{"id":33325,"date":"2016-07-08T01:17:33","date_gmt":"2016-07-08T06:17:33","guid":{"rendered":"http:\/\/prefblog.com\/?p=33325"},"modified":"2016-07-08T01:17:33","modified_gmt":"2016-07-08T06:17:33","slug":"july-7-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33325","title":{"rendered":"July 7, 2016"},"content":{"rendered":"

The Great British Property Fund Debacle keeps getting worse<\/a>:<\/p>\n

The uncertainty sweeping across Britain\u2019s commercial property market in the wake of Brexit has affected more funds, including a few owned by Canadian firms.<\/p>\n

Bank of Montreal\u2019s Global Asset Management adjusted its U.K. property fund because of an increased number of redemption requests after the June 24 referendum vote in Britain to leave the European Union.<\/p>\n

On July 7, BMO\u2019s asset management division announced that its F&C UK Property Fund had cut the price of its units 5 per cent. It said the change was a result of a move to \u201cfair value pricing\u201d that accounted for the uncertainty and downward pressure surrounding commercial real estate property values in Britain.<\/p>\n

\u201cThe level of redemption requests we have recently received and market conditions suggest that investors may place further redemptions, leading to downward pressure on realizable property values,\u201d the company stated on its website page for the fund, which invests directly in U.K. commercial real estate.<\/p>\n

BMO GAM said it has also increased the frequency of valuations for the buildings owned in the fund from a monthly to a weekly basis as a result of the \u201csignificant market volatility\u201d following the Brexit vote, requiring closer monitoring as a result.<\/p>\n

Last month, BMO GAM\u2019s fact sheet on F&C UK Property said the fund had a value of \u00a3305-million ($512.2-million) and a unit price of \u00a3110.80. On Thursday, the unit price had fallen to \u00a398.43, a drop of \u00a312.37 or 11.16 per cent.<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4010 %<\/td>\n1,647.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4010 %<\/td>\n3,010.3<\/td>\n<\/tr>\n
Floater<\/td>\n4.98 %<\/td>\n4.73 %<\/td>\n90,797<\/td>\n16.01<\/td>\n4<\/td>\n-0.4010 %<\/td>\n1,734.9<\/td>\n<\/tr>\n
OpRet<\/td>\n4.85 %<\/td>\n1.19 %<\/td>\n36,850<\/td>\n0.15<\/td>\n1<\/td>\n0.0792 %<\/td>\n2,843.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.14 %<\/td>\n5.67 %<\/td>\n93,868<\/td>\n4.61<\/td>\n5<\/td>\n-0.0727 %<\/td>\n3,347.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0727 %<\/td>\n2,612.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.52 %<\/td>\n-8.88 %<\/td>\n85,372<\/td>\n0.09<\/td>\n12<\/td>\n0.2313 %<\/td>\n2,661.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.32 %<\/td>\n5.30 %<\/td>\n100,346<\/td>\n14.98<\/td>\n26<\/td>\n0.5095 %<\/td>\n2,783.6<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.19 %<\/td>\n4.49 %<\/td>\n149,863<\/td>\n7.09<\/td>\n88<\/td>\n0.2014 %<\/td>\n1,957.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.06 %<\/td>\n5.16 %<\/td>\n126,938<\/td>\n4.88<\/td>\n33<\/td>\n0.3000 %<\/td>\n2,738.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.02 %<\/td>\n5.04 %<\/td>\n33,263<\/td>\n5.17<\/td>\n11<\/td>\n-0.0963 %<\/td>\n2,075.1<\/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
VNR.PR.A<\/td>\nFixedReset<\/td>\n-2.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 17.42
\nEvaluated at bid price : 17.42
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 9.64
\nEvaluated at bid price : 9.64
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 10.11
\nEvaluated at bid price : 10.11
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 17.05
\nEvaluated at bid price : 17.05
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 19.03
\nEvaluated at bid price : 19.03
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-10-31
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.68
\nBid-YTW : 2.28 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 17.82
\nEvaluated at bid price : 17.82
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.21
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 21.39
\nEvaluated at bid price : 21.69
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 22.96
\nEvaluated at bid price : 23.35
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 18.05
\nEvaluated at bid price : 18.05
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
BAM.PF.H<\/td>\nFixedReset<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.20
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.30
\nBid-YTW : 8.37 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.20
\nBid-YTW : 8.46 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-08-06
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : -3.81 %<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-08-06
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.03
\nBid-YTW : -37.80 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.62
\nBid-YTW : 8.81 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.14
\nBid-YTW : 7.91 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.11
\nBid-YTW : 7.87 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\n2.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-08-06
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.20
\nBid-YTW : -13.68 %<\/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
TD.PF.G<\/td>\nFixedReset<\/td>\n750,138<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.40
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
NA.PR.A<\/td>\nFixedReset<\/td>\n224,181<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.93
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset<\/td>\n179,056<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.60
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
MFC.PR.O<\/td>\nFixedReset<\/td>\n178,134<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
TRP.PR.J<\/td>\nFixedReset<\/td>\n123,068<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.18
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n92,919<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.40
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n
There were 22 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.S<\/td>\nFloatingReset<\/td>\nQuote: 14.50 – 15.50
\nSpot Rate : 1.0000
\nAverage : 0.8114<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 14.50
\nEvaluated at bid price : 14.50
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.59 – 24.00
\nSpot Rate : 0.4100
\nAverage : 0.2536<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 23.31
\nEvaluated at bid price : 23.59
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n

BIP.PR.B<\/td>\nFixedReset<\/td>\nQuote: 25.35 – 25.75
\nSpot Rate : 0.4000
\nAverage : 0.2782<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 17.42 – 17.85
\nSpot Rate : 0.4300
\nAverage : 0.3156<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 17.42
\nEvaluated at bid price : 17.42
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 13.02 – 13.37
\nSpot Rate : 0.3500
\nAverage : 0.2541<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 13.02
\nEvaluated at bid price : 13.02
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n

TRP.PR.E<\/td>\nFixedReset<\/td>\nQuote: 17.05 – 17.43
\nSpot Rate : 0.3800
\nAverage : 0.2855<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-07
\nMaturity Price : 17.05
\nEvaluated at bid price : 17.05
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Great British Property Fund Debacle keeps getting worse: The uncertainty sweeping across Britain\u2019s commercial property market in the wake of Brexit has affected more funds, including a few owned by Canadian firms. Bank of …<\/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-33325","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33325","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=33325"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33325\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}