{"id":48528,"date":"2017-06-13T21:08:00","date_gmt":"2017-06-14T01:08:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48528"},"modified":"2025-07-21T21:09:42","modified_gmt":"2025-07-22T01:09:42","slug":"june-13-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48528","title":{"rendered":"June 13, 2017"},"content":{"rendered":"

I mentioned the Agrium precedent<\/a> in connection with the proposed Dealers’ Sleaze Fees supporting the TransAlta preferred share exchange offer – it looks like the issue will soon get another airing<\/a>:<\/p>\n

The largest shareholder in Liquor Stores NA Ltd. asked regulators Tuesday to halt a controversial vote-buying scheme rolled out by the retailer\u2019s board of directors during a bitter proxy fight.<\/p>\n

The incumbent board at Liquor Stores, North America\u2019s largest publicly-traded chain of wine and spirits stores, launched a campaign last week that sees financial advisers paid five cents per share for each vote they obtain in favour of the current board, if the slate is elected at the company\u2019s annual meeting, scheduled for June 20.<\/p>\n

Private equity fund PointNorth Capital Inc., which owns 9.9 per cent of the 252-store Edmonton-based chain and nominated six directors on the nine-person board, filed an application early Tuesday with the Alberta Securities Commission asking that the adviser payments be halted and that any voting agreements obtained for cash be terminated.
…<\/b>
Lawyers watching this showdown from the sidelines said the Alberta regulator is likely to weigh in on PointNorth\u2019s application, as the issues break new ground on governance and the ASC may want to establish a precedent for future proxy battles.<\/p>\n

PointNorth said Tuesday that proxy advisory service Institutional Shareholder Services Inc. (ISS) sent a report on Liquor Store\u2019s vote buying plan to ISS clients that said: \u201cInvestors may consider these solicitation fees as an improper defensive tactic that leads to an entrenchment of the incumbents.”<\/p>\n<\/blockquote>\n

As one might expect, Liquor Stores’ response<\/a> was disingenuous bullshit:<\/p>\n

Liquor Stores N.A. Ltd. (the \u201cCompany\u201d or \u201cLiquor Stores\u201d) (TSX: LIQ), North America\u2019s largest publicly traded liquor retailer, today stated that an application by activist PointNorth Capital to the Alberta Securities Commission (ASC) is without merit.<\/p>\n

Liquor Stores added that the Soliciting Dealer arrangement put in place by Liquor Stores is in the public interest, contrary to PointNorth\u2019s claim to the ASC. The Soliciting Dealer arrangement is designed to alert the Company\u2019s retail shareholders to the grave risk PointNorth poses to their Liquor Stores\u2019 investment and ensure shareholder democracy in Canada can function for small shareholders and not just the large institutions.<\/p>\n<\/blockquote>\n

Anybody with more than a grade four education will immediately ask why, given the stated aim, the Soliciting Dealer arrangement only pays stockbrokers for votes in favour of management’s favoured directors. But that never bothers the sleaze-bags who continue to infest large company management, PR firms and politics.<\/p>\n

Meanwhile, market timers are in a tizzy about Poluz’s hawkish comments this morning<\/a>:<\/p>\n

The Canadian dollar strengthened to a two-month high against its U.S. counterpart on Tuesday as comments by Bank of Canada Governor Stephen Poloz supported the view that the central bank could raise interest rates sooner than previously thought.<\/p>\n

The interest rates cuts the Bank of Canada made in 2015 have largely done their job as the economy appears to be gathering momentum, the head of the central bank said.<\/p>\n

\u201cPoloz today signaled that rates won\u2019t be on hold forever,\u201d said Nick Exarhos, economist at CIBC Capital Markets.<\/p>\n

Chances of an interest rate hike this year have surged to 72 per cent from just 22 per cent before stronger-than-expected jobs data on Friday, data from the overnight index swaps market shows.<\/p>\n<\/blockquote>\n

The audio of the interview<\/a> has been posted by the BoC – no transcript, dammit!<\/p>\n

The loonie did well<\/a>:<\/p>\n

The loonie surged after Wilkins\u2019s comments, ending Monday up 1.1 percent to C$1.3350 per U.S. dollar in Toronto, the steepest increase since March and the biggest advance among Group-of-10 peers. The loonie added to gains Tuesday, rising 0.33 percent. Odds of a 2017 rate increase almost doubled to 59 percent, from 30 percent on Friday, based on trading in the swaps market. Yields on benchmark 2-year government bonds surged 11 basis points to 0.84 percent, and added another three basis points Tuesday to the highest since January 2015.<\/p>\n<\/blockquote>\n

And the final level for the Canada five-year<\/a> was 1.15% … holy smokes! It’s not even a recent high, but it’s up 10bp since yesterday<\/a> and a total of 19bp since Friday! That’s a fast move … and very likely is the cause of today’s stupendous returns (and volume!) for FixedResets. And all this happened on a day on which 51 of the 377 issues I track went ex-dividend! There will be some sad stories coming out of that coincidence, I’m sure.<\/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>\n0.5770 %<\/td>\n2,158.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5770 %<\/td>\n3,959.9<\/td>\n<\/tr>\n
Floater<\/td>\n3.67 %<\/td>\n3.67 %<\/td>\n80,959<\/td>\n18.16<\/td>\n3<\/td>\n0.5770 %<\/td>\n2,282.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3465 %<\/td>\n3,056.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.71 %<\/td>\n4.28 %<\/td>\n70,168<\/td>\n1.52<\/td>\n5<\/td>\n0.3465 %<\/td>\n3,649.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3465 %<\/td>\n2,847.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.27 %<\/td>\n3.20 %<\/td>\n73,257<\/td>\n0.09<\/td>\n25<\/td>\n0.0499 %<\/td>\n2,799.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.08 %<\/td>\n5.07 %<\/td>\n96,941<\/td>\n15.29<\/td>\n12<\/td>\n0.0574 %<\/td>\n3,016.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.42 %<\/td>\n3.96 %<\/td>\n199,927<\/td>\n6.57<\/td>\n96<\/td>\n1.5642 %<\/td>\n2,349.2<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.97 %<\/td>\n4.92 %<\/td>\n119,173<\/td>\n6.25<\/td>\n30<\/td>\n0.0953 %<\/td>\n2,910.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.48 %<\/td>\n2.94 %<\/td>\n52,204<\/td>\n4.38<\/td>\n10<\/td>\n1.2045 %<\/td>\n2,561.5<\/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\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\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.06
\nBid-YTW : 8.73 %<\/td>\n<\/tr>\n
EIT.PR.A<\/td>\nSplitShare<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 23.07
\nEvaluated at bid price : 24.22
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.51
\nEvaluated at bid price : 22.89
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
BNS.PR.D<\/td>\nFloatingReset<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.76
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 12.95
\nEvaluated at bid price : 12.95
\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.20
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.64
\nBid-YTW : 2.57 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.59
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.47
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.14
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.57
\nEvaluated at bid price : 21.57
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.65
\nEvaluated at bid price : 23.25
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.13
\nBid-YTW : 8.74 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.51
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.79
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.42
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.07
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 15.93
\nEvaluated at bid price : 15.93
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.35
\nBid-YTW : 8.61 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n2.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.61
\nEvaluated at bid price : 22.02
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n2.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.59
\nEvaluated at bid price : 23.29
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.61
\nEvaluated at bid price : 23.31
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.55
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n2.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.79
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n2.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.66
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n2.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.08
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n2.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.70
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n2.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.26
\nEvaluated at bid price : 21.26
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n2.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.66
\nEvaluated at bid price : 23.20
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 18.94
\nEvaluated at bid price : 18.94
\nBid-YTW : 3.23 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.46
\nEvaluated at bid price : 21.80
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n2.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.71
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset<\/td>\n2.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.58
\nEvaluated at bid price : 23.22
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n2.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.55
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n2.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.70
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset<\/td>\n2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.63
\nEvaluated at bid price : 23.36
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n2.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.52
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n2.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.34
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n2.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.28
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n2.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.60
\nEvaluated at bid price : 23.31
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n2.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.36
\nEvaluated at bid price : 22.79
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n2.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 14.80
\nEvaluated at bid price : 14.80
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n2.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 19.12
\nEvaluated at bid price : 19.12
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n2.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.42
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n2.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.71
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n3.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.62
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n3.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.28
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n3.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.68
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n3.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.94
\nEvaluated at bid price : 22.48
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n3.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 19.56
\nEvaluated at bid price : 19.56
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n3.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.20
\nEvaluated at bid price : 22.69
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n3.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 15.97
\nEvaluated at bid price : 15.97
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n3.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 16.33
\nEvaluated at bid price : 16.33
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n3.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n3.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n4.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 14.08
\nEvaluated at bid price : 14.08
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n4.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.01
\nBid-YTW : 7.74 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n4.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.58
\nEvaluated at bid price : 21.98
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n4.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 16.43
\nEvaluated at bid price : 16.43
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n4.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.89
\nEvaluated at bid price : 23.95
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n4.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.62
\nBid-YTW : 8.77 %<\/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
NA.PR.C<\/td>\nFixedReset<\/td>\n1,359,922<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset<\/td>\n290,240<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 23.17
\nEvaluated at bid price : 25.04
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n203,378<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.70
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n135,493<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.70
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n128,517<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 16.43
\nEvaluated at bid price : 16.43
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n99,539<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.42
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
There were 73 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.A<\/td>\nFixedReset<\/td>\nQuote: 18.70 – 19.02
\nSpot Rate : 0.3200
\nAverage : 0.2045<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n

TRP.PR.J<\/td>\nFixedReset<\/td>\nQuote: 26.77 – 27.04
\nSpot Rate : 0.2700
\nAverage : 0.1602<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.77
\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n

TRP.PR.D<\/td>\nFixedReset<\/td>\nQuote: 21.50 – 21.75
\nSpot Rate : 0.2500
\nAverage : 0.1511<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.00 – 24.39
\nSpot Rate : 0.3900
\nAverage : 0.3039<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset<\/td>\nQuote: 23.36 – 23.60
\nSpot Rate : 0.2400
\nAverage : 0.1817<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-13
\nMaturity Price : 22.63
\nEvaluated at bid price : 23.36
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n

EIT.PR.A<\/td>\nSplitShare<\/td>\nQuote: 25.76 – 25.99
\nSpot Rate : 0.2300
\nAverage : 0.1719<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I mentioned the Agrium precedent in connection with the proposed Dealers’ Sleaze Fees supporting the TransAlta preferred share exchange offer – it looks like the issue will soon get another airing: The largest shareholder 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-48528","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48528","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=48528"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48528\/revisions"}],"predecessor-version":[{"id":48529,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48528\/revisions\/48529"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}