{"id":32994,"date":"2016-04-30T00:06:51","date_gmt":"2016-04-30T05:06:51","guid":{"rendered":"http:\/\/prefblog.com\/?p=32994"},"modified":"2016-04-30T00:06:51","modified_gmt":"2016-04-30T05:06:51","slug":"april-29-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32994","title":{"rendered":"April 29, 2016"},"content":{"rendered":"

DBRS greeted news of Husky’s divestment programme with marked restraint<\/a>:<\/p>\n

DBRS views the impact on Husky\u2019s business risk profile as marginally negative due to a lessening in the integration and diversification of the Company\u2019s asset base. The midstream segment has provided a source of stable cash flow partially offsetting the significant erosion in cash flow from oil and gas production activities. DBRS also notes that the Transaction will result in a minor negative impact on Husky\u2019s cash flow (expected 2016 EBITDA contribution from the assets is approximately $180 million; however, Husky will retain a 35% share of EBITDA). However, more importantly, the impact on the Company\u2019s financial risk profile is positive. The Company plans to use the proceeds from the sale to strengthen the Company\u2019s financial position and enhance liquidity. At March 31, 2016, Husky\u2019s total debt was $6.98 billion and the Company had no cash on the balance sheet. For the past 12 month ended March 31, 2016, the Company\u2019s total debt-to-cash flow ratio was 2.90 times (x; up from 2.42x at end of 2015) and total debt in the capital structure was 30.2%. On a pro forma basis, assuming proceeds (before transaction costs) of $1.7 billion are applied to debt reduction, DBRS estimates a total debt-to-cash flow ratio of 2.31x and a ratio of total debt in the capital structure of approximately 24.7%. The Transaction on a stand-alone basis has no immediate impact on the Company\u2019s Issuer Rating and Senior Unsecured Notes and Debentures rating of A (low), the Commercial Paper rating of R-1 (low) and the Preferred Shares \u2013 Cumulative rating of Pfd-2 (low).
…<\/b>
DBRS at this time maintains a Negative trend on Husky\u2019s ratings as the low oil pricing environment continues to weigh on the Company\u2019s cash flow generation and key credit metrics. However, if the Company successfully completes the asset sale program and\/or if oil prices recovery materially, DBRS will review the rating and likely change the trend back to Stable.<\/p><\/blockquote>\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>\n4.76 %<\/td>\n5.77 %<\/td>\n11,648<\/td>\n16.98<\/td>\n1<\/td>\n0.1409 %<\/td>\n1,659.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n6.46 %<\/td>\n5.59 %<\/td>\n19,737<\/td>\n17.02<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,127.2<\/td>\n<\/tr>\n
Floater<\/td>\n4.53 %<\/td>\n4.71 %<\/td>\n49,735<\/td>\n16.01<\/td>\n4<\/td>\n-0.4768 %<\/td>\n1,715.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0067 %<\/td>\n2,813.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.71 %<\/td>\n5.03 %<\/td>\n68,296<\/td>\n2.51<\/td>\n6<\/td>\n-0.0067 %<\/td>\n3,291.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0067 %<\/td>\n2,568.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.77 %<\/td>\n-10.11 %<\/td>\n80,801<\/td>\n0.09<\/td>\n6<\/td>\n0.0263 %<\/td>\n2,595.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.52 %<\/td>\n5.57 %<\/td>\n98,354<\/td>\n14.53<\/td>\n33<\/td>\n0.1393 %<\/td>\n2,648.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.12 %<\/td>\n4.83 %<\/td>\n169,213<\/td>\n13.99<\/td>\n88<\/td>\n0.0063 %<\/td>\n1,997.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.17 %<\/td>\n5.60 %<\/td>\n125,995<\/td>\n5.07<\/td>\n33<\/td>\n0.1352 %<\/td>\n2,656.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.17 %<\/td>\n4.91 %<\/td>\n25,320<\/td>\n5.34<\/td>\n17<\/td>\n-0.1230 %<\/td>\n2,083.4<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\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
TRP.PR.I<\/td>\nFloatingReset<\/td>\n-5.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 10.75
\nEvaluated at bid price : 10.75
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n-3.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 18.77
\nEvaluated at bid price : 18.77
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n-2.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 20.95
\nEvaluated at bid price : 20.95
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
GWO.PR.O<\/td>\nFloatingReset<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.45
\nBid-YTW : 10.91 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 17.89
\nEvaluated at bid price : 17.89
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 12.35
\nEvaluated at bid price : 12.35
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 23.74
\nEvaluated at bid price : 24.09
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 22.40
\nEvaluated at bid price : 22.70
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.71
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.75
\nBid-YTW : 7.03 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 11.25
\nEvaluated at bid price : 11.25
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.02
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 19.57
\nEvaluated at bid price : 19.57
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.05
\nBid-YTW : 10.44 %<\/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
TRP.PR.J<\/td>\nFixedReset<\/td>\n96,834<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.57
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n58,678<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 19.03
\nEvaluated at bid price : 19.03
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n43,514<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 18.77
\nEvaluated at bid price : 18.77
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n22,544<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 23.20
\nEvaluated at bid price : 25.06
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n21,630<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.10
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n20,168<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
There were 20 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.PF.C<\/td>\nFixedReset<\/td>\nQuote: 18.77 – 19.49
\nSpot Rate : 0.7200
\nAverage : 0.4436<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 18.77
\nEvaluated at bid price : 18.77
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n

TRP.PR.I<\/td>\nFloatingReset<\/td>\nQuote: 10.75 – 11.76
\nSpot Rate : 1.0100
\nAverage : 0.7589<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 10.75
\nEvaluated at bid price : 10.75
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n

GWO.PR.O<\/td>\nFloatingReset<\/td>\nQuote: 12.45 – 13.50
\nSpot Rate : 1.0500
\nAverage : 0.8050<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.45
\nBid-YTW : 10.91 %<\/td>\n<\/tr>\n

IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.35 – 25.89
\nSpot Rate : 0.5400
\nAverage : 0.3487<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n

ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.87 – 24.33
\nSpot Rate : 0.4600
\nAverage : 0.2897<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-04-29
\nMaturity Price : 23.43
\nEvaluated at bid price : 23.87
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n

BNS.PR.C<\/td>\nFloatingReset<\/td>\nQuote: 21.51 – 21.94
\nSpot Rate : 0.4300
\nAverage : 0.2724<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.51
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

DBRS greeted news of Husky’s divestment programme with marked restraint: DBRS views the impact on Husky\u2019s business risk profile as marginally negative due to a lessening in the integration and diversification of the Company\u2019s asset …<\/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-32994","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32994","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=32994"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32994\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}