{"id":41514,"date":"2020-10-29T18:49:32","date_gmt":"2020-10-29T23:49:32","guid":{"rendered":"http:\/\/prefblog.com\/?p=41514"},"modified":"2020-10-29T18:49:32","modified_gmt":"2020-10-29T23:49:32","slug":"october-29-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41514","title":{"rendered":"October 29, 2020"},"content":{"rendered":"

DBRS finalized the rating on the CWB LRCNs at BB(high)<\/a>:<\/p>\n

DBRS Limited (DBRS Morningstar) finalized its provisional rating of BB (high) with a Negative trend on Canadian Western Bank\u2019s (CWB or the Bank) NVCC Additional Tier 1 (AT1) Limited Recourse Capital Notes (the Capital Notes).<\/p>\n

Following the review of documentation associated with the recent offering, DBRS Morningstar confirmed that the terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on October 23, 2020. For further details on the provisional rating, please see the DBRS Morningstar press release entitled \u201cDBRS Morningstar Assigns Provisional Rating of BB (high), Negative, to Canadian Western Bank\u2019s NVCC Additional Tier 1 (AT1) Limited Recourse Capital Notes.\u201d<\/p>\n

The Bank plans to issue $175 million of Capital Notes on October 30, 2020. The Capital Notes mature on April 30, 2081, and will have an initial five-year fixed rate of 6.00%. DBRS Morningstar notes that the Office of the Superintendent of Financial Institutions granted Tier 1 capital treatment to the Capital Notes.<\/p>\n

RATING DRIVERS
\nGiven the Negative trend, an upgrade is unlikely at this time. The trend could change to Stable if the impact of the current economic crisis on CWB\u2019s earnings and credit quality metrics is manageable.<\/p>\n

Conversely, material losses in the loan portfolio as a result of the oil price shock and a longer-than-expected adverse impact of the Coronavirus Disease (COVID-19) pandemic, or significant pressures on funding and liquidity, could result in a rating downgrade.<\/p><\/blockquote>\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>\n0.4922 %<\/td>\n1,620.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4922 %<\/td>\n2,974.0<\/td>\n<\/tr>\n
Floater<\/td>\n5.25 %<\/td>\n5.31 %<\/td>\n38,209<\/td>\n14.95<\/td>\n3<\/td>\n0.4922 %<\/td>\n1,713.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0744 %<\/td>\n3,526.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.81 %<\/td>\n4.80 %<\/td>\n46,925<\/td>\n3.53<\/td>\n8<\/td>\n-0.0744 %<\/td>\n4,211.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0744 %<\/td>\n3,285.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.31 %<\/td>\n-1.23 %<\/td>\n89,012<\/td>\n0.15<\/td>\n17<\/td>\n0.0645 %<\/td>\n3,189.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.18 %<\/td>\n5.16 %<\/td>\n83,417<\/td>\n15.23<\/td>\n17<\/td>\n0.0519 %<\/td>\n3,555.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.54 %<\/td>\n4.29 %<\/td>\n134,984<\/td>\n16.43<\/td>\n65<\/td>\n-0.5207 %<\/td>\n2,089.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.14 %<\/td>\n5.00 %<\/td>\n114,376<\/td>\n15.16<\/td>\n22<\/td>\n0.0580 %<\/td>\n3,456.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n1.97 %<\/td>\n2.28 %<\/td>\n50,447<\/td>\n1.24<\/td>\n3<\/td>\n0.0168 %<\/td>\n1,793.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.22 %<\/td>\n3.48 %<\/td>\n260,903<\/td>\n0.78<\/td>\n14<\/td>\n0.0000 %<\/td>\n2,645.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.94 %<\/td>\n2.09 %<\/td>\n143,697<\/td>\n1.23<\/td>\n2<\/td>\n0.0201 %<\/td>\n2,861.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.49 %<\/td>\n4.25 %<\/td>\n75,728<\/td>\n16.32<\/td>\n22<\/td>\n0.0835 %<\/td>\n2,200.7<\/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.L<\/td>\nFixedReset Disc<\/td>\n-22.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Disc<\/td>\n-5.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.72
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-3.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 14.26
\nEvaluated at bid price : 14.26
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 10.58
\nEvaluated at bid price : 10.58
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n-1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 12.90
\nEvaluated at bid price : 12.90
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 22.67
\nEvaluated at bid price : 22.95
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 15.41
\nEvaluated at bid price : 15.41
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 18.72
\nEvaluated at bid price : 18.72
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Disc<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 24.08
\nEvaluated at bid price : 24.45
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 18.32
\nEvaluated at bid price : 18.32
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 21.46
\nEvaluated at bid price : 21.81
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 22.97
\nEvaluated at bid price : 23.25
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 11.56
\nEvaluated at bid price : 11.56
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 16.70
\nEvaluated at bid price : 16.70
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 21.86
\nEvaluated at bid price : 22.28
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 15.00
\nEvaluated at bid price : 15.00
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 18.35
\nEvaluated at bid price : 18.35
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 24.34
\nEvaluated at bid price : 24.65
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 15.25
\nEvaluated at bid price : 15.25
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n2.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 21.76
\nEvaluated at bid price : 22.01
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 10.75
\nEvaluated at bid price : 10.75
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n3.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 19.65
\nEvaluated at bid price : 19.65
\nBid-YTW : 4.06 %<\/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
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n90,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 18.32
\nEvaluated at bid price : 18.32
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset Prem<\/td>\n52,150<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.32
\nBid-YTW : 2.82 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n41,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-11-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.29
\nBid-YTW : -8.46 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n36,643<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 11.56
\nEvaluated at bid price : 11.56
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n35,150<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 23.75
\nEvaluated at bid price : 24.06
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n22,556<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 17.86
\nEvaluated at bid price : 17.86
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n
There were 14 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.L<\/td>\nFixedReset Disc<\/td>\nQuote: 19.10 – 24.40
\nSpot Rate : 5.3000
\nAverage : 2.8330<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n

NA.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 22.72 – 24.03
\nSpot Rate : 1.3100
\nAverage : 0.7323<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.72
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.12 – 24.00
\nSpot Rate : 0.8800
\nAverage : 0.5585<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 22.84
\nEvaluated at bid price : 23.12
\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n

TRP.PR.D<\/td>\nFixedReset Disc<\/td>\nQuote: 12.90 – 13.70
\nSpot Rate : 0.8000
\nAverage : 0.4938<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 12.90
\nEvaluated at bid price : 12.90
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.72 – 19.55
\nSpot Rate : 0.8300
\nAverage : 0.6148<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 18.72
\nEvaluated at bid price : 18.72
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n

TRP.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 14.26 – 14.85
\nSpot Rate : 0.5900
\nAverage : 0.3859<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-10-29
\nMaturity Price : 14.26
\nEvaluated at bid price : 14.26
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

DBRS finalized the rating on the CWB LRCNs at BB(high): DBRS Limited (DBRS Morningstar) finalized its provisional rating of BB (high) with a Negative trend on Canadian Western Bank\u2019s (CWB or the Bank) NVCC Additional …<\/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-41514","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41514","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=41514"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41514\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}