{"id":41616,"date":"2020-11-23T22:11:58","date_gmt":"2020-11-24T03:11:58","guid":{"rendered":"http:\/\/prefblog.com\/?p=41616"},"modified":"2020-11-23T22:11:58","modified_gmt":"2020-11-24T03:11:58","slug":"november-23-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41616","title":{"rendered":"November 23, 2020"},"content":{"rendered":"

Pace Credit Union (last discussed June 22<\/a>) is back in the news<\/a>:<\/p>\n

The Financial Services Regulators Authority of Ontario (FSRA) announced late Friday that is has taken over daily oversight of PACE for the second time in two years.<\/p>\n

The directors who resigned over a three-day span include board chair George Cooke, a former insurance executive who was hand-picked by FSRA to help turn PACE around after two years of turmoil. Also stepping down are CEO Barbara Dirks and head of risk Terri O\u2019Brien, both of whom joined PACE in April.
…<\/b>
More recently, however, regulators have been investigating whether a now-defunct investment dealer started by the previous executives, Pace Securities Corp., improperly sold $46-million in risky investment products to retail investors
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\n. Those investments plunged in value early this year, and another regulator, the Investment Industry Regulatory Organization of Canada (IIROC), is seeking to discipline the two former executives who led Pace Securities, Joseph Thomson and Gerald McRae.<\/p>\n

In August, law firm Paliare Roland Rosenberg Rothstein LLP was appointed to represent investors in negotiating a settlement who say they were misled. Yet even after the deadline for talks was extended, no deal has been announced.<\/p>\n

A FSRA investigation recently concluded that the sales of the investment products had breached the act that governs credit unions, and PACE\u2019s management agreed. But \u201cthere was not consensus on how best to address those breaches,\u201d said Mark White, FSRA\u2019s CEO, in a statement.<\/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>\n1.1173 %<\/td>\n1,796.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.1173 %<\/td>\n3,295.7<\/td>\n<\/tr>\n
Floater<\/td>\n4.74 %<\/td>\n4.81 %<\/td>\n37,857<\/td>\n15.78<\/td>\n3<\/td>\n1.1173 %<\/td>\n1,899.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1144 %<\/td>\n3,583.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.83 %<\/td>\n4.40 %<\/td>\n43,824<\/td>\n3.89<\/td>\n9<\/td>\n0.1144 %<\/td>\n4,279.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1144 %<\/td>\n3,338.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.34 %<\/td>\n2.48 %<\/td>\n76,664<\/td>\n0.39<\/td>\n14<\/td>\n-0.0056 %<\/td>\n3,186.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.13 %<\/td>\n5.07 %<\/td>\n80,739<\/td>\n15.14<\/td>\n19<\/td>\n0.3246 %<\/td>\n3,613.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.28 %<\/td>\n4.09 %<\/td>\n115,518<\/td>\n16.55<\/td>\n64<\/td>\n0.3016 %<\/td>\n2,193.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.06 %<\/td>\n4.87 %<\/td>\n99,358<\/td>\n15.13<\/td>\n22<\/td>\n0.1033 %<\/td>\n3,511.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n1.97 %<\/td>\n2.44 %<\/td>\n46,803<\/td>\n1.17<\/td>\n3<\/td>\n0.1499 %<\/td>\n1,820.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.19 %<\/td>\n2.86 %<\/td>\n214,645<\/td>\n0.71<\/td>\n15<\/td>\n-0.1440 %<\/td>\n2,668.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.94 %<\/td>\n2.06 %<\/td>\n194,240<\/td>\n1.17<\/td>\n2<\/td>\n0.0402 %<\/td>\n2,864.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.31 %<\/td>\n4.12 %<\/td>\n74,720<\/td>\n16.72<\/td>\n22<\/td>\n0.2305 %<\/td>\n2,291.1<\/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\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 23.36
\nEvaluated at bid price : 23.65
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
BIK.PR.A<\/td>\nFixedReset Prem<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 20.88
\nEvaluated at bid price : 20.88
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 24.29
\nEvaluated at bid price : 24.80
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 14.26
\nEvaluated at bid price : 14.26
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 16.10
\nEvaluated at bid price : 16.10
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 11.38
\nEvaluated at bid price : 11.38
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 18.62
\nEvaluated at bid price : 18.62
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 22.60
\nEvaluated at bid price : 22.85
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 9.52
\nEvaluated at bid price : 9.52
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nInsurance Straight<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 24.59
\nEvaluated at bid price : 24.84
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 23.50
\nEvaluated at bid price : 23.84
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 9.10
\nEvaluated at bid price : 9.10
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 8.80
\nEvaluated at bid price : 8.80
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 18.71
\nEvaluated at bid price : 18.71
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 22.49
\nEvaluated at bid price : 22.95
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 9.04
\nEvaluated at bid price : 9.04
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 10.62
\nEvaluated at bid price : 10.62
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
BIP.PR.D<\/td>\nFixedReset Disc<\/td>\n2.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 23.29
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 13.50
\nEvaluated at bid price : 13.50
\nBid-YTW : 5.17 %<\/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
BNS.PR.H<\/td>\nFixedReset Prem<\/td>\n56,455<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 3.09 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n34,140<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 23.32
\nEvaluated at bid price : 23.60
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n29,721<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 18.71
\nEvaluated at bid price : 18.71
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset Disc<\/td>\n29,351<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 23.65
\nEvaluated at bid price : 24.81
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n21,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Disc<\/td>\n21,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 23.35
\nEvaluated at bid price : 24.41
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
There were 17 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.E<\/td>\nInsurance Straight<\/td>\nQuote: 23.65 – 24.27
\nSpot Rate : 0.6200
\nAverage : 0.3494<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 23.36
\nEvaluated at bid price : 23.65
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n

RY.PR.M<\/td>\nFixedReset Disc<\/td>\nQuote: 19.15 – 19.85
\nSpot Rate : 0.7000
\nAverage : 0.5442<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n

SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.10 – 20.56
\nSpot Rate : 0.4600
\nAverage : 0.3115<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n

IFC.PR.I<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.72 – 26.25
\nSpot Rate : 0.5300
\nAverage : 0.4023<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n

MFC.PR.H<\/td>\nFixedReset Ins Non<\/td>\nQuote: 22.10 – 22.41
\nSpot Rate : 0.3100
\nAverage : 0.1981<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 21.67
\nEvaluated at bid price : 22.10
\nBid-YTW : 4.06 %<\/td>\n<\/tr>\n

BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\nQuote: 19.75 – 20.30
\nSpot Rate : 0.5500
\nAverage : 0.4388<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-23
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Pace Credit Union (last discussed June 22) is back in the news: The Financial Services Regulators Authority of Ontario (FSRA) announced late Friday that is has taken over daily oversight of PACE for the second …<\/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-41616","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41616","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=41616"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41616\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}