{"id":41941,"date":"2021-02-10T23:00:39","date_gmt":"2021-02-11T04:00:39","guid":{"rendered":"http:\/\/prefblog.com\/?p=41941"},"modified":"2021-02-10T23:00:39","modified_gmt":"2021-02-11T04:00:39","slug":"february-10-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41941","title":{"rendered":"February 10, 2021"},"content":{"rendered":"

Manulife will be issuing LRCNs, provisionally rated A(low) by DBRS<\/a>:<\/p>\n

DBRS Limited (DBRS Morningstar) assigned a provisional rating of A (low) with a Stable trend to Manulife Financial Corporation\u2019s (Manulife or the Company) Limited Recourse Capital Notes (the Capital Notes). DBRS Morningstar assigned the rating equal to the Company\u2019s Issuer Rating of A (high) less two rating notches, which is consistent with DBRS Morningstar\u2019s notching approach for capital instruments issued by insurance holding companies. This is one notch below the rating of Manulife\u2019s Unsecured Subordinated Debentures.<\/p>\n

RATING DRIVERS
\nGiven Manulife\u2019s recent ratings upgrade, DBRS Morningstar does not see upward ratings pressure over the intermediate term. Over the longer term, if Manulife continues to improve profitability and de-risk by further reducing its exposures to product guarantees and long-term care products, while maintaining its capital profile, the ratings would be upgraded.<\/p>\n

Conversely, persistent weaker and volatile profitability combined with a sustained deterioration in financial leverage and coverage ratios would result in a ratings downgrade. An adverse event causing regulatory capital to decline substantially would also result in a ratings downgrade.<\/p><\/blockquote>\n

PerpetualDiscounts now yield 4.66%, equivalent to 6.06% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 2.98%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is sharply narrower at 310bp than the 355bp reported February 3<\/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-0.0638 %<\/td>\n2,107.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0638 %<\/td>\n3,867.0<\/td>\n<\/tr>\n
Floater<\/td>\n4.10 %<\/td>\n4.12 %<\/td>\n55,566<\/td>\n17.15<\/td>\n3<\/td>\n-0.0638 %<\/td>\n2,228.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0683 %<\/td>\n3,640.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.69 %<\/td>\n4.42 %<\/td>\n37,950<\/td>\n3.68<\/td>\n8<\/td>\n0.0683 %<\/td>\n4,347.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0683 %<\/td>\n3,391.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.34 %<\/td>\n-5.08 %<\/td>\n69,402<\/td>\n0.08<\/td>\n18<\/td>\n-0.0065 %<\/td>\n3,246.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.92 %<\/td>\n4.66 %<\/td>\n76,890<\/td>\n15.48<\/td>\n13<\/td>\n0.2810 %<\/td>\n3,769.1<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.73 %<\/td>\n3.69 %<\/td>\n156,210<\/td>\n17.68<\/td>\n56<\/td>\n-0.0535 %<\/td>\n2,479.2<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.96 %<\/td>\n4.63 %<\/td>\n89,713<\/td>\n15.37<\/td>\n22<\/td>\n0.1085 %<\/td>\n3,622.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.37 %<\/td>\n3.83 %<\/td>\n29,131<\/td>\n17.74<\/td>\n2<\/td>\n3.5384 %<\/td>\n2,050.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.13 %<\/td>\n2.92 %<\/td>\n215,579<\/td>\n0.93<\/td>\n20<\/td>\n-0.1687 %<\/td>\n2,706.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.80 %<\/td>\n1.65 %<\/td>\n175,874<\/td>\n0.96<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,892.0<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.61 %<\/td>\n3.53 %<\/td>\n104,092<\/td>\n17.95<\/td>\n22<\/td>\n0.5705 %<\/td>\n2,642.5<\/td>\n<\/tr>\n<\/table>\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
BAM.PR.C<\/td>\nFloater<\/td>\n-2.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 10.29
\nEvaluated at bid price : 10.29
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-2.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 18.85
\nEvaluated at bid price : 18.85
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.67
\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 13.76
\nEvaluated at bid price : 13.76
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.45
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 23.80
\nEvaluated at bid price : 24.35
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 24.67
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 13.75
\nEvaluated at bid price : 13.75
\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n2.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 22.88
\nEvaluated at bid price : 23.20
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n2.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n2.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 10.52
\nEvaluated at bid price : 10.52
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n7.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 13.10
\nEvaluated at bid price : 13.10
\nBid-YTW : 3.83 %<\/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
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n151,770<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 14.69
\nEvaluated at bid price : 14.69
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n113,777<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 22.72
\nEvaluated at bid price : 23.30
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset Prem<\/td>\n112,350<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.17
\nBid-YTW : 2.98 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n111,501<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 24.57
\nEvaluated at bid price : 24.83
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n108,722<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 24.67
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n84,680<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 10.96
\nEvaluated at bid price : 10.96
\nBid-YTW : 4.04 %<\/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
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.60 – 21.50
\nSpot Rate : 0.9000
\nAverage : 0.5756<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 25.00 – 25.50
\nSpot Rate : 0.5000
\nAverage : 0.3047<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-09-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n

BIK.PR.A<\/td>\nFixedReset Prem<\/td>\nQuote: 25.75 – 26.25
\nSpot Rate : 0.5000
\nAverage : 0.3160<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.10 – 19.80
\nSpot Rate : 0.7000
\nAverage : 0.5262<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n

BAM.PR.C<\/td>\nFloater<\/td>\nQuote: 10.29 – 10.75
\nSpot Rate : 0.4600
\nAverage : 0.3008<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 10.29
\nEvaluated at bid price : 10.29
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 21.40 – 21.90
\nSpot Rate : 0.5000
\nAverage : 0.3491<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-10
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Manulife will be issuing LRCNs, provisionally rated A(low) by DBRS: DBRS Limited (DBRS Morningstar) assigned a provisional rating of A (low) with a Stable trend to Manulife Financial Corporation\u2019s (Manulife or the Company) Limited Recourse …<\/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-41941","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41941","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=41941"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41941\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}