{"id":47987,"date":"2016-12-20T01:36:00","date_gmt":"2016-12-20T01:36:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=47987"},"modified":"2025-06-28T01:37:43","modified_gmt":"2025-06-28T01:37:43","slug":"december-20-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47987","title":{"rendered":"December 20, 2016"},"content":{"rendered":"

There’s a lot of Canadian bond issuance south of the border<\/a>:<\/p>\n

Canadian companies have issued about $69 billion of debt in U.S. markets this year, up 12 percent from a year ago. That compares with about C$93 billion in the domestic market, a similar amount — $70 billion — when adjusted for currency, and a 3 percent decline from 2015. The move south is being driven by the lure of lower borrowing costs in America\u2019s far larger market, where the high-quality debt of Canadian companies is being lapped up.<\/p>\n

The downside for Canadian investors is that deals done south of the border are frequently sold to U.S. investors first. Canadians must wait until those U.S. bond buyers start to sell their notes in the secondary market, which can mean losing out when prices of newly issued bonds rise. Companies meanwhile are chasing the best terms, regardless of geography.<\/p>\n<\/blockquote>\n

\"cadbondspreadss\"<\/a>
Click for Big<\/i><\/div>\n

It would be most interesting to learn just how much of this effect was due to the crowding out of Canadian investment capital by our bloated banking sector.<\/p>\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-0.0222 %<\/td>\n1,802.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0222 %<\/td>\n3,293.5<\/td>\n<\/tr>\n
Floater<\/td>\n4.20 %<\/td>\n4.25 %<\/td>\n55,800<\/td>\n16.92<\/td>\n4<\/td>\n-0.0222 %<\/td>\n1,898.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0330 %<\/td>\n2,929.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.82 %<\/td>\n4.68 %<\/td>\n62,895<\/td>\n4.28<\/td>\n6<\/td>\n-0.0330 %<\/td>\n3,498.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0330 %<\/td>\n2,729.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.48 %<\/td>\n5.55 %<\/td>\n88,075<\/td>\n14.40<\/td>\n23<\/td>\n-0.3622 %<\/td>\n2,641.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.53 %<\/td>\n5.53 %<\/td>\n103,495<\/td>\n14.54<\/td>\n15<\/td>\n-0.2282 %<\/td>\n2,720.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.78 %<\/td>\n4.67 %<\/td>\n241,261<\/td>\n6.75<\/td>\n96<\/td>\n-0.1512 %<\/td>\n2,139.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.19 %<\/td>\n4.74 %<\/td>\n142,914<\/td>\n4.54<\/td>\n32<\/td>\n-0.2415 %<\/td>\n2,742.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.84 %<\/td>\n3.97 %<\/td>\n45,699<\/td>\n4.79<\/td>\n12<\/td>\n-0.3220 %<\/td>\n2,309.1<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 19.74
\nEvaluated at bid price : 19.74
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-2.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 15.05
\nEvaluated at bid price : 15.05
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 19.57
\nEvaluated at bid price : 19.57
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.16
\nBid-YTW : 8.45 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 9.91 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.03
\nBid-YTW : 10.53 %<\/td>\n<\/tr>\n
RY.PR.O<\/td>\nPerpetual-Premium<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 23.66
\nEvaluated at bid price : 24.02
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 19.12
\nEvaluated at bid price : 19.12
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
BMO.PR.Z<\/td>\nPerpetual-Premium<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 24.15
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 20.67
\nEvaluated at bid price : 20.67
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
MFC.PR.O<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.31
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.23
\nBid-YTW : 7.01 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 11.65
\nEvaluated at bid price : 11.65
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 16.79
\nEvaluated at bid price : 16.79
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.88
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.57
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n2.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 20.57
\nEvaluated at bid price : 20.57
\nBid-YTW : 4.46 %<\/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.K<\/td>\nFixedReset<\/td>\n127,256<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.17
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset<\/td>\n89,843<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.54
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset<\/td>\n87,694<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n82,319<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 19.12
\nEvaluated at bid price : 19.12
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n79,167<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 19.16
\nEvaluated at bid price : 19.16
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset<\/td>\n76,860<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
There were 83 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
TRP.PR.F<\/td>\nFloatingReset<\/td>\nQuote: 15.05 – 15.38
\nSpot Rate : 0.3300
\nAverage : 0.2168<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 15.05
\nEvaluated at bid price : 15.05
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset<\/td>\nQuote: 16.79 – 17.22
\nSpot Rate : 0.4300
\nAverage : 0.3198<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 16.79
\nEvaluated at bid price : 16.79
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n

SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.38 – 22.62
\nSpot Rate : 0.2400
\nAverage : 0.1552<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.38
\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n

POW.PR.G<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.00 – 25.30
\nSpot Rate : 0.3000
\nAverage : 0.2178<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 24.71
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n

BNS.PR.D<\/td>\nFloatingReset<\/td>\nQuote: 19.80 – 20.09
\nSpot Rate : 0.2900
\nAverage : 0.2198<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.80
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n

BMO.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 21.30 – 21.54
\nSpot Rate : 0.2400
\nAverage : 0.1748<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-12-20
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There’s a lot of Canadian bond issuance south of the border: Canadian companies have issued about $69 billion of debt in U.S. markets this year, up 12 percent from a year ago. That compares with …<\/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-47987","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47987","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=47987"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47987\/revisions"}],"predecessor-version":[{"id":47988,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47987\/revisions\/47988"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}