{"id":21842,"date":"2013-04-29T21:17:16","date_gmt":"2013-04-30T01:17:16","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=21842"},"modified":"2013-04-29T21:17:16","modified_gmt":"2013-04-30T01:17:16","slug":"april-29-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=21842","title":{"rendered":"April 29, 2013"},"content":{"rendered":"

Deutsche Bank is raising some capital<\/a>:<\/p>\n

Deutsche Bank AG (DBK), continental Europe\u2019s biggest bank, will raise as much as 4.8 billion euros ($6.3 billion) to increase capital as first-quarter profit climbed.<\/p>\n

The company will issue 2.8 billion euros in stock, or as many as 90 million new shares, with full dividend entitlement for 2012, as part of the plan, the Frankfurt-based bank said in a statement today. Deutsche Bank has already received enough orders for the sale, according to the term sheet.
…<\/b>
The share sale will increase Deutsche Bank\u2019s core Tier 1 capital adequacy ratio under Basel III rules, a key measure of financial strength, to about 9.5 percent from 8.8 percent at the end of March, it said.<\/p><\/blockquote>\n

Veresen, proud issuer of VSN.PR.A, was confirmed at Pfd-3(high)<\/a> by DBRS:<\/p>\n

The Preferred Shares are confirmed at Pfd-3 (high). All trends are Stable. The confirmation reflects (1) relatively stable cash distributions from the Company\u2019s regulated Pipeline businesses, which accounted for approximately 49% of Veresen\u2019s 2012 cash distributions received from its subsidiaries and investments; (2) improved cash flow diversification as result of the acquisition of the Hythe\/Steeprock complex (the Acquisition) from Encana Corporation (rated BBB); and (3) solid cash flow-interest coverage and cash flow-to-debt metrics (non-consolidated). The confirmation is also based on DBRS\u2019s expectation that the currently high debt leverage (as a result of the Acquisition) at the parent level will improve over the medium term.
…<\/b>
As a result of the Acquisition ($920 million), the parent debt increased significantly in 2012. The non-consolidated debt-to-capital ratio increased to over 40% in 2012 from 35.7% in 2011, which is viewed as aggressive. DBRS recognizes that Veresen benefits from owning a large non-debt and diverse asset base, which allows the Veresen to carry more non-consolidated debt than a pure holding company.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums gaining 1bp, FixedResets off 2bp and DeemedRetractibles up 10bp. Volatility was minimal. 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>\n0.6389 %<\/td>\n2,610.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n3.96 %<\/td>\n3.19 %<\/td>\n33,945<\/td>\n18.75<\/td>\n1<\/td>\n-0.4149 %<\/td>\n4,150.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.67 %<\/td>\n2.85 %<\/td>\n86,410<\/td>\n20.09<\/td>\n4<\/td>\n0.6389 %<\/td>\n2,818.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.79 %<\/td>\n-0.61 %<\/td>\n59,806<\/td>\n0.14<\/td>\n5<\/td>\n0.1854 %<\/td>\n2,615.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.80 %<\/td>\n4.24 %<\/td>\n117,228<\/td>\n4.10<\/td>\n5<\/td>\n-0.1966 %<\/td>\n2,959.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1854 %<\/td>\n2,391.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.19 %<\/td>\n2.93 %<\/td>\n90,424<\/td>\n0.50<\/td>\n32<\/td>\n0.0109 %<\/td>\n2,380.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.85 %<\/td>\n4.88 %<\/td>\n189,778<\/td>\n15.69<\/td>\n4<\/td>\n0.0609 %<\/td>\n2,684.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.88 %<\/td>\n2.71 %<\/td>\n258,700<\/td>\n3.75<\/td>\n81<\/td>\n-0.0230 %<\/td>\n2,511.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.88 %<\/td>\n3.38 %<\/td>\n135,054<\/td>\n0.66<\/td>\n44<\/td>\n0.0956 %<\/td>\n2,455.8<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.94
\nBid-YTW : 2.18 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-04-29
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 2.89 %<\/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
PWF.PR.R<\/td>\nPerpetual-Premium<\/td>\n77,892<\/td>\nRBC crossed three blocks of 25,000 each, all at 26.84.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-04-30
\nMaturity Price : 25.50
\nEvaluated at bid price : 26.82
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
BMO.PR.O<\/td>\nFixedReset<\/td>\n47,321<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.18
\nBid-YTW : 1.58 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n40,545<\/td>\nNesbitt crossed 15,000 at 25.75; TD crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-19
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.78
\nBid-YTW : -0.61 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n37,433<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.66
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nDeemed-Retractible<\/td>\n34,259<\/td>\nScotia crossed 30,900 at 25.44.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nDeemed-Retractible<\/td>\n26,501<\/td>\nTD crossed 24,500 at 25.55.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-08-24
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.55
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
There were 32 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
IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.80 – 27.10
\nSpot Rate : 0.3000
\nAverage : 0.1879<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.80
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n

BMO.PR.K<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.01 – 26.25
\nSpot Rate : 0.2400
\nAverage : 0.1448<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-29
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.01
\nBid-YTW : 0.20 %<\/td>\n<\/tr>\n

FTS.PR.F<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.75 – 25.99
\nSpot Rate : 0.2400
\nAverage : 0.1694<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.75
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 26.50 – 26.89
\nSpot Rate : 0.3900
\nAverage : 0.3263<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 2.96 %<\/td>\n<\/tr>\n

MFC.PR.H<\/td>\nFixedReset<\/td>\nQuote: 26.58 – 26.80
\nSpot Rate : 0.2200
\nAverage : 0.1621<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.58
\nBid-YTW : 3.02 %<\/td>\n<\/tr>\n

TD.PR.P<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.43 – 26.62
\nSpot Rate : 0.1900
\nAverage : 0.1346<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-29
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.43
\nBid-YTW : -14.54 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Deutsche Bank is raising some capital: Deutsche Bank AG (DBK), continental Europe\u2019s biggest bank, will raise as much as 4.8 billion euros ($6.3 billion) to increase capital as first-quarter profit climbed. The company will issue …<\/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-21842","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21842","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=21842"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21842\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}