"modified":"2012-12-07T00:26:50","modified_gmt":"2012-12-07T04:26:50","slug":"december-6-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=20501","title":{"rendered":"December 6, 2012"},"content":{"rendered":"

DBRS confirmed Loblaws at Pfd-3<\/a>:<\/p>\n

Loblaw\u2019s ratings continue to be supported by its strong market position, large scale, national diversification and industry-leading private labels. The ratings also continue to reflect the high level of, and intensifying competition in, Canadian food retailing.<\/p>\n

The confirmation also reflects DBRS\u2019s view that Loblaw\u2019s earnings profile should remain in the range acceptable for the current rating category, despite intensifying competition and a difficult consumer environment. DBRS expects top-line revenue will remain relatively flat in the near term, based on a modest increase in square footage and flat-to-negative same-store sales. EBITDA margins should remain under pressure as Loblaw could be forced to increase its use of promotional pricing to help drive traffic as competition intensifies (particularly with new openings of Wal-Mart Supercenters and Target stores) and the Company continues to invest in infrastructure upgrades. As such, DBRS expects EBITDA (on a comparable basis) will decline moderately or, at best, remain flat in the near term.
…<\/b>
DBRS will review all aspects of the [REIT spin-off<\/a>] transaction upon closing. Should the proposed transaction close on terms and conditions that are not substantially in accordance with those outlined in the proposed plan provided to DBRS and\/or Loblaw or the transaction experience material adverse changes, DBRS will consider the actual terms and a rating action could result.<\/p><\/blockquote>\n

DBRS confirmed Weston at Pfd-3<\/a>.<\/p>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums gaining 3bp, FixedResets up 4bp and DeemedRetractibles off 9bp. Volatility was average. Volume was 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>\n0.2394 %<\/td>\n2,478.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.09 %<\/td>\n3.44 %<\/td>\n27,556<\/td>\n18.41<\/td>\n1<\/td>\n1.0870 %<\/td>\n3,938.0<\/td>\n<\/tr>\n
Floater<\/td>\n2.79 %<\/td>\n3.01 %<\/td>\n58,118<\/td>\n19.64<\/td>\n4<\/td>\n0.2394 %<\/td>\n2,676.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.59 %<\/td>\n-1.52 %<\/td>\n47,589<\/td>\n0.49<\/td>\n4<\/td>\n0.0568 %<\/td>\n2,603.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.67 %<\/td>\n4.79 %<\/td>\n67,727<\/td>\n4.43<\/td>\n2<\/td>\n0.2033 %<\/td>\n2,855.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0568 %<\/td>\n2,380.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.25 %<\/td>\n1.56 %<\/td>\n71,970<\/td>\n0.83<\/td>\n30<\/td>\n0.0291 %<\/td>\n2,319.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.83 %<\/td>\n4.88 %<\/td>\n93,307<\/td>\n15.61<\/td>\n4<\/td>\n-0.0506 %<\/td>\n2,630.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.94 %<\/td>\n3.06 %<\/td>\n224,960<\/td>\n4.35<\/td>\n77<\/td>\n0.0389 %<\/td>\n2,448.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.91 %<\/td>\n2.54 %<\/td>\n121,531<\/td>\n0.46<\/td>\n46<\/td>\n-0.0880 %<\/td>\n2,407.1<\/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
NA.PR.K<\/td>\nDeemed-Retractible<\/td>\n-1.56 %<\/td>\nCalled for redemption<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-05
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : 2.15 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-06
\nMaturity Price : 23.46
\nEvaluated at bid price : 23.25
\nBid-YTW : 3.44 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n2.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.69
\nBid-YTW : 3.64 %<\/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
NA.PR.K<\/td>\nDeemed-Retractible<\/td>\n267,235<\/td>\nCalled for redemption<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-05
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : 2.15 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset<\/td>\n216,755<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-06
\nMaturity Price : 23.09
\nEvaluated at bid price : 24.99
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n94,000<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n43,455<\/td>\nNesbitt crossed 10,300 at 24.66.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.65
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n38,790<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-06
\nMaturity Price : 23.58
\nEvaluated at bid price : 24.20
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n31,850<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
There were 33 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: 26.65 – 27.00
\nSpot Rate : 0.3500
\nAverage : 0.2148<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.65
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n

CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 24.81 – 25.15
\nSpot Rate : 0.3400
\nAverage : 0.2344<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-06
\nMaturity Price : 23.24
\nEvaluated at bid price : 24.81
\nBid-YTW : 2.69 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 26.07 – 26.50
\nSpot Rate : 0.4300
\nAverage : 0.3389<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.07
\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n

HSB.PR.D<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.06 – 26.25
\nSpot Rate : 0.1900
\nAverage : 0.1306<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-30
\nMaturity Price : 25.50
\nEvaluated at bid price : 26.06
\nBid-YTW : -3.69 %<\/td>\n<\/tr>\n

IAG.PR.G<\/td>\nFixedReset<\/td>\nQuote: 25.60 – 25.75
\nSpot Rate : 0.1500
\nAverage : 0.0974<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n

FTS.PR.J<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.36 – 25.49
\nSpot Rate : 0.1300
\nAverage : 0.0816<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.36
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

DBRS confirmed Loblaws at Pfd-3: Loblaw\u2019s ratings continue to be supported by its strong market position, large scale, national diversification and industry-leading private labels. The ratings also continue to reflect the high level of, and …<\/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-20501","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20501","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=20501"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20501\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}