{"id":41109,"date":"2020-07-09T21:07:26","date_gmt":"2020-07-10T02:07:26","guid":{"rendered":"http:\/\/prefblog.com\/?p=41109"},"modified":"2020-07-09T21:07:26","modified_gmt":"2020-07-10T02:07:26","slug":"july-9-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41109","title":{"rendered":"July 9, 2020"},"content":{"rendered":"

I understand that Enbridge Inc. has issued US$1 bil 5.75% hybrid ser 2020-A due 07\/15\/2080; the prospectus is available on EDGAR<\/a>. It will be noted that I am permitted to link directly to this prospectus, as the SEC promotes investor understanding of their investments, unlike the situation in Canada.<\/p>\n

The Notes, including accrued and unpaid interest thereon, will be converted automatically (an \u201cAutomatic Conversion\u201d), without the consent of the holders thereof (the \u201cNoteholders\u201d), into shares of a newly-issued series of our preference shares, designated as Preference Shares, Series 2020-A (the \u201cConversion Preference Shares\u201d) upon the occurrence of an Automatic Conversion Event (as defined herein). As the events that give rise to an Automatic Conversion are bankruptcy and related events, it is in our interest to ensure that an Automatic Conversion does not occur, although the events that could give rise to an Automatic Conversion may be beyond our control. We are under no obligation to, and do not intend to, list the Conversion Preference Shares on any stock exchange or other market. We may, at our option, redeem the Notes, in whole at any time or in part from time to time, on any day in the period commencing on (and including) April 15, 2030 (being the date falling three months prior to the Initial Interest Reset Date (as defined herein)) and ending on (and including) the Initial Interest Reset Date, and thereafter on any day in the period commencing on the date falling three months prior to any Interest Reset Date and ending on (and including) any Interest Reset Date at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. Within 90 days following the occurrence of a Tax Event (as defined herein), we may, at our option, redeem all (but not less than all) of the Notes at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. Within 90 days following the occurrence of a Rating Event (as defined herein), we may, at our option, redeem all (but not less than all) of the Notes at a redemption price equal to 102% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.<\/p><\/blockquote>\n

I haven’t checked, but I assume the terms – other than coupon and term – are similar to the currently extant ENBA<\/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-0.6757 %<\/td>\n1,431.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6757 %<\/td>\n2,626.9<\/td>\n<\/tr>\n
Floater<\/td>\n5.83 %<\/td>\n5.88 %<\/td>\n75,868<\/td>\n14.11<\/td>\n3<\/td>\n-0.6757 %<\/td>\n1,513.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2804 %<\/td>\n3,464.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.85 %<\/td>\n4.94 %<\/td>\n60,449<\/td>\n3.79<\/td>\n7<\/td>\n0.2804 %<\/td>\n4,137.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2804 %<\/td>\n3,228.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.20 %<\/td>\n5.20 %<\/td>\n65,891<\/td>\n4.06<\/td>\n1<\/td>\n0.3178 %<\/td>\n3,031.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.62 %<\/td>\n5.75 %<\/td>\n76,435<\/td>\n14.30<\/td>\n35<\/td>\n-0.0499 %<\/td>\n3,246.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n6.17 %<\/td>\n5.09 %<\/td>\n142,042<\/td>\n15.03<\/td>\n75<\/td>\n-0.2176 %<\/td>\n1,830.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.35 %<\/td>\n5.65 %<\/td>\n80,499<\/td>\n14.35<\/td>\n27<\/td>\n-0.1919 %<\/td>\n3,202.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.48 %<\/td>\n3.43 %<\/td>\n31,185<\/td>\n1.54<\/td>\n4<\/td>\n-0.3731 %<\/td>\n1,713.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.51 %<\/td>\n5.12 %<\/td>\n346,849<\/td>\n15.29<\/td>\n3<\/td>\n-0.1146 %<\/td>\n2,555.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.97 %<\/td>\n2.80 %<\/td>\n126,229<\/td>\n1.53<\/td>\n2<\/td>\n0.4715 %<\/td>\n2,800.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n6.47 %<\/td>\n5.20 %<\/td>\n101,741<\/td>\n14.71<\/td>\n22<\/td>\n-0.3002 %<\/td>\n1,838.6<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n-7.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 15.10
\nEvaluated at bid price : 15.10
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n-5.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 11.10
\nEvaluated at bid price : 11.10
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
TD.PF.L<\/td>\nFixedReset Disc<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 20.21
\nEvaluated at bid price : 20.21
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 10.80
\nEvaluated at bid price : 10.80
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 11.60
\nEvaluated at bid price : 11.60
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 15.75
\nEvaluated at bid price : 15.75
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
TD.PF.M<\/td>\nFixedReset Disc<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 14.30
\nEvaluated at bid price : 14.30
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 14.80
\nEvaluated at bid price : 14.80
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 15.55
\nEvaluated at bid price : 15.55
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 8.50
\nEvaluated at bid price : 8.50
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nDeemed-Retractible<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 22.83
\nEvaluated at bid price : 23.16
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
TD.PF.K<\/td>\nFixedReset Disc<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 7.31
\nEvaluated at bid price : 7.31
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 13.09
\nEvaluated at bid price : 13.09
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 14.42
\nEvaluated at bid price : 14.42
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 9.00
\nEvaluated at bid price : 9.00
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
BIP.PR.D<\/td>\nFixedReset Disc<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 20.79
\nEvaluated at bid price : 20.79
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 14.75
\nEvaluated at bid price : 14.75
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
BMO.PR.F<\/td>\nFixedReset Disc<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 20.99
\nEvaluated at bid price : 20.99
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 14.80
\nEvaluated at bid price : 14.80
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 15.70
\nEvaluated at bid price : 15.70
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
EIT.PR.B<\/td>\nSplitShare<\/td>\n2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2025-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
W.PR.M<\/td>\nFixedReset Disc<\/td>\n11.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 23.64
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.40 %<\/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
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n78,280<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 14.82
\nEvaluated at bid price : 14.82
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n61,938<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 9.65
\nEvaluated at bid price : 9.65
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n58,986<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 11.60
\nEvaluated at bid price : 11.60
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
BMO.PR.D<\/td>\nFixedReset Disc<\/td>\n51,362<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n51,235<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
BNS.PR.H<\/td>\nFixedReset Disc<\/td>\n35,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 22.60
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
There were 25 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
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 14.20 – 15.21
\nSpot Rate : 1.0100
\nAverage : 0.6759<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 14.20
\nEvaluated at bid price : 14.20
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n

TD.PF.D<\/td>\nFixedReset Disc<\/td>\nQuote: 15.10 – 16.10
\nSpot Rate : 1.0000
\nAverage : 0.6672<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 15.10
\nEvaluated at bid price : 15.10
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 14.23 – 15.00
\nSpot Rate : 0.7700
\nAverage : 0.4665<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 14.23
\nEvaluated at bid price : 14.23
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\nQuote: 14.75 – 17.00
\nSpot Rate : 2.2500
\nAverage : 1.9748<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 14.75
\nEvaluated at bid price : 14.75
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 11.10 – 11.80
\nSpot Rate : 0.7000
\nAverage : 0.4474<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 11.10
\nEvaluated at bid price : 11.10
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n

BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 14.80 – 15.58
\nSpot Rate : 0.7800
\nAverage : 0.5521<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-07-09
\nMaturity Price : 14.80
\nEvaluated at bid price : 14.80
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I understand that Enbridge Inc. has issued US$1 bil 5.75% hybrid ser 2020-A due 07\/15\/2080; the prospectus is available on EDGAR. It will be noted that I am permitted to link directly to this prospectus, …<\/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-41109","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41109","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=41109"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41109\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}