{"id":46857,"date":"2024-05-30T18:54:27","date_gmt":"2024-05-30T23:54:27","guid":{"rendered":"https:\/\/prefblog.com\/?p=46857"},"modified":"2024-05-30T18:54:27","modified_gmt":"2024-05-30T23:54:27","slug":"may-30-2024","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=46857","title":{"rendered":"May 30, 2024"},"content":{"rendered":"

DBRS has downgraded CI Financial Corp.<\/a>; there are no preferreds outstanding, but I thought it was interesting:<\/p>\n

DBRS Limited (Morningstar DBRS) downgraded the credit ratings of CI Financial Corp.’s (CI or the Company) Senior Unsecured Debentures and the Issuer Rating of CI’s principal subsidiary, CI Investments Inc. (CII), to BBB (low) from BBB. The trends on the credit ratings remain Negative.<\/p>\n

KEY CREDIT RATING CONSIDERATIONS
\nThe credit rating downgrades reflect the persistently high debt-to-EBITDA ratio and deteriorating fixed-charge coverage ratio, as the Company continues to prioritize buying back shares over deleveraging, a strategy that is expected to continue. The Negative trends also reflect deteriorating credit fundamentals, including weakened earnings with the revenue from the asset management business continuing to decline relative to prior years. Moreover, wealth management earnings growth has not been able to offset the very high level of expenses, including those related to deferred acquisition costs. Moreover, the planned structural debt reduction financed by U.S. dollars-denominated debt is considered in the context of future acquisition-related expenses, higher technology investments, and integration-related costs together with the shortened debt maturity profile.<\/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>\n0.5013 %<\/td>\n2,297.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5013 %<\/td>\n4,406.4<\/td>\n<\/tr>\n
Floater<\/td>\n10.47 %<\/td>\n10.80 %<\/td>\n65,456<\/td>\n8.84<\/td>\n1<\/td>\n0.5013 %<\/td>\n2,539.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3669 %<\/td>\n3,449.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.88 %<\/td>\n6.41 %<\/td>\n29,869<\/td>\n1.36<\/td>\n8<\/td>\n-0.3669 %<\/td>\n4,119.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3669 %<\/td>\n3,214.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3344 %<\/td>\n2,705.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.34 %<\/td>\n6.54 %<\/td>\n50,124<\/td>\n13.11<\/td>\n27<\/td>\n-0.3344 %<\/td>\n2,949.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.23 %<\/td>\n7.09 %<\/td>\n122,441<\/td>\n12.06<\/td>\n54<\/td>\n-0.1256 %<\/td>\n2,607.3<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.22 %<\/td>\n6.42 %<\/td>\n59,560<\/td>\n13.23<\/td>\n21<\/td>\n-0.1632 %<\/td>\n2,918.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n8.92 %<\/td>\n9.12 %<\/td>\n29,888<\/td>\n10.18<\/td>\n2<\/td>\n-0.2224 %<\/td>\n2,838.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.91 %<\/td>\n6.43 %<\/td>\n202,446<\/td>\n3.05<\/td>\n2<\/td>\n0.1179 %<\/td>\n2,537.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1256 %<\/td>\n2,665.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.10 %<\/td>\n6.86 %<\/td>\n104,749<\/td>\n12.94<\/td>\n14<\/td>\n-2.2430 %<\/td>\n2,785.0<\/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
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-27.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 15.87
\nEvaluated at bid price : 15.87
\nBid-YTW : 9.32 %<\/td>\n<\/tr>\n
PVS.PR.K<\/td>\nSplitShare<\/td>\n-2.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.20
\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n-1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 18.44
\nEvaluated at bid price : 18.44
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 22.88
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 19.47
\nEvaluated at bid price : 19.47
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
FFH.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 21.89
\nEvaluated at bid price : 22.40
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 18.18
\nEvaluated at bid price : 18.18
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 22.89
\nEvaluated at bid price : 23.15
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 17.16
\nEvaluated at bid price : 17.16
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 19.36
\nEvaluated at bid price : 19.36
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Disc<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 22.38
\nEvaluated at bid price : 23.00
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 21.47
\nEvaluated at bid price : 21.80
\nBid-YTW : 8.16 %<\/td>\n<\/tr>\n
BIK.PR.A<\/td>\nFixedReset Disc<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-04-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 7.33 %<\/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.J<\/td>\nFixedReset Disc<\/td>\n217,750<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 23.04
\nEvaluated at bid price : 23.60
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n84,368<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 23.15
\nEvaluated at bid price : 24.90
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n73,950<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 23.35
\nEvaluated at bid price : 24.42
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n45,600<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.60
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n37,270<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 23.02
\nEvaluated at bid price : 23.80
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
FFH.PR.K<\/td>\nFixedReset Disc<\/td>\n33,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.78
\nBid-YTW : 7.91 %<\/td>\n<\/tr>\n
There were 9 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
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 15.87 – 21.85
\nSpot Rate : 5.9800
\nAverage : 3.3189<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 15.87
\nEvaluated at bid price : 15.87
\nBid-YTW : 9.32 %<\/td>\n<\/tr>\n

POW.PR.B<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.66 – 21.70
\nSpot Rate : 1.0400
\nAverage : 0.6276<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 20.66
\nEvaluated at bid price : 20.66
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n

PVS.PR.K<\/td>\nSplitShare<\/td>\nQuote: 22.20 – 23.30
\nSpot Rate : 1.1000
\nAverage : 0.7560<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.20
\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.00 – 24.73
\nSpot Rate : 0.7300
\nAverage : 0.4690<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 22.88
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.12 – 21.38
\nSpot Rate : 1.2600
\nAverage : 1.0440<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 20.12
\nEvaluated at bid price : 20.12
\nBid-YTW : 7.36 %<\/td>\n<\/tr>\n

BIP.PR.F<\/td>\nFixedReset Disc<\/td>\nQuote: 21.12 – 21.70
\nSpot Rate : 0.5800
\nAverage : 0.3674<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-05-30
\nMaturity Price : 21.12
\nEvaluated at bid price : 21.12
\nBid-YTW : 7.99 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

DBRS has downgraded CI Financial Corp.; there are no preferreds outstanding, but I thought it was interesting: DBRS Limited (Morningstar DBRS) downgraded the credit ratings of CI Financial Corp.’s (CI or the Company) Senior Unsecured …<\/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-46857","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46857","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=46857"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46857\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}