{"id":25926,"date":"2014-07-25T19:06:56","date_gmt":"2014-07-26T00:06:56","guid":{"rendered":"http:\/\/prefblog.com\/?p=25926"},"modified":"2014-07-25T19:06:56","modified_gmt":"2014-07-26T00:06:56","slug":"july-25-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=25926","title":{"rendered":"July 25, 2014"},"content":{"rendered":"

Algonquin Power & Utilities Corporation, proud issuer of AQN.PR.A and AQN.PR.D, was confirmed at Pfd-3(low)<\/a> today by DBRS:<\/p>\n

APUC\u2019s non-consolidated key financial metrics are in line with the current rating profile. Non-consolidated debt-to-capital has remained minimal (0% as of March 31, 2014) and APUC intends to maintain debt at the HoldCo level well below the 20% threshold. In addition, APUC\u2019s financial profile is also supported by the small size of preferred dividends relative to the cash flow available to the HoldCo. For the year ended December 31, 2013, preferred dividends totalled $5.4 million, while estimated cash flow available to service these dividends totalled approximately $105 million, allowing the remaining cash to service common dividends and partially fund capital expenditure needs.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market today, with PerpetualDiscounts off 1bp, FixedResets down 7bp and DeemedRetractibles gaining 5bp. Volatility was low, with two of the three issues mentioned being high-volatility Floaters. Volume was very low.<\/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>\n3.07 %<\/td>\n3.06 %<\/td>\n19,563<\/td>\n19.52<\/td>\n1<\/td>\n0.4115 %<\/td>\n2,584.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.16 %<\/td>\n3.40 %<\/td>\n28,148<\/td>\n18.65<\/td>\n1<\/td>\n0.0438 %<\/td>\n4,167.5<\/td>\n<\/tr>\n
Floater<\/td>\n2.86 %<\/td>\n2.96 %<\/td>\n46,347<\/td>\n19.84<\/td>\n4<\/td>\n-0.2992 %<\/td>\n2,768.5<\/td>\n<\/tr>\n
OpRet<\/td>\n4.02 %<\/td>\n-4.01 %<\/td>\n79,133<\/td>\n0.08<\/td>\n1<\/td>\n0.1177 %<\/td>\n2,722.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.25 %<\/td>\n3.85 %<\/td>\n50,019<\/td>\n4.01<\/td>\n6<\/td>\n-0.0347 %<\/td>\n3,120.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1177 %<\/td>\n2,489.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.52 %<\/td>\n-5.09 %<\/td>\n82,653<\/td>\n0.09<\/td>\n17<\/td>\n0.0300 %<\/td>\n2,432.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.23 %<\/td>\n5.08 %<\/td>\n105,690<\/td>\n15.24<\/td>\n20<\/td>\n-0.0149 %<\/td>\n2,584.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.40 %<\/td>\n3.59 %<\/td>\n195,658<\/td>\n8.59<\/td>\n77<\/td>\n-0.0712 %<\/td>\n2,555.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.98 %<\/td>\n-1.40 %<\/td>\n121,058<\/td>\n0.09<\/td>\n43<\/td>\n0.0546 %<\/td>\n2,554.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.66 %<\/td>\n2.16 %<\/td>\n93,176<\/td>\n3.85<\/td>\n6<\/td>\n-0.1904 %<\/td>\n2,514.0<\/td>\n<\/tr>\n<\/table>\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
BAM.PR.B<\/td>\nFloater<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-25
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-25
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.12
\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-25
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 2.58 %<\/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
GWO.PR.N<\/td>\nFixedReset<\/td>\n103,249<\/td>\nScotia crossed 40,000 at 21.40; Desjardins crossed 56,200 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.35
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n77,290<\/td>\nTD crossed blocks of 30,000 and 45,000, both at 25.80.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-03-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.70
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n76,100<\/td>\nTD crossed blocks of 30,000 and 45,000, both at 25.72.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n72,500<\/td>\nTD crossed 50,000 at 25.28.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-25
\nMaturity Price : 23.23
\nEvaluated at bid price : 25.28
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n54,125<\/td>\nDesjardins crossed 49,200 at 24.20.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n52,100<\/td>\nTD crossed 50,000 at 25.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 2.83 %<\/td>\n<\/tr>\n
There were 16 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
TD.PR.P<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.08 – 26.55
\nSpot Rate : 0.4700
\nAverage : 0.2743<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-24
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.08
\nBid-YTW : -11.11 %<\/td>\n<\/tr>\n

GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.75 – 26.20
\nSpot Rate : 0.4500
\nAverage : 0.2620<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : -23.69 %<\/td>\n<\/tr>\n

IAG.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.05 – 26.49
\nSpot Rate : 0.4400
\nAverage : 0.2755<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-03-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 26.05
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 17.60 – 18.00
\nSpot Rate : 0.4000
\nAverage : 0.2599<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-25
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 3.00 %<\/td>\n<\/tr>\n

BAM.PR.B<\/td>\nFloater<\/td>\nQuote: 17.55 – 17.95
\nSpot Rate : 0.4000
\nAverage : 0.2697<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-25
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 23.12 – 23.45
\nSpot Rate : 0.3300
\nAverage : 0.2080<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-25
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.12
\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Algonquin Power & Utilities Corporation, proud issuer of AQN.PR.A and AQN.PR.D, was confirmed at Pfd-3(low) today by DBRS: APUC\u2019s non-consolidated key financial metrics are in line with the current rating profile. Non-consolidated debt-to-capital has remained …<\/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-25926","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25926","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=25926"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25926\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}