{"id":21816,"date":"2013-04-27T15:55:18","date_gmt":"2013-04-27T19:55:18","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=21816"},"modified":"2013-04-27T15:55:18","modified_gmt":"2013-04-27T19:55:18","slug":"april-26-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=21816","title":{"rendered":"April 26, 2013"},"content":{"rendered":"<p>It has <a href=\"http:\/\/www.blg.com\/en\/NewsAndPublications\/Documents\/Publication_3352.pdf\">become easier (for some) to buy (some) foreign securities<\/a>:<\/p>\n<blockquote><p>Offerings of securities in other jurisdictions are frequently extended to purchasers in Canada on a private placement basis. However, it is generally necessary to include with the foreign offering document a Canadian wrapper that contains disclosure required under the securities legislation of the various Canadian jurisdictions where the offering is made. Also, it may be necessary to obtain relief from certain Canadian securities regulators in order to permit specified disclosure contained in the foreign offering document, such as a listing representation, that is not permitted under local rules. Since most investors in such offerings are sophisticated institutional investors, the value of this additional disclosure and prohibition is questionable. Furthermore, the time and expense associated with preparing a Canadian wrapper has been cited as a significant deterrent to extending foreign offerings to Canadian purchasers.<\/p>\n<p>The Ontario Securities Commission has (a) granted relief to a group of dealers and (b) proposed amendments to the applicable requirements in Ontario that would allow such offerings to be made available to sophisticated investors without a Canadian wrapper.<\/p>\n<p>PROPOSED ONTARIO AMENDMENTS<br \/>\nThe proposed amendments apply to the offering of \u201cdesignated foreign securities\u201d, which include:<\/p>\n<ul>\n<li>\u2022 securities offered primarily in a foreign jurisdiction\n<li>\u2022 securities issued by an issuer that is\n<ul>\n<li>o created under the laws of a foreign jurisdiction\n<li>o not a reporting issuer in Canada, and\n<li>o has its head office or principal executive offices outside of Canada, or<\/ul>\n<li>\u2022 securities that are issued or guaranteed by the government of a foreign jurisdiction.<\/ul>\n<p><b>&#8230;<\/b>The proposed amendments are open for comment until July 24, 2013 and are available <a href=\"http:\/\/www.osc.gov.on.ca\/en\/SecuritiesLaw_rule_20130425_45-501_rfc-pro-amend.htm\">here<\/a>.<br \/>\nThe OSC decision document providing the above relief is available <a href=\"http:\/\/www.osc.gov.on.ca\/en\/SecuritiesLaw_ord_20130425_216_barclays-capital.htm\">here<\/a>.<\/p><\/blockquote>\n<p>Why is it that self-proclaimed &#8220;consumer advocates&#8221; are always the ones who <a href=\"http:\/\/www.bloomberg.com\/news\/2013-04-26\/sec-s-white-said-to-push-to-lift-ban-on-hedge-fund-advertising.html\">oppose the flow of information<\/a>?<\/p>\n<blockquote><p>U.S. Securities and Exchange Commission chairman Mary Jo White is pushing to adopt a rule allowing hedge funds to advertise in a move consumer advocates say could fail to protect unsophisticated investors, according to two people familiar with the matter.<\/p>\n<p>White, who became SEC chairman on April 10, has suggested the commission pass the existing plan without major changes and add additional protections later, said the people, who declined to be identified because the deliberations are private. The approach would placate congressional Republicans who have complained the SEC has slow-walked the rule, which was required to be completed by July 2012.<\/p>\n<p>Approving the regulation would allow White to make good on a promise she made in her Senate confirmation hearing to prioritize rules mandated by the Jumpstart Our Business Startups Act, which was designed to boost capital-raising and job creation. At the same time, it could anger advocates for small investors and at least one Democratic commissioner.<\/p>\n<p>\u201cIt would be a very bad sign &#8212; a cause for grave concern about the substance of the issue and process of how investor protection concerns are addressed,\u201d Barbara Roper, director investor protection at the Washington-based Consumer Federation of America, said in a phone interview. Roper said she discussed the rule with White and other SEC officials on April 23. <\/p><\/blockquote>\n<p>It was an uneven day for the Canadian preferred share market, with PerpetualPremiums gaining 1bp, FixedResets winning 23bp and DeemedRetractibles off 1bp. Volatility was minor. Volume was average.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.0511 %<\/td>\n<td>2,593.4<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>3.94 %<\/td>\n<td>3.88 %<\/td>\n<td>26,524<\/td>\n<td>17.48<\/td>\n<td>1<\/td>\n<td>0.8368 %<\/td>\n<td>4,168.0<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>2.68 %<\/td>\n<td>2.86 %<\/td>\n<td>55,135<\/td>\n<td>20.07<\/td>\n<td>4<\/td>\n<td>-0.0511 %<\/td>\n<td>2,800.2<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.80 %<\/td>\n<td>1.54 %<\/td>\n<td>15,740<\/td>\n<td>0.15<\/td>\n<td>5<\/td>\n<td>0.0232 %<\/td>\n<td>2,610.2<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.79 %<\/td>\n<td>4.17 %<\/td>\n<td>39,984<\/td>\n<td>4.11<\/td>\n<td>5<\/td>\n<td>0.1812 %<\/td>\n<td>2,965.1<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0232 %<\/td>\n<td>2,386.8<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.19 %<\/td>\n<td>3.11 %<\/td>\n<td>61,609<\/td>\n<td>0.84<\/td>\n<td>32<\/td>\n<td>0.0133 %<\/td>\n<td>2,379.8<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>4.85 %<\/td>\n<td>4.87 %<\/td>\n<td>160,773<\/td>\n<td>15.67<\/td>\n<td>4<\/td>\n<td>-0.1015 %<\/td>\n<td>2,683.2<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.88 %<\/td>\n<td>2.83 %<\/td>\n<td>198,232<\/td>\n<td>3.75<\/td>\n<td>81<\/td>\n<td>0.2251 %<\/td>\n<td>2,511.9<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>4.88 %<\/td>\n<td>3.54 %<\/td>\n<td>78,414<\/td>\n<td>1.52<\/td>\n<td>44<\/td>\n<td>-0.0080 %<\/td>\n<td>2,453.5<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-04-26<br \/>\nMaturity Price  : 23.49<br \/>\nEvaluated at bid price : 25.87<br \/>\nBid-YTW : 2.96 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.A<\/td>\n<td>FixedReset<\/td>\n<td>1.40 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2018-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.87<br \/>\nBid-YTW : 3.07 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.D<\/td>\n<td>FixedReset<\/td>\n<td>293,886<\/td>\n<td>TD crossed 75,000 at 26.34, then bought blocks of 20,000 and 10,000 at the same price from Desjardins. Desjardins also sold a block of 11,600 to Nesbitt and three blocks, 28,300 shares, 11,700 and 10,000 to RBC, all at the same price. RBC crossed blocks of 15,000 and 75,000 at the same price.  YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-06-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.31<br \/>\nBid-YTW : 2.57 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.B<\/td>\n<td>Perpetual-Premium<\/td>\n<td>75,301<\/td>\n<td>National crossed blocks of 50,000 shares, 10,000 and 11,500, all at 25.73.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2013-05-26<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.70<br \/>\nBid-YTW : -24.67 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>56,457<\/td>\n<td>TD crossed 50,000 at 26.07.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-04-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.10<br \/>\nBid-YTW : 1.76 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>48,268<\/td>\n<td>TD crossed 39,900 at 25.74.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-04-26<br \/>\nMaturity Price  : 23.61<br \/>\nEvaluated at bid price : 25.67<br \/>\nBid-YTW : 2.83 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>39,600<\/td>\n<td><a href=\"http:\/\/www.prefblog.com\/?p=21827\">First day of trading<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2013-05-26<br \/>\nMaturity Price  : 25.50<br \/>\nEvaluated at bid price : 25.65<br \/>\nBid-YTW : -5.53 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>38,365<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.96<br \/>\nBid-YTW : 2.92 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 32 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.E<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 25.56 &#8211; 25.60<br \/>\nSpot Rate  :  0.0400<br \/>\nAverage  :  0.0400<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2015-02-24<br \/>\nMaturity Price  : 25.25<br \/>\nEvaluated at bid price : 25.56<br \/>\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 24.82 &#8211; 24.91<br \/>\nSpot Rate  :  0.0900<br \/>\nAverage  :  0.0900<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-04-26<br \/>\nMaturity Price  : 24.43<br \/>\nEvaluated at bid price : 24.82<br \/>\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 24.71 &#8211; 24.76<br \/>\nSpot Rate  :  0.0500<br \/>\nAverage  :  0.0500<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-04-26<br \/>\nMaturity Price  : 23.43<br \/>\nEvaluated at bid price : 24.71<br \/>\nBid-YTW : 2.48 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.S<\/td>\n<td>Perpetual-Premium<\/td>\n<td>Quote: 25.32 &#8211; 25.37<br \/>\nSpot Rate  :  0.0500<br \/>\nAverage  :  0.0500<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-04-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.32<br \/>\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.D<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.93 &#8211; 25.99<br \/>\nSpot Rate  :  0.0600<br \/>\nAverage  :  0.0600<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-04-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.93<br \/>\nBid-YTW : 3.32 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 26.10 &#8211; 26.15<br \/>\nSpot Rate  :  0.0500<br \/>\nAverage  :  0.0500<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-04-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.10<br \/>\nBid-YTW : 1.76 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>It has become easier (for some) to buy (some) foreign securities: Offerings of securities in other jurisdictions are frequently extended to purchasers in Canada on a private placement basis. However, it is generally necessary to &hellip;<\/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-21816","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21816","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=21816"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21816\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}