{"id":24955,"date":"2014-04-11T19:26:55","date_gmt":"2014-04-12T00:26:55","guid":{"rendered":"http:\/\/prefblog.com\/?p=24955"},"modified":"2014-04-11T19:26:55","modified_gmt":"2014-04-12T00:26:55","slug":"april-11-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24955","title":{"rendered":"April 11, 2014"},"content":{"rendered":"

5Banc Split Inc., proud issuer of FBS.PR.C, was confirmed at Pfd-2 by DBRS<\/a>:<\/p>\n

The Preferred Shares pay a quarterly fixed, cumulative, preferential distribution of $0.11875 per Preferred Share yielding 4.75% per annum on their initial issue price. Based on the current dividend yields on the underlying banks, the Preferred Share dividend coverage ratio is approximately 2.2 times. Holders of the Capital Shares are expected to receive all excess dividend income after the Preferred Share distributions and other expenses of the Company have been paid.<\/p>\n

Since the rating was upgraded in April 2013, the Company\u2019s performance has been positive, with net asset values increasing steadily. Downside protection available to holders of the Preferred Shares was 68.6% as of April 3, 2014.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts gaining 3bp, while FixedResets and DeemedRetractibles were both off 5bp. Volatility was minimal. Volume was low, but the highlights are comprised entirely of FixedResets.<\/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>\n0.3830 %<\/td>\n2,452.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.71 %<\/td>\n4.25 %<\/td>\n34,316<\/td>\n17.96<\/td>\n1<\/td>\n0.3810 %<\/td>\n3,647.3<\/td>\n<\/tr>\n
Floater<\/td>\n2.97 %<\/td>\n3.09 %<\/td>\n49,764<\/td>\n19.53<\/td>\n4<\/td>\n0.3830 %<\/td>\n2,647.9<\/td>\n<\/tr>\n
OpRet<\/td>\n4.36 %<\/td>\n-4.15 %<\/td>\n32,066<\/td>\n0.14<\/td>\n2<\/td>\n-0.0388 %<\/td>\n2,691.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.81 %<\/td>\n4.42 %<\/td>\n60,253<\/td>\n4.25<\/td>\n5<\/td>\n0.0239 %<\/td>\n3,084.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0388 %<\/td>\n2,460.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.54 %<\/td>\n-5.86 %<\/td>\n106,003<\/td>\n0.09<\/td>\n13<\/td>\n0.0181 %<\/td>\n2,386.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.43 %<\/td>\n5.36 %<\/td>\n122,435<\/td>\n14.60<\/td>\n23<\/td>\n0.0262 %<\/td>\n2,483.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.68 %<\/td>\n3.63 %<\/td>\n203,923<\/td>\n4.20<\/td>\n79<\/td>\n-0.0484 %<\/td>\n2,531.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.03 %<\/td>\n-0.19 %<\/td>\n146,820<\/td>\n0.13<\/td>\n42<\/td>\n-0.0469 %<\/td>\n2,489.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.64 %<\/td>\n2.46 %<\/td>\n206,782<\/td>\n4.11<\/td>\n5<\/td>\n0.0159 %<\/td>\n2,480.2<\/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
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-11
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.67
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-11
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 2.68 %<\/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
BAM.PR.R<\/td>\nFixedReset<\/td>\n189,665<\/td>\nRBC crossed blocks of 140,800 and 25,000, both at 25.30.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-11
\nMaturity Price : 23.65
\nEvaluated at bid price : 25.33
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n101,900<\/td>\nScotia crossed 80,000 at 25.45.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-11
\nMaturity Price : 23.26
\nEvaluated at bid price : 25.42
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n57,135<\/td>\nTD crossed 50,000 at 25.65.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.64
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n53,680<\/td>\nNesbitt crossed 50,000 at 24.80.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.81
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n37,683<\/td>\nTD crossed 25,000 at 24.37.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.36
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n34,899<\/td>\nRBC crossed 30,200 at 21.60.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-11
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.67
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
There were 18 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
BAM.PR.R<\/td>\nFixedReset<\/td>\nQuote: 25.33 – 25.55
\nSpot Rate : 0.2200
\nAverage : 0.1356<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-11
\nMaturity Price : 23.65
\nEvaluated at bid price : 25.33
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n

CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.80 – 22.10
\nSpot Rate : 0.3000
\nAverage : 0.2218<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-11
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.80
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n

IAG.PR.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.07 – 26.25
\nSpot Rate : 0.1800
\nAverage : 0.1198<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-12-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 26.07
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.01 – 23.25
\nSpot Rate : 0.2400
\nAverage : 0.1811<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.01
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n

FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.30 – 24.47
\nSpot Rate : 0.1700
\nAverage : 0.1127<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-11
\nMaturity Price : 24.00
\nEvaluated at bid price : 24.30
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset<\/td>\nQuote: 25.70 – 25.99
\nSpot Rate : 0.2900
\nAverage : 0.2336<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 3.08 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

5Banc Split Inc., proud issuer of FBS.PR.C, was confirmed at Pfd-2 by DBRS: The Preferred Shares pay a quarterly fixed, cumulative, preferential distribution of $0.11875 per Preferred Share yielding 4.75% per annum on their initial …<\/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-24955","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24955","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=24955"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24955\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}