{"id":23645,"date":"2013-11-15T00:12:49","date_gmt":"2013-11-15T04:12:49","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=23645"},"modified":"2013-11-15T00:12:49","modified_gmt":"2013-11-15T04:12:49","slug":"november-14-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23645","title":{"rendered":"November 14, 2013"},"content":{"rendered":"

The Beaudoin-Bombardier family is doing what it does best<\/a>:<\/p>\n

Bombardier Inc.\u2019s Beaudoin-Bombardier family owns a controlling stake in McInnis Cement, a Quebec company that is in talks with the provincial government over financial backing for its proposed $1-billion cement plant in Port-Daniel-Gascons, Que.<\/p><\/blockquote>\n

As Assiduous Reader Nestor<\/i> said in the comments<\/a>, tapering is a long long way off<\/a>:<\/p>\n

Janet Yellen, nominated to be the next chairman of the Federal Reserve, signaled she will carry on the central bank\u2019s unprecedented stimulus until she sees improvement in an economy that\u2019s operating well below potential.<\/p>\n

\u201cA strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases,\u201d Yellen said in testimony for her nomination hearing before the Senate Banking Committee today in Washington. \u201cSupporting the recovery today is the surest path to returning to a more normal approach to monetary policy.\u201d<\/p><\/blockquote>\n

The Ban-the-Bond movement is having an effect<\/a>:<\/p>\n

Moody\u2019s Investors Service cut its ratings on four of the biggest U.S. banks after deciding the government would be less likely to help them repay creditors in a crisis.<\/p>\n

Morgan Stanley (MS), Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Bank of New York Mellon Corp. had their senior holding company ratings lowered one level yesterday after Moody\u2019s concluded a review of eight U.S. banks that began in August. Spokesmen for the four companies declined to comment.<\/p>\n

U.S. banking regulators have been preparing rules and procedures that seek to allow the government to wind down even the largest financial companies without providing taxpayer assistance. The plans would require investors to accept losses and could require bonds to be converted into equity capital.<\/p>\n

\u201cWe believe that U.S. bank regulators have made substantive progress in establishing a credible framework to resolve a large, failing bank,\u201d Robert Young, a managing director at Moody\u2019s, said in a statement. \u201cRather than relying on public funds to bail out one of these institutions, we expect that bank holding company creditors will be bailed-in and thereby shoulder much of the burden to help recapitalize a failing bank.\u201d<\/p><\/blockquote>\n

Premier Wynne is terribly, terribly concerned about Rob Ford<\/a>. In less important news<\/a>:<\/p>\n

Heinz said it is closing its plant in Leamington, Ont., in mid-2014, a move that will cost 740 jobs and end almost a century of ketchup making in the southern Ontario town.
…<\/b>
Other Canadian food plants slated to close include:<\/p>\n

\u2013 Lance Canada Ltd.\u2019s bakery in Cambridge, which employs 130 people. It will close in May, the company\u2019s North Carolina parent said.<\/p>\n

\u2013 Canada Bread\u2019s snack cake plant in Shawinigan, Que., is scheduled to close in May.<\/p>\n

\u2013 Kraft Canada\u2019s coffee plant in Oakville, Ont., is expected to close this year.<\/p><\/blockquote>\n

It was a positive day for the Canadian preferred share market, with PerpetualDiscounts up 14bp, FixedResets winning 18bp and DeemedRetractibles up 12bp. A modest – by recent standards – Performance Highlights table is comprised entirely of winners and dominated by FixedResets. Volume was average.<\/p>\n\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>\n0.4483 %<\/td>\n2,533.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.17 %<\/td>\n3.45 %<\/td>\n31,508<\/td>\n18.46<\/td>\n1<\/td>\n-0.1314 %<\/td>\n4,028.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.93 %<\/td>\n2.95 %<\/td>\n59,641<\/td>\n19.81<\/td>\n3<\/td>\n0.4483 %<\/td>\n2,735.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.62 %<\/td>\n2.80 %<\/td>\n70,110<\/td>\n0.37<\/td>\n3<\/td>\n-0.3327 %<\/td>\n2,651.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.73 %<\/td>\n5.11 %<\/td>\n65,462<\/td>\n3.92<\/td>\n6<\/td>\n0.2374 %<\/td>\n2,968.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3327 %<\/td>\n2,424.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.57 %<\/td>\n2.59 %<\/td>\n124,988<\/td>\n0.09<\/td>\n11<\/td>\n0.0036 %<\/td>\n2,309.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.56 %<\/td>\n5.55 %<\/td>\n178,777<\/td>\n14.55<\/td>\n27<\/td>\n0.1393 %<\/td>\n2,368.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.95 %<\/td>\n3.22 %<\/td>\n231,469<\/td>\n3.30<\/td>\n82<\/td>\n0.1750 %<\/td>\n2,489.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.07 %<\/td>\n4.00 %<\/td>\n194,505<\/td>\n1.47<\/td>\n42<\/td>\n0.1198 %<\/td>\n2,416.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.61 %<\/td>\n2.35 %<\/td>\n301,675<\/td>\n4.49<\/td>\n5<\/td>\n0.0317 %<\/td>\n2,459.5<\/td>\n<\/tr>\n<\/table>\n\n\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
ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-14
\nMaturity Price : 23.82
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-14
\nMaturity Price : 23.29
\nEvaluated at bid price : 23.62
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-14
\nMaturity Price : 22.87
\nEvaluated at bid price : 23.60
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.58
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.70
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-14
\nMaturity Price : 22.80
\nEvaluated at bid price : 24.10
\nBid-YTW : 4.53 %<\/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
BMO.PR.J<\/td>\nDeemed-Retractible<\/td>\n59,335<\/td>\nRBC crossed 50,000 at 25.60.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-25
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.59
\nBid-YTW : 2.69 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n58,878<\/td>\nDesjardins crossed blocks of 18,200 and 11,800, both at 20.70. RBC crossed 13,400 at 20.80.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-14
\nMaturity Price : 20.85
\nEvaluated at bid price : 20.85
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n58,008<\/td>\nRBC crossed 42,400 at 21.12.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-14
\nMaturity Price : 21.12
\nEvaluated at bid price : 21.12
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
BMO.PR.R<\/td>\nFloatingReset<\/td>\n55,200<\/td>\nScotia bought 48,600 from RBC at 25.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.07
\nBid-YTW : 2.35 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n36,922<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-14
\nMaturity Price : 19.61
\nEvaluated at bid price : 19.61
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
CM.PR.M<\/td>\nFixedReset<\/td>\n30,400<\/td>\nScotia bought 19,700 from RBC at 25.80.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 2.35 %<\/td>\n<\/tr>\n
There were 35 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
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.80 – 24.07
\nSpot Rate : 0.2700
\nAverage : 0.1724<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-14
\nMaturity Price : 23.53
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n

ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.61 – 21.95
\nSpot Rate : 0.3400
\nAverage : 0.2482<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-14
\nMaturity Price : 21.61
\nEvaluated at bid price : 21.61
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n

TD.PR.O<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.25 – 25.49
\nSpot Rate : 0.2400
\nAverage : 0.1584<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n

BNS.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 24.20 – 24.49
\nSpot Rate : 0.2900
\nAverage : 0.2270<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.20
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 25.55 – 25.85
\nSpot Rate : 0.3000
\nAverage : 0.2382<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 3.30 %<\/td>\n<\/tr>\n

ENB.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.02 – 25.27
\nSpot Rate : 0.2500
\nAverage : 0.1913<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.02
\nBid-YTW : 1.41 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Beaudoin-Bombardier family is doing what it does best: Bombardier Inc.\u2019s Beaudoin-Bombardier family owns a controlling stake in McInnis Cement, a Quebec company that is in talks with the provincial government over financial backing for …<\/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-23645","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23645","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=23645"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23645\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}