{"id":25107,"date":"2014-04-29T22:46:10","date_gmt":"2014-04-30T03:46:10","guid":{"rendered":"http:\/\/prefblog.com\/?p=25107"},"modified":"2014-04-29T22:46:10","modified_gmt":"2014-04-30T03:46:10","slug":"april-29-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=25107","title":{"rendered":"April 29, 2014"},"content":{"rendered":"

The scavenging of the corpse of Nortel is approaching an end<\/a>:<\/p>\n

Canadian pensioners at Nortel Networks Corp. are heading into a rare cross-border trial in May to try to ensure more of the defunct company\u2019s remaining assets are allocated to the Canadian division in an effort to boost the company\u2019s underfunded pension plan.<\/p>\n

The hearing, which runs from May 12 to June 27, will be conducted using video links before two judges \u2013 one in Toronto and one in Delaware \u2013 and will hear arguments from lawyers from Canada, the U.S. and Britain about how the remaining Nortel assets should be divided among the three jurisdictions.<\/p>\n

Creditors, including Nortel pension funds and bondholders, have submitted claims worth $36-billion, while estimated assets currently total about $9-billion, including $7.3-billion raised from asset sales.<\/p>\n

Canadian pensioners say the heart of their battle is a dispute with Nortel\u2019s bondholders, who they accuse of manoeuvring to have more assets assigned to Nortel\u2019s U.S. estate in an effort to improve their odds of receiving more than $1-billion of unpaid interest on their bonds from the time Nortel filed for bankruptcy protection in 2009.<\/p><\/blockquote>\n

Andrew Hallam points out in the Globe that IA Clarington is being naughty<\/a>:<\/p>\n

\"IA-Clarington-ad\"<\/a>Click for Big<\/i><\/div>\n

In a recent advertisement, they claim market-beating performance for three of their funds. They compared their Strategic Income Fund, Strategic Equity Income and their Strategic Corporate Bond Fund to a Canadian stock index. By doing so, however, they compared toasters to microwaves. None of IA Clarington\u2019s advertised market-beating funds hold significant amounts of Canadian stocks. So why compare them to a Canadian stock index? Investors should be wary of advertorial sleight of hand.<\/p>\n

The advertisement states, \u201cAt IA Clarington we believe that truly active managers, ones who apply skill, conviction and opportunity, can and do consistently outperform [indexes] over the long term.\u201d But the funds in the advertisement are less than three years old.
…<\/b>
I examined each of their funds with 10-year track records in six separate categories: Canadian Equity, Balanced, U.S. Equity, International Equity, Canadian Bond and Canadian Short Term Government Bond. Over the decade, IA Clarington\u2019s fund performances fell 22.5 per cent short. They\u2019re also the only firm I\u2019ve compared in this series so far to underperform retail indexes in all six categories.<\/p><\/blockquote>\n

It was a strong day for the Canadian preferred share market, with PerpetualDiscounts winning 29bp, FixedResets gaining 13bp and DeemedRetractibles up 20bp. This burst the dam on the performance report, which features a fine host of winners; mostly FixedResets. Volume was high, with a big crop of six-figure volumes.<\/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>\n0.3312 %<\/td>\n2,419.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.64 %<\/td>\n3.88 %<\/td>\n32,102<\/td>\n17.74<\/td>\n1<\/td>\n0.2940 %<\/td>\n3,699.7<\/td>\n<\/tr>\n
Floater<\/td>\n3.01 %<\/td>\n3.15 %<\/td>\n50,783<\/td>\n19.34<\/td>\n4<\/td>\n0.3312 %<\/td>\n2,612.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.35 %<\/td>\n-4.71 %<\/td>\n34,126<\/td>\n0.09<\/td>\n2<\/td>\n-0.0967 %<\/td>\n2,697.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.80 %<\/td>\n4.41 %<\/td>\n65,171<\/td>\n4.20<\/td>\n5<\/td>\n0.0873 %<\/td>\n3,093.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0967 %<\/td>\n2,466.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.54 %<\/td>\n-7.35 %<\/td>\n106,617<\/td>\n0.09<\/td>\n13<\/td>\n0.0483 %<\/td>\n2,389.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.37 %<\/td>\n5.37 %<\/td>\n110,747<\/td>\n14.62<\/td>\n23<\/td>\n0.2881 %<\/td>\n2,509.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.61 %<\/td>\n3.54 %<\/td>\n205,087<\/td>\n4.38<\/td>\n78<\/td>\n0.1271 %<\/td>\n2,547.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.01 %<\/td>\n-2.51 %<\/td>\n143,342<\/td>\n0.15<\/td>\n42<\/td>\n0.1951 %<\/td>\n2,506.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.67 %<\/td>\n2.44 %<\/td>\n179,031<\/td>\n4.09<\/td>\n5<\/td>\n0.0551 %<\/td>\n2,486.1<\/td>\n<\/tr>\n<\/table>\n\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
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.22
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-29
\nMaturity Price : 20.64
\nEvaluated at bid price : 20.64
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-29
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.87
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-29
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.27
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.65
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-29
\nMaturity Price : 23.23
\nEvaluated at bid price : 23.91
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n<\/table>\n\n\n\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
IAG.PR.G<\/td>\nFixedReset<\/td>\n346,612<\/td>\nNesbitt crossed blocks of 58,900 shares, 175,000 and 100,000, all at 25.90.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.88
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n172,685<\/td>\nNesbitt crossed blocks of 110,000 and 51,800, both at 23.70.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-29
\nMaturity Price : 23.23
\nEvaluated at bid price : 23.91
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n169,488<\/td>\nRBC crossed blocks of 71,000 and 83,000, both at 25.85.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.88
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n151,844<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.46
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n136,986<\/td>\nRBC crossed blocks of 65,000 and 11,900 at 26.00, and another 50,000 at 26.07.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.92
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
CIU.PR.B<\/td>\nFixedReset<\/td>\n109,047<\/td>\nNesbitt crossed 108,700 at 25.40.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.37
\nBid-YTW : 2.27 %<\/td>\n<\/tr>\n
RY.PR.Y<\/td>\nFixedReset<\/td>\n108,169<\/td>\nTD crossed 94,000 at 25.66.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 1.14 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n104,272<\/td>\nNesbitt crossed 100,000 at 23.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-29
\nMaturity Price : 22.60
\nEvaluated at bid price : 22.94
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\n103,401<\/td>\nTD crossed 102,200 at 25.34.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.32
\nBid-YTW : 1.16 %<\/td>\n<\/tr>\n
There were 43 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
MFC.PR.G<\/td>\nFixedReset<\/td>\nQuote: 26.14 – 26.90
\nSpot Rate : 0.7600
\nAverage : 0.4720<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.14
\nBid-YTW : 2.80 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.10 – 24.39
\nSpot Rate : 0.2900
\nAverage : 0.1884<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-29
\nMaturity Price : 23.82
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n

BNS.PR.R<\/td>\nFixedReset<\/td>\nQuote: 25.75 – 26.08
\nSpot Rate : 0.3300
\nAverage : 0.2307<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 3.16 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset<\/td>\nQuote: 24.95 – 25.20
\nSpot Rate : 0.2500
\nAverage : 0.1529<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n

PWF.PR.R<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.40 – 25.66
\nSpot Rate : 0.2600
\nAverage : 0.1675<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n

CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 21.32 – 21.68
\nSpot Rate : 0.3600
\nAverage : 0.2777<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-04-29
\nMaturity Price : 21.32
\nEvaluated at bid price : 21.32
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The scavenging of the corpse of Nortel is approaching an end: Canadian pensioners at Nortel Networks Corp. are heading into a rare cross-border trial in May to try to ensure more of the defunct company\u2019s …<\/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-25107","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25107","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=25107"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25107\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}