{"id":46183,"date":"2023-12-20T21:39:05","date_gmt":"2023-12-21T02:39:05","guid":{"rendered":"https:\/\/prefblog.com\/?p=46183"},"modified":"2023-12-20T21:39:05","modified_gmt":"2023-12-21T02:39:05","slug":"december-20-2023","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=46183","title":{"rendered":"December 20, 2023"},"content":{"rendered":"

We might be getting a new SplitShare fund<\/a>:<\/p>\n

Ninepoint Partners LP (\u201cNinepoint\u201d) is pleased to announce that Canadian Large Cap Leaders Split Corp. (the \u201cCompany\u201d) has filed a preliminary prospectus dated December 19, 2023 in connection with an initial public offering of preferred shares (\u201cPreferred Shares\u201d) and class A shares (\u201cClass A Shares\u201d). A receipt for the preliminary prospectus has been issued by the securities regulatory authorities in each of the provinces and territories of Canada.<\/p>\n

The Company will invest in an initially equally-weighted portfolio comprised primarily of equity securities of Canadian Dividend Growth Companies (as defined below), selected by the portfolio manager, that at the time of investment and immediately following each periodic reconstitution and rebalancing: (i) are listed on a Canadian exchange; (ii) pay a dividend; (iii) generally have a market capitalization of at least $10 billion; (iv) have options in respect of its equity securities that, in the opinion of the portfolio manager, are sufficiently liquid to permit the portfolio manager to write options in respect of such securities; and (v) have a history of dividend growth or, in the portfolio manager\u2019s view have high potential for future dividend growth (\u201cCanadian Dividend Growth Companies\u201d).<\/p><\/blockquote>\n

The preferreds have been provisionally rated Pfd-3(high) by DBRS<\/a><\/p>\n

PerpetualDiscounts now yield 6.97%, equivalent to 9.06% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> yielded 5.03% on 2023-12-8 and since then the closing price has changed from 15.18 to 15.86, an increase of 448bp in price, with a Duration (BMO doesn’t specify Modified or Macaulay – I will assume the former) of 12.41 implying a decrease of 36bp in yield to 4.67%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 440bp from the 430bp reported December 13<\/a>.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref\u2122 Preferred Indices
\nThese values reflect the December 2008 revision of the HIMIPref\u2122 Indices<\/strong>
\nValues are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
\nCurrent
\nYield
\n(at bid)<\/td>\n		Median
\nYTW<\/td>\n		Median
\nAverage
\nTrading
\nValue<\/td>\n		Median
\nMod Dur
\n(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>\n0.0000 %<\/td>\n2,164.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n4,151.4<\/td>\n<\/tr>\n
Floater<\/td>\n11.25 %<\/td>\n11.31 %<\/td>\n55,252<\/td>\n8.64<\/td>\n2<\/td>\n0.0000 %<\/td>\n2,392.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0796 %<\/td>\n3,371.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.98 %<\/td>\n7.61 %<\/td>\n58,197<\/td>\n1.76<\/td>\n8<\/td>\n0.0796 %<\/td>\n4,025.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0796 %<\/td>\n3,141.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2470 %<\/td>\n2,533.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.79 %<\/td>\n6.97 %<\/td>\n62,375<\/td>\n12.51<\/td>\n33<\/td>\n0.2470 %<\/td>\n2,762.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.90 %<\/td>\n7.89 %<\/td>\n132,165<\/td>\n11.68<\/td>\n60<\/td>\n-0.0530 %<\/td>\n2,204.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.67 %<\/td>\n6.79 %<\/td>\n82,181<\/td>\n12.86<\/td>\n19<\/td>\n0.2125 %<\/td>\n2,713.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n10.73 %<\/td>\n10.86 %<\/td>\n34,696<\/td>\n8.94<\/td>\n3<\/td>\n0.8096 %<\/td>\n2,461.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.94 %<\/td>\n6.76 %<\/td>\n180,292<\/td>\n12.54<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,521.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0530 %<\/td>\n2,252.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.78 %<\/td>\n7.49 %<\/td>\n104,172<\/td>\n12.36<\/td>\n14<\/td>\n0.3622 %<\/td>\n2,460.6<\/td>\n<\/tr>\n<\/tbody>\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
BIK.PR.A<\/td>\nFixedReset Disc<\/td>\n-4.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 21.17
\nEvaluated at bid price : 21.17
\nBid-YTW : 8.66 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n-3.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 21.74
\nEvaluated at bid price : 22.15
\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Disc<\/td>\n-2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 18.91
\nEvaluated at bid price : 18.91
\nBid-YTW : 8.48 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 16.34
\nEvaluated at bid price : 16.34
\nBid-YTW : 7.02 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 16.77
\nEvaluated at bid price : 16.77
\nBid-YTW : 6.95 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n
FFH.PR.M<\/td>\nFixedReset Disc<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 21.47
\nEvaluated at bid price : 21.47
\nBid-YTW : 8.33 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 7.28 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 18.40
\nEvaluated at bid price : 18.40
\nBid-YTW : 8.52 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.15
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 18.94
\nEvaluated at bid price : 18.94
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 15.91
\nEvaluated at bid price : 15.91
\nBid-YTW : 9.23 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 18.33
\nEvaluated at bid price : 18.33
\nBid-YTW : 7.85 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 18.36
\nEvaluated at bid price : 18.36
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
FFH.PR.D<\/td>\nFloatingReset<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 10.57 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 15.00
\nEvaluated at bid price : 15.00
\nBid-YTW : 9.50 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n1.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 20.12
\nEvaluated at bid price : 20.12
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 7.69 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 17.35
\nEvaluated at bid price : 17.35
\nBid-YTW : 8.64 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n2.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 8.10 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n4.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 16.71
\nEvaluated at bid price : 16.71
\nBid-YTW : 9.86 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
\nTraded<\/td>\n		Notes<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n204,744<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 22.96
\nEvaluated at bid price : 24.20
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n114,327<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 17.96
\nEvaluated at bid price : 17.96
\nBid-YTW : 7.89 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n114,255<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 19.19
\nEvaluated at bid price : 19.19
\nBid-YTW : 7.33 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset Disc<\/td>\n94,755<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n84,709<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 18.35
\nEvaluated at bid price : 18.35
\nBid-YTW : 7.57 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n79,935<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 18.38
\nEvaluated at bid price : 18.38
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
There were 34 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\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
IFC.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 19.25 – 20.70
\nSpot Rate : 1.4500
\nAverage : 0.8879<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 6.79 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 19.11 – 20.65
\nSpot Rate : 1.5400
\nAverage : 1.0197<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 19.11
\nEvaluated at bid price : 19.11
\nBid-YTW : 7.60 %<\/td>\n<\/tr>\n

BN.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 16.15 – 18.00
\nSpot Rate : 1.8500
\nAverage : 1.4228<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 16.15
\nEvaluated at bid price : 16.15
\nBid-YTW : 9.48 %<\/td>\n<\/tr>\n

BMO.PR.W<\/td>\nFixedReset Disc<\/td>\nQuote: 17.06 – 18.50
\nSpot Rate : 1.4400
\nAverage : 1.0223<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 17.06
\nEvaluated at bid price : 17.06
\nBid-YTW : 8.09 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\nQuote: 15.50 – 17.89
\nSpot Rate : 2.3900
\nAverage : 2.0927<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 8.10 %<\/td>\n<\/tr>\n

GWO.PR.P<\/td>\nInsurance Straight<\/td>\nQuote: 20.12 – 20.98
\nSpot Rate : 0.8600
\nAverage : 0.5706<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-12-20
\nMaturity Price : 20.12
\nEvaluated at bid price : 20.12
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

We might be getting a new SplitShare fund: Ninepoint Partners LP (\u201cNinepoint\u201d) is pleased to announce that Canadian Large Cap Leaders Split Corp. (the \u201cCompany\u201d) has filed a preliminary prospectus dated December 19, 2023 in …<\/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-46183","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46183","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=46183"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46183\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}