{"id":40904,"date":"2020-05-27T21:50:58","date_gmt":"2020-05-28T02:50:58","guid":{"rendered":"http:\/\/prefblog.com\/?p=40904"},"modified":"2020-05-27T21:50:58","modified_gmt":"2020-05-28T02:50:58","slug":"may-27-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=40904","title":{"rendered":"May 27, 2020"},"content":{"rendered":"

Pembina Pipeline has announced<\/a> (on 2020-5-26):<\/p>\n

that it has agreed to issue $500 million of senior unsecured medium-term notes (the “Offering”). The Offering will be conducted in two tranches consisting of $400 million in senior unsecured medium-term notes, series 16 (the “Series 16 Notes”) having a fixed coupon of 4.67 percent per annum, paid semi-annually, and maturing on May 28, 2050; and $100 million principal amount to be issued through a re-opening of the Company’s 3.71 percent medium-term notes, series 7, due August 11, 2026 (the “Series 7 Notes”).<\/p>\n

Closing of the Offering is expected to occur on May 28, 2020 and the net proceeds are intended to be used to repay indebtedness of the Company under its unsecured $2.5 billion revolving credit facility due May 2024 incurred in connection with the acquisition of the U.S. portion of the Cochin Pipeline system, as well as to fund Pembina’s capital program and for general corporate purposes.<\/p>\n

The Series 16 Notes and the re-opening of the Series 7 Notes are being offered through a syndicate of dealers under Pembina’s short-form base shelf prospectus dated August 30, 2019, as supplemented by related pricing supplements dated May 26, 2020.<\/p><\/blockquote>\n

Yesterday, PPL’s FixedResets closed with a fairly wide range of yields, given GOC-5 of 0.36% and 3-Month Bills of 0.24%; from 6.92% (PPL.PR.K; has a minimum rate guarantee) to 8.22% (PPL.PR.O); the interest-equivalent range is 9.00% to 10.69%. The spread between the newly issued 30-year bonds and the FixedResets is therefore between 433bp to 602bp – not directly comparable to the Seniority Spread, of course, because these are FixedResets, but an indication nevertheless of why issuers aren’t coming out with new issues!<\/p>\n

PerpetualDiscounts now yield 5.97%, equivalent to 7.76% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.31%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed slightly (and perhaps spuriously), to 445bp from the 450bp reported May 20<\/a>. We are still equal to the pre-2020 record of 445bp briefly touched in 2008<\/a>.<\/p>\n\n\n\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>\n1.4295 %<\/td>\n1,437.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.4295 %<\/td>\n2,637.9<\/td>\n<\/tr>\n
Floater<\/td>\n5.37 %<\/td>\n5.68 %<\/td>\n33,403<\/td>\n14.30<\/td>\n4<\/td>\n1.4295 %<\/td>\n1,520.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0753 %<\/td>\n3,412.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.92 %<\/td>\n5.14 %<\/td>\n65,955<\/td>\n3.90<\/td>\n7<\/td>\n0.0753 %<\/td>\n4,075.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0753 %<\/td>\n3,180.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0942 %<\/td>\n2,928.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.75 %<\/td>\n5.97 %<\/td>\n80,342<\/td>\n13.91<\/td>\n35<\/td>\n-0.0942 %<\/td>\n3,141.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n6.50 %<\/td>\n5.37 %<\/td>\n179,585<\/td>\n14.52<\/td>\n83<\/td>\n-0.3548 %<\/td>\n1,748.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.45 %<\/td>\n5.76 %<\/td>\n92,384<\/td>\n13.94<\/td>\n27<\/td>\n0.0082 %<\/td>\n3,118.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.16 %<\/td>\n5.14 %<\/td>\n47,921<\/td>\n15.19<\/td>\n3<\/td>\n-0.3090 %<\/td>\n1,722.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3548 %<\/td>\n2,417.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n2.00 %<\/td>\n3.69 %<\/td>\n159,353<\/td>\n1.64<\/td>\n2<\/td>\n0.2907 %<\/td>\n2,753.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n6.82 %<\/td>\n5.43 %<\/td>\n113,424<\/td>\n14.40<\/td>\n22<\/td>\n-1.2285 %<\/td>\n1,744.9<\/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\n\n\n\n\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
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-22.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 8.86
\nEvaluated at bid price : 8.86
\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-8.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 7.22
\nEvaluated at bid price : 7.22
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-4.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 10.45
\nEvaluated at bid price : 10.45
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n-3.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 16.10
\nEvaluated at bid price : 16.10
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n-2.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 9.44
\nEvaluated at bid price : 9.44
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
MFC.PR.O<\/td>\nFixedReset Ins Non<\/td>\n-2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 23.11
\nEvaluated at bid price : 23.65
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
BMO.PR.F<\/td>\nFixedReset Disc<\/td>\n-2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset Disc<\/td>\n-2.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.27
\nEvaluated at bid price : 14.27
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n-2.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.60
\nEvaluated at bid price : 14.60
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n-2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n-2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.01
\nEvaluated at bid price : 14.01
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n-2.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.11
\nEvaluated at bid price : 14.11
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n-2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 13.32
\nEvaluated at bid price : 13.32
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
TD.PF.K<\/td>\nFixedReset Disc<\/td>\n-1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
PVS.PR.H<\/td>\nSplitShare<\/td>\n-1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2027-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 10.70
\nEvaluated at bid price : 10.70
\nBid-YTW : 9.42 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 8.08
\nEvaluated at bid price : 8.08
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 22.64
\nEvaluated at bid price : 22.89
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 17.44
\nEvaluated at bid price : 17.44
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
CM.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 19.17
\nEvaluated at bid price : 19.17
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
TD.PF.M<\/td>\nFixedReset Disc<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.36
\nEvaluated at bid price : 14.36
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 6.06
\nEvaluated at bid price : 6.06
\nBid-YTW : 8.94 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 13.10
\nEvaluated at bid price : 13.10
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 22.25
\nEvaluated at bid price : 22.55
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.01
\nEvaluated at bid price : 14.01
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.01
\nEvaluated at bid price : 14.01
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 13.72
\nEvaluated at bid price : 13.72
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.85
\nEvaluated at bid price : 14.85
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 15.45
\nEvaluated at bid price : 15.45
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 20.96
\nEvaluated at bid price : 20.96
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
BMO.PR.C<\/td>\nFixedReset Disc<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 17.82
\nEvaluated at bid price : 17.82
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.82
\nEvaluated at bid price : 14.82
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 12.55
\nEvaluated at bid price : 12.55
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 19.26
\nEvaluated at bid price : 19.26
\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
BAM.PF.H<\/td>\nFixedReset Disc<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 23.96
\nEvaluated at bid price : 24.57
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 9.18
\nEvaluated at bid price : 9.18
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 7.57
\nEvaluated at bid price : 7.57
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
EIT.PR.A<\/td>\nSplitShare<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.56
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.32
\nEvaluated at bid price : 14.32
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 7.67
\nEvaluated at bid price : 7.67
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n2.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 13.80
\nEvaluated at bid price : 13.80
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n2.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 20.06
\nEvaluated at bid price : 20.06
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n3.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 7.44
\nEvaluated at bid price : 7.44
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n4.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 6.08 %<\/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.M<\/td>\nPerpetual-Discount<\/td>\n75,261<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n63,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n61,363<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 20.61
\nEvaluated at bid price : 20.61
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n56,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 13.93
\nEvaluated at bid price : 13.93
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n50,390<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 11.21
\nEvaluated at bid price : 11.21
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n46,581<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 15.30
\nEvaluated at bid price : 15.30
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
There were 39 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
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\nQuote: 8.86 – 12.17
\nSpot Rate : 3.3100
\nAverage : 1.9498<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 8.86
\nEvaluated at bid price : 8.86
\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 7.22 – 9.71
\nSpot Rate : 2.4900
\nAverage : 1.8592<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 7.22
\nEvaluated at bid price : 7.22
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n

TD.PF.H<\/td>\nFixedReset Disc<\/td>\nQuote: 22.40 – 23.25
\nSpot Rate : 0.8500
\nAverage : 0.4956<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 21.87
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\nQuote: 14.01 – 16.17
\nSpot Rate : 2.1600
\nAverage : 1.8383<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 14.01
\nEvaluated at bid price : 14.01
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n

EML.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 22.75 – 23.47
\nSpot Rate : 0.7200
\nAverage : 0.4057<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n

TD.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 15.20 – 16.03
\nSpot Rate : 0.8300
\nAverage : 0.5393<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-05-27
\nMaturity Price : 15.20
\nEvaluated at bid price : 15.20
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Pembina Pipeline has announced (on 2020-5-26): that it has agreed to issue $500 million of senior unsecured medium-term notes (the “Offering”). The Offering will be conducted in two tranches consisting of $400 million in senior …<\/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-40904","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40904","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=40904"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40904\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}