{"id":41102,"date":"2020-07-07T22:13:28","date_gmt":"2020-07-08T03:13:28","guid":{"rendered":"http:\/\/prefblog.com\/?p=41102"},"modified":"2020-07-07T22:13:28","modified_gmt":"2020-07-08T03:13:28","slug":"july-7-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41102","title":{"rendered":"July 7, 2020"},"content":{"rendered":"

Great-West Lifeco Inc. has announced<\/a>:<\/p>\n

that it has entered into an agreement with a syndicate of agents co-led by RBC Capital Markets, BMO Capital Markets and Scotiabank for the sale on an agency basis of $250 million aggregate principal amount of debentures maturing July 8, 2050 (the Debentures).<\/p>\n

The Debentures will be dated July 8, 2020, will be issued at par and will mature on July 8, 2050. Interest on the Debentures at the rate of 2.981% per annum will be payable semi-annually in arrears on January 8 and July 8 in each year, commencing January 8, 2021, until the date on which the Debentures are repaid. The Debentures are redeemable at any time prior to January 8, 2050 in whole or in part at the greater of the Canada Yield Price and par, and on or after January 8, 2050 in whole or in part at par, together in each case with accrued and unpaid interest.<\/p>\n

The Debenture offering is expected to close on or about July 8, 2020. The net proceeds will be used by Lifeco for general corporate purposes.<\/p><\/blockquote>\n

GWO PerpetualDiscounts are trading to yield about 5.65% today, equivalent to 7.34% interest at the standard equivalency factor of 1.3x, so the Seniority Spread for GWO is about 435bp, comparable to the overall figure reported June 24<\/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>\n-1.3821 %<\/td>\n1,436.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.3821 %<\/td>\n2,635.2<\/td>\n<\/tr>\n
Floater<\/td>\n5.81 %<\/td>\n5.87 %<\/td>\n77,548<\/td>\n14.13<\/td>\n3<\/td>\n-1.3821 %<\/td>\n1,518.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1260 %<\/td>\n3,456.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.86 %<\/td>\n4.98 %<\/td>\n63,881<\/td>\n3.79<\/td>\n7<\/td>\n0.1260 %<\/td>\n4,127.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1260 %<\/td>\n3,220.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.21 %<\/td>\n5.24 %<\/td>\n65,275<\/td>\n4.07<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,025.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.59 %<\/td>\n5.76 %<\/td>\n77,795<\/td>\n14.29<\/td>\n35<\/td>\n0.1426 %<\/td>\n3,249.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n6.12 %<\/td>\n5.08 %<\/td>\n140,474<\/td>\n15.02<\/td>\n75<\/td>\n-0.1302 %<\/td>\n1,842.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.32 %<\/td>\n5.58 %<\/td>\n83,902<\/td>\n14.43<\/td>\n27<\/td>\n0.1208 %<\/td>\n3,216.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.47 %<\/td>\n3.01 %<\/td>\n33,777<\/td>\n1.54<\/td>\n4<\/td>\n0.1644 %<\/td>\n1,720.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.50 %<\/td>\n5.14 %<\/td>\n347,325<\/td>\n15.17<\/td>\n3<\/td>\n-0.0267 %<\/td>\n2,550.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.98 %<\/td>\n3.00 %<\/td>\n129,568<\/td>\n1.54<\/td>\n2<\/td>\n0.0615 %<\/td>\n2,787.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n6.44 %<\/td>\n5.18 %<\/td>\n104,132<\/td>\n14.66<\/td>\n22<\/td>\n0.3122 %<\/td>\n1,849.6<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-3.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 14.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-2.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 9.00
\nEvaluated at bid price : 9.00
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 14.32
\nEvaluated at bid price : 14.32
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n-2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 17.25
\nEvaluated at bid price : 17.25
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 14.30
\nEvaluated at bid price : 14.30
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 7.37
\nEvaluated at bid price : 7.37
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 17.54
\nEvaluated at bid price : 17.54
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 11.13
\nEvaluated at bid price : 11.13
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 7.36
\nEvaluated at bid price : 7.36
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 7.65
\nEvaluated at bid price : 7.65
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 7.39
\nEvaluated at bid price : 7.39
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 12.65
\nEvaluated at bid price : 12.65
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 14.07
\nEvaluated at bid price : 14.07
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 15.76
\nEvaluated at bid price : 15.76
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nDeemed-Retractible<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 23.05
\nEvaluated at bid price : 23.41
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 12.15
\nEvaluated at bid price : 12.15
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 14.60
\nEvaluated at bid price : 14.60
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 14.51
\nEvaluated at bid price : 14.51
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 14.60
\nEvaluated at bid price : 14.60
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 13.58
\nEvaluated at bid price : 13.58
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 13.75
\nEvaluated at bid price : 13.75
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
BMO.PR.F<\/td>\nFixedReset Disc<\/td>\n1.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n2.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 21.73
\nEvaluated at bid price : 21.73
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n2.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 11.85
\nEvaluated at bid price : 11.85
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n2.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 11.66
\nEvaluated at bid price : 11.66
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n3.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 16.11
\nEvaluated at bid price : 16.11
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n5.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 9.40
\nEvaluated at bid price : 9.40
\nBid-YTW : 4.51 %<\/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
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n118,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 18.73
\nEvaluated at bid price : 18.73
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n53,350<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 17.25
\nEvaluated at bid price : 17.25
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n52,690<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 15.30
\nEvaluated at bid price : 15.30
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n51,760<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 15.17
\nEvaluated at bid price : 15.17
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset Disc<\/td>\n50,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 23.94
\nEvaluated at bid price : 24.46
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n50,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
There were 19 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
CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.00 – 23.00
\nSpot Rate : 2.0000
\nAverage : 1.6815<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 14.51 – 15.21
\nSpot Rate : 0.7000
\nAverage : 0.4297<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 14.51
\nEvaluated at bid price : 14.51
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 9.00 – 10.19
\nSpot Rate : 1.1900
\nAverage : 0.9567<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 9.00
\nEvaluated at bid price : 9.00
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 14.00 – 14.65
\nSpot Rate : 0.6500
\nAverage : 0.4305<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 14.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n

TD.PF.J<\/td>\nFixedReset Disc<\/td>\nQuote: 17.25 – 17.90
\nSpot Rate : 0.6500
\nAverage : 0.4805<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 17.25
\nEvaluated at bid price : 17.25
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n

BIK.PR.A<\/td>\nFixedReset Disc<\/td>\nQuote: 23.80 – 24.50
\nSpot Rate : 0.7000
\nAverage : 0.5533<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-07
\nMaturity Price : 22.79
\nEvaluated at bid price : 23.80
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Great-West Lifeco Inc. has announced: that it has entered into an agreement with a syndicate of agents co-led by RBC Capital Markets, BMO Capital Markets and Scotiabank for the sale on an agency basis 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-41102","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41102","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=41102"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41102\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}