{"id":47053,"date":"2024-07-09T19:24:26","date_gmt":"2024-07-10T00:24:26","guid":{"rendered":"https:\/\/prefblog.com\/?p=47053"},"modified":"2024-07-09T19:24:26","modified_gmt":"2024-07-10T00:24:26","slug":"july-9-2024","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47053","title":{"rendered":"July 9, 2024"},"content":{"rendered":"

The EQB LRCNs were issued today<\/a>:<\/p>\n

On July 9, 2024, EQB issued $150 million of Capital Notes that mature on October 31, 2084, and will have an initial five-year fixed rate of 8%.<\/p><\/blockquote>\n

See the update to the linked post for an explanation of how the underlying preferreds are permitted to be non-NVCC.<\/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>\n0.6200 %<\/td>\n2,166.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6200 %<\/td>\n4,155.4<\/td>\n<\/tr>\n
Floater<\/td>\n10.71 %<\/td>\n10.82 %<\/td>\n25,241<\/td>\n8.95<\/td>\n2<\/td>\n0.6200 %<\/td>\n2,394.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0274 %<\/td>\n3,495.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n6.69 %<\/td>\n32,376<\/td>\n1.25<\/td>\n6<\/td>\n-0.0274 %<\/td>\n4,173.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0274 %<\/td>\n3,256.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0937 %<\/td>\n2,711.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.35 %<\/td>\n6.52 %<\/td>\n52,667<\/td>\n13.10<\/td>\n28<\/td>\n0.0937 %<\/td>\n2,956.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.12 %<\/td>\n6.86 %<\/td>\n112,494<\/td>\n12.25<\/td>\n49<\/td>\n0.6035 %<\/td>\n2,640.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.16 %<\/td>\n6.44 %<\/td>\n61,128<\/td>\n13.29<\/td>\n21<\/td>\n0.0662 %<\/td>\n2,896.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n9.25 %<\/td>\n9.08 %<\/td>\n32,779<\/td>\n10.34<\/td>\n4<\/td>\n0.3486 %<\/td>\n2,779.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.80 %<\/td>\n6.16 %<\/td>\n245,038<\/td>\n3.00<\/td>\n8<\/td>\n0.0689 %<\/td>\n2,547.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6035 %<\/td>\n2,699.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.06 %<\/td>\n6.72 %<\/td>\n105,084<\/td>\n13.12<\/td>\n14<\/td>\n0.7410 %<\/td>\n2,808.4<\/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\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-4.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 19.02
\nEvaluated at bid price : 19.02
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n
PVS.PR.I<\/td>\nSplitShare<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.30
\nBid-YTW : 7.41 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 22.43
\nEvaluated at bid price : 23.15
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.77
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 19.65
\nEvaluated at bid price : 19.65
\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 23.80
\nEvaluated at bid price : 24.57
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
BN.PF.A<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 22.00
\nEvaluated at bid price : 22.48
\nBid-YTW : 7.28 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 19.07
\nEvaluated at bid price : 19.07
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 18.85
\nEvaluated at bid price : 18.85
\nBid-YTW : 8.15 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 18.71
\nEvaluated at bid price : 18.71
\nBid-YTW : 8.07 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 14.92
\nEvaluated at bid price : 14.92
\nBid-YTW : 7.51 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 20.49
\nEvaluated at bid price : 20.49
\nBid-YTW : 7.78 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 21.70
\nEvaluated at bid price : 22.08
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
BN.PR.K<\/td>\nFloater<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 11.42
\nEvaluated at bid price : 11.42
\nBid-YTW : 10.82 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 6.57 %<\/td>\n<\/tr>\n
FFH.PR.G<\/td>\nFixedReset Disc<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 17.81
\nEvaluated at bid price : 17.81
\nBid-YTW : 8.14 %<\/td>\n<\/tr>\n
FFH.PR.D<\/td>\nFloatingReset<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 21.90
\nEvaluated at bid price : 21.90
\nBid-YTW : 9.08 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 21.57
\nEvaluated at bid price : 21.88
\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n
FFH.PR.C<\/td>\nFixedReset Disc<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.05
\nBid-YTW : 7.51 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.35
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 20.37
\nEvaluated at bid price : 20.37
\nBid-YTW : 7.61 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.71
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n2.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n3.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 23.26
\nEvaluated at bid price : 23.80
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n5.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 18.65
\nEvaluated at bid price : 18.65
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n9.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 15.40
\nEvaluated at bid price : 15.40
\nBid-YTW : 7.76 %<\/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
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n156,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 23.80
\nEvaluated at bid price : 24.57
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n145,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 23.92
\nEvaluated at bid price : 24.91
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n144,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 11.30
\nEvaluated at bid price : 11.30
\nBid-YTW : 10.94 %<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nInsurance Straight<\/td>\n113,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 24.80
\nEvaluated at bid price : 25.02
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n104,550<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 23.40
\nEvaluated at bid price : 24.12
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n95,250<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.93
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
There were 27 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.F<\/td>\nInsurance Straight<\/td>\nQuote: 21.75 – 23.60
\nSpot Rate : 1.8500
\nAverage : 1.4059<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 21.75
\nEvaluated at bid price : 21.75
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n

PVS.PR.J<\/td>\nSplitShare<\/td>\nQuote: 23.80 – 24.90
\nSpot Rate : 1.1000
\nAverage : 0.7108<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2028-02-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.80
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n

IFC.PR.I<\/td>\nInsurance Straight<\/td>\nQuote: 22.00 – 23.41
\nSpot Rate : 1.4100
\nAverage : 1.0380<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 21.65
\nEvaluated at bid price : 22.00
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n

PVS.PR.F<\/td>\nSplitShare<\/td>\nQuote: 25.00 – 26.00
\nSpot Rate : 1.0000
\nAverage : 0.7441<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2024-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.02 – 20.12
\nSpot Rate : 1.1000
\nAverage : 0.9251<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 19.02
\nEvaluated at bid price : 19.02
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n

IFC.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 20.35 – 21.72
\nSpot Rate : 1.3700
\nAverage : 1.1968<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-07-09
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The EQB LRCNs were issued today: On July 9, 2024, EQB issued $150 million of Capital Notes that mature on October 31, 2084, and will have an initial five-year fixed rate of 8%. See the …<\/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-47053","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47053","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=47053"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47053\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}